The Top 25 InsurTech Companies of 2024

The Financial Technology Report is pleased to announce The Top 25 InsurTech Companies of 2024. This year, the insurance industry anticipates a transformative shift driven by InsurTech, spotlighting automation, cloud computing, and AI as key focal points. There are an estimated 1,500 InsurTech startups currently operating around the world. Among them, the following companies are spearheading a transformative era in the sector, catering to the evolving demands of both businesses and consumers for seamless, cost-effective insurance solutions. With a keen awareness of technological advancements, the companies on this list are dominant forces in a global market that’s anticipated to hit $166 billion by 2030.

Root Insurance, one of the many impressive organizations on this list, has seen more than 12 million downloads of their app which allows drivers to get their insurance policy in less than one minute, manage the details, and file a claim. Companies like Lemonade provide insurance options across homeownership, pet care, and beyond — and are even finding ways to give back to the community by giving unused premiums to nonprofits selected by their users. And Bestow, on a mission to create financial stability for all, recently launched three top 30 carrier partnerships.

While selecting this year's honorees, we reviewed hundreds of candidates. An emphasis was placed on each company's profound impact on the insurance sector, the scale of businesses or consumers served, and the depth of their reach and influence within the industry. We invite you to join us in recognizing the achievements of The Top 25 InsurTech Companies of 2024.

 

1. Asurion

As the world’s leading tech care company, Asurion helps 300 million customers get the most out of their devices – from phones, laptops, and tablets, to TVs, security cameras, and household appliances. With 24/7 service available across the country, Asurion provides tech protection, repair, and support with experts available online, over the phone, or wherever you are. 

The company’s vast network of 730+ tech repair stores and thousands of repair experts nationwide make it easy to get convenient, affordable repairs all over the country. In fact, in 85% of the U.S., Asurion can get an expert to someone’s home, office, or even their favorite coffee shop to provide same-day service. With a proven track record of finishing most repairs in 45 minutes or less, Asurion has received 11 tech innovation awards since 2015.

The company was founded in 1994 by Stanford MBA graduates Kevin Taweel, Jim Ellis, and Fred Schaufield. Today, Asurion is trusted by some of the biggest brands in the world —including Verizon, AT&T, and Samsung — to protect their products and provide meaningful solutions for millions of customers. 

 

2. Oscar Health, Inc.

Oscar Health, Inc. is the first health insurance company built around a full-stack technology platform. With a relentless focus on serving its members, Oscar’s mission is to make a healthier life accessible and affordable for all Americans by improving the design, structure, and implementation of healthcare software. 

Oscar’s suite of services spans individual, family, and small group plans and has cultivated high levels of customer trust, engagement, and satisfaction. The company is ranked as “excellent” with a Net Promoter Score (NPS) of 50, and its more than 1 million members report a 97% satisfaction rate for virtual care delivery.

Oscar expanded to Small Group in 2017 and Medicare Advantage in 2020. As of March 31, 2023, there is at least one Oscar health plan available in 577 counties across 20 states. Oscar is headquartered in New York City and has been challenging the healthcare system’s status quo since its founding in 2012 by Joshua Kushner, Kevin Nazemi, and Mario Schlosser.

 

3. Vertafore

As North America’s InsurTech leader for 55 years, Vertafore is modernizing and simplifying the insurance life cycle so customers can focus on what matters most. Vertafore’s solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs, and carriers.

Recently, Vertafore launched the industry’s first bind capability within a personal lines rater. Vertafore’s personal lines rating and quoting platform, PL Rating, enables independent agencies to quickly find and bind the right coverage for their clients. In 2023, PL Rating processed 150 million rating transactions, connecting agencies and carriers in real time.

Launched in 1969, Vertafore began as a company punching cards for independent agents over 50 years ago, and has since turned this passion for technology into a relentless pursuit. Today, Vertafore has 50+ association partnerships, and is trusted by 21,000+ agency customers and 1,300+ carrier partners.

 

4. Majesco

Majesco is the chosen partner for property and casualty (P&C) insurers, as well as life, annuity, and health insurers (L&AH). Majesco combines technology and insurance experience to anticipate what’s next without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, and digital, as well as a rich ecosystem of partners.

