The top 10 most promising insurtech startups of 2023


Though almost behind us, the pandemic caused some serious challenges to almost every industry under the sun, especially those that relied on in-person communications. Insurance as a sector experienced no immunity towards this impact. The shift towards digital operations made it yet more tedious for providers to keep up. In-person communications needed to be replaced by digital ones, for instance, online billing, virtual claim, etc.

This trend led to more investments pouring into insurtech. New players are entering the market every day proving the potential it holds in the future. The 2022 market has also seen several unicorns and in this piece, we dwell upon the most talked about startups to watch out for.

The power of insurtech 

As per Technavio, the global insurtech market size is estimated to grow by USD 61756.27 million from 2022 to 2027. This reflects a CAGR of 44.05% in that timeframe. Europe has a major global share in 2022 and is projected to witness a growth of 50%. In 2021, funding