This spring, Majesco announced the enhancement of Majesco Copilot – a GenAI assistant powered by Microsoft. With seamless integration and advanced features, Copilot sets the standard for insurance platforms, enabling users to close claims, manage communications, and harness the power of AI effortlessly. The new and improved, intuitive interface is available on every screen of Majesco’s solutions including P&C Intelligent Core Suite, L&AH Intelligent Core Suite, Loss Control, Digital 360 Solutions, and Distribution Management offerings.

As an industry leader, Majesco is uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. Majesco has supported 900+ successful implementations and is trusted by eight of the top 15 P&C and L&AH insurers.

 

5. TruStage

TruStage is an insurance, investment, and technology provider committed to building an inclusive financial industry. Founded nearly a century ago as CUNA Mutual Group, the company has protected 37 million consumers, managed $32 billion in assets under management, and paid more than $2 billion in benefits since its inception. From credit unions to financial advisors, and small businesses to consumers, TruStage has a long history of building a more inclusive financial industry — empowering businesses, customers, and communities to find new ways to grow. 

Recently, TruStage made GAP coverage available through the Digital Storefront Software as a Service (SaaS) solution. TruStage GAP coverage is designed to help eliminate the difference between how much a vehicle is worth and how much a consumer owes in the event it is damaged, totaled, or stolen and not recovered.

Since 2018, the TruStage Foundation Inc. has invested close to $25.5 million in more than 270 nonprofit organizations and social impact projects across the country. Most of those dollars have gone to organizations in Wisconsin and Iowa – the states with the largest share of TruStage employees. Recently, the Foundation contributed close to $4.5 million to community partners in Wisconsin and Iowa.

 

6. Duck Creek Technologies

Founded by insurance experts but built for the cloud, Duck Creek Technologies enables P&C businesses to reimagine, innovate, and continuously deliver game-changing results. With a deep understanding of how daunting modernization can feel, Duck Creek’s full suite of low-code core systems and add-on products are designed to be implemented piece by piece, or as one cohesive unit. With software solutions delivered as evergreen SaaS, customers can stay current with the latest software and never have to put their business priorities on pause.

In January, Duck Creek kicked off a strategic partnership with Photocert, a leading innovator in AI-driven visual data authentication for the insurance industry. The collaboration marks Photocert’s entry into Duck Creek’s esteemed ecosystem as a Solution partner, strengthening insurers’ capabilities to enhance their claims and underwriting processes while combating fraud more effectively.

Duck Creek Technologies was founded in 2000 by Michael Jackowski. Today, it is trusted worldwide by top insurers such as Geico, Liberty Mutual, and Berkshire Hathaway Specialty Insurance.

 

7. Zinnia

For almost twenty years, Zinnia has brought together insurance experts and entrepreneurs working in technology and data science to deliver new products for the life and annuities industry.  Zinnia’s comprehensive solutions enable carriers and advisors to build, sell, and service life insurance and annuities, ultimately helping more people get the coverage they need and the service they deserve. Zinnia's business lines include Carrier Solutions, providing digital third-party administration services; Distributor Solutions, offering technology & professional services for advisors; and the Policygenius consumer marketplace. 

Today, Zinnia has 40+ life, annuity, and retirement client partners, 180+ fund companies, and $100 billion assets under administration. The company has launched more than 120 new products and supported over 1 million sales reps and entities. Zinnia is an Eldridge company, and is also backed by funds managed by KKR, a leading global investment firm.

 

8. Lemonade

Lemonade offers everything from renter and homeowners insurance to car, pet, and life insurance. Powered by AI and social impact, Lemonade’s full-stack insurance carriers in the U.S. and the E.U. replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything.

Recently, Lemonade launched homeowners insurance in France in partnership with BNP Paribas Cardif. Millions of occupying homeowners can now purchase extensive coverage for their home and belongings, featuring the same seamless Lemonade experience current customers have come to know and love.

A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback event. Lemonade is currently available in the U.S., Germany, the Netherlands, France, and the U.K., and continues to expand globally.

 

9. Root Insurance

With the belief that better drivers deserve better coverage, Root Insurance was founded in 2015 in an effort to offer car insurance rates based primarily on driving behaviors, not demographics. The company has revolutionized the archaic auto insurance industry using mobile technology and data science to offer fair, personalized rates to good drivers. 

With more than 12 million downloads, the modern app experience empowers drivers to get their policy in less than one minute, manage the details, and file a claim. A proprietary claims system, paired with advanced machine learning techniques, allows for automated loss expense, fast claims payout, and higher customer satisfaction. 

Root is the nation’s first licensed insurance carrier powered entirely by mobile and is currently offered in 34 states. Since its founding, the company has collected 20 billion miles of mobile telematics data to enhance and inform pricing models. 

 

10. NEXT Insurance

NEXT Insurance is transforming small business insurance with simple, digital, and affordable coverage tailored to the self-employed. Trusted by over 500,000 business owners, NEXT offers policies that are easy to buy and come with 24/7 access to Live Certificates of Insurance, additional insured, and more. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. 

Recently, NEXT launched Copilot, a tool designed to help agents increase revenue by efficiently serving micro-businesses with customized insurance policies, allowing business owners to quote and bind online without underwriting delays while also providing agents with a streamlined process. 

NEXT Insurance also recently entered into partnerships with Allstate and Allianz X, which come with a $265 million strategic investment. Founded in 2016, the company is headquartered in Palo Alto, and has received over $1.1 billion in venture capital funding.

 

11. Coalition

Coalition is an active insurance provider designed to help prevent digital risk before it strikes. The company provides automated cyber alerts, expert guidance and advice, and third-party risk management to global businesses through its holistic cyber risk management platform, Coalition Control. Its Active Insurance service is trusted by thousands of organizations across the U.S., U.K., Canada, and Australia, including Allianz, Vantage, and Zurich. Coalition customers report receiving 50% fewer claims than the overall market; an 80% decrease in average ransom demands negotiated; and experience 45% of incidents handled at no additional expense outside the policy.

Coalition is also home to Coalition Security Labs, a research and innovation center providing cybersecurity education and insights designed to help policyholders and the broader security community face the evolving cyber threat landscape.

 

12. Bestow

Bestow believes insurance should be less intimidating, and they’re on a mission to increase financial stability for everyone. To do this, they partner with top life insurance carriers to deploy cutting-edge technology and data solutions that reduce costs, maximize efficiency, and drive growth by streamlining processes from origination and underwriting through administration.

Recently, Bestow launched three top 30 carrier partnerships; built and launched a permanent life solution to expand platform capabilities; and expanded the scope of their underwriter workbench by adding new AI-driven capabilities. Their end-to-end technology platform powers the entire value chain and ensures less time to market, significant cost reductions per policy, and a 31% increase in market growth — underscoring consumer preference for buying insurance online.

Bestow is also committed to reducing its environmental impact. Their remote-first policy helps reduce the team’s carbon footprint by 54%, while their digital policies translate to over 4 million sheets of paper saved to date. Additionally, their headquarters in Dallas, Texas is LEED® Gold certified.

 

13. Hippo

Hippo Insurance emerged as a disruptive force in the insurance landscape in 2015, reshaping the traditional approach to home insurance with its innovative technology-driven solutions. Founded by Assaf Wand and Eyal Navon, Hippo set out to modernize the homeowner's insurance experience by leveraging data analytics, AI, and smart home devices. 

Hippo's dedication to proactive risk prevention sets it apart, as it partners with homeowners to mitigate potential hazards through initiatives such as smart home device integration and personalized safety recommendations. By harnessing advanced analytics, the company streamlines the underwriting process, ensuring fast and accurate quotes tailored to each homeowner's unique circumstances. Today, the insurer protects more than 200,000 homes in nearly every state, and partners with companies such as Xfinity, SimpliSafe, and Better Mortgage.

 

14. Fortegra

Over the past 45 years, Fortegra has helped millions of consumers manage risk and uncertainty with innovative insurance and protection products. In an ever-evolving digital age, Fortegra’s technology advantage paired with deep industry expertise has led to rapid growth in the global specialty insurance market. Today, they manage over 3.5 billion in total assets.

Fortegra takes pride in an A.M. Best Financial Strength Rating of A- (Excellent), Category VIII, underscoring its reliability and financial stability. The company also gives back in a variety of ways, including an employee wellness program, sustainable business practices, the Fortegra Foundation, and the newly created Fortegra Network of Women (NOW). 

 

15. Pie Insurance

Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it easy and affordable. The company’s intense focus on granular, sophisticated pricing, and data-driven customer segmentation enables Pie to match price with risk across a broad spectrum of small business types – ultimately leading to more affordable insurance offers to small business owners. 

Recently, Pie integrated with Ivans Download to enhance partner experience through the automated delivery of workers' comp policies to agency management systems. Ivans Download automates the exchange of policy data, enabling Pie’s partner agents to instantly receive client policy information directly into their agency management systems. Pie’s integration with Ivans eliminates manual processes, giving agents more time to grow their businesses and better serve their small business clients.

Since its founding in 2017, Pie has received over $615 million in funding and has partnered with over 4,000 agencies nationwide, including Ford Credit to offer commercial auto insurance.

 

16. Foxen

Foxen is an innovative fintech company that helps real estate owners and operators manage risk and efficiency, enhance their property offerings, and create ancillary income. ​

With easy-to-implement offerings, Foxen solves the challenges faced by the rental housing industry. Through its flagship product, the Foxen Waiver, properties receive a comprehensive solution to manage renters’ insurance compliance. Simultaneously, the Foxen Waiver offers residents protection from damage to their units and personal belongings. The company furthers its commitment to empowering residents with Rentistry, a rent reporting solution that builds residents’ credit with on-time rental payments.​

Foxen was founded in Columbus, OH in 2018 and is backed by leading technology-focused growth equity firms Summit Partners and Level Equity.

 

17. At-Bay

At-Bay is an InsurSec provider designed from the ground up to help businesses tackle cyber risk head-on. By combining industry-leading insurance with world-class cybersecurity technology, At-Bay offers end-to-end prevention and protection for the digital age. As a full-stack insurance company, At-Bay offers multiple lines of specialty insurance, including cyber, tech E&O, and Miscellaneous Professional Liability (MPL).

Recently, At-Bay partnered with CrowdStrike to help small-to-mid-sized businesses (SMBs) unlock access to the critical security capabilities they need to boost their cyber resilience and reduce risk in today’s threatening landscape. As a result, SMBs can complement their staff and take advantage of best-in-class EDR technology to reduce the time between alert and response, and achieve unprecedented levels of protection.

At-Bay is a globally distributed company with hubs in Atlanta, New York City, San Francisco, and Tel Aviv. To date, they have raised $292 million in funding from Acrew Capital, Glilot Capital, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital.

 

18. Clearcover 

Clearcover is a next-generation insurance company that provides customers with the technology they need to confidently make the smartest decisions at every stage of their life. The company is challenging the status quo with hassle-free insurance that redefines what it means to put the customer first, delivering affordable car insurance with one of the industry's fastest claims experiences.

Recently, Clearcover launched a generative AI insurance tool to expedite claims processing and improve customer experience. This launch complements Clearcover's digital claims process, Clear Claims™, enabling the company to process claims even more efficiently. Powered by Clearcover's proprietary machine learning technology ClearAI®, payment can be issued in as little as 30 minutes on eligible claims with the company record being just seven minutes.

The company was founded in 2016 by Kyle Nakatsuji and Derek Brigham. Today, it has raised more than $480 million in funding.

 

19. Integrated Specialty Coverages

Integrated Specialty Coverages (ISC) is a world-class program administrator dedicated to underwriting excellence, client service, and customer experience. ISC has established themselves as an innovative tech company, building an end-to-end insurance platform by connecting a broad network of insurance markets and distribution channels. The sophisticated systems and analytics they use revolutionize how complete programs are underwritten and operated.

With their most recent strategic partnerships, ISC has expanded their programs from commercial property and hospitality – including bars, taverns, and nightlife – to include long-haul trucking and a wide variety of contractor coverages including general liability and workers' compensation.

ISC is made up of experienced professionals from all spheres of the insurance ecosystem and is backed by leading private equity firm, KKR. The company was founded in 2016 by Matt Grossberg.

 

20. AgentSync

Founded in 2018 by Niranjan “Niji” Sabharwal and Jenn Knight, AgentSync builds a modern insurance infrastructure that connects carriers, agencies, MGAs, and producers. Its solutions offer customer-centric design, seamless APIs, automation, and unparalleled service. By providing data intelligence and streamlined onboarding and compliance management processes, AgentSync is able to help reduce costs, increase efficiency, and get producers ready to sell in hours instead of weeks.

AgentSync recently launched ProducerSync API, a REST API that provides access to more than 200 data points, including producer licensing, carrier appointments, and adjuster licensing. With accurate data delivered straight into existing systems, other teams can act without hours of research and guesswork.

In February, Assurance IQ and AgentSync announced a collaboration to transform the onboarding and management processes for hundreds of agents. And in January, a partnership was formed between AgentSync and Pathpoint to deliver a better agent and client experience by accelerating Pathpoint’s average time-to-bind with automated policy infrastructure. 

 

21. Vouch Insurance

Vouch is a U.S.-based business insurance provider. The company supports thousands of high-growth companies, having raised over $160 million from top-tier Silicon Valley institutions and investors, including Ribbit Capital, Redpoint Ventures, Y Combinator, and Index Ventures. Since its inception in 2018, Vouch has empowered clients to get the right risk management through niche expertise, a proprietary approach to pricing and underwriting, digital-first procurement, and coverages that scale as the company grows.

Recently, Vouch launched AI Insurance, a novel insurance product that helps AI startups survive lawsuits and innovate faster. AI Insurance offers coverage for financial losses or services including top-of-mind risks like large language model (LLM) hallucinations, algorithmic bias, regulatory investigations, and claims of IP infringement in systems that utilize AI algorithms.

Vouch also recently established a strategic partnership with IMA Financial Group to offer specialized insurance to tech enterprises at every growth stage. Vouch’s early-stage focus complements IMA's expertise with mature companies, ensuring seamless support from inception to IPO.

 

22. Sure

Sure is the InsurTech company behind the world’s most sophisticated digital insurance programs. Customers leverage its cohesive system of APIs to streamline the end-to-end insurance lifecycle resulting in better customer experiences that are supported by efficient digital operations. Minimizing the enormous cost and complexity associated with new insurance product launches, Sure frees up more time to focus on delivering high-quality customer experiences.

Recently, Sure launched Anywhere Insurance to liberate the insurance industry from the grip of incumbent-rate service organizations and legacy vendors. They also introduced Quote Assist™ to empower insurance agents with digital tools and generative AI to personalize quotes for customers.

Founded in 2015, Sure is the fastest-growing InsurTech company in the industry. Headquartered in Santa Monica, CA, the company has offices all over the world.

 

23. Socotra

Socotra is a cloud-native core platform for insurance, and the first core system to believe its APIs and configuration formats should be open to the world. The company provides global insurers with a modern, enterprise-grade core system that empowers them to accelerate product development, reduce maintenance costs, and improve customer experiences.

Businesses running Socotra experience fast and easy implementations, effortless upgrades, and lower TCO. The Socotra App MarketPlace™ unlocks access to the full power of the InsurTech ecosystem, and Socotra CorePlus™ provides ready-to-use, complete solutions for personal auto and homeowners. 

Socotra was founded in 2014 and is based in San Francisco. The company is backed by Founders Fund, 8VC, Nationwide, Brewer Lane Ventures, USAA, MS & AD Insurance Group, and Portage.

 

24. Cogitate

Since its inception, Cogitate has successfully developed and implemented several highly advanced digital technology products to serve various segments of the insurance distribution value chain. Its customers include insurance carriers, MGAs, wholesale insurance brokers, and independent retail agents. The company also develops products for agency management system solution providers.

The Cogitate DigitalEdge Insurance Platform digitalizes insurance across the value chain, offering a smooth transition to cloud-native, data-driven core underwriting, policy, billing, and claim applications. The unified insurance platform unlocks the value of first-party data and advances the power of third-party data for profitable growth, superior risk selection, and a streamlined, modern user experience.

Supported by more than 100 combined years of comprehensive experience and domain knowledge, Cogitate’s products are uniquely designed to meet the needs of insurance companies of every size.

 

25. Covr

Covr is an InsurTech company with a digital insurance platform that simplifies the insurance process and makes it easy to protect your loved ones. Through partnerships with financial institutions and other national brands, Covr's embedded technology gives financial advisors and their customers a way to research and purchase life insurance from top-rated companies without the hassles of the traditional process.

Covr has also developed a Covr Pro, a platform for Independent financial advisors. Covr Pro equips independent advisors with all the tools they need to increase their sales, reduce cost, and maximize compensation. 

Covr is backed by many leading venture capital firms, including Allianz Life Ventures, Aflac Ventures, Nyca Partners, Commerce Ventures, Connectivity Capital Partners Contour Venture Partners, and Sony IGV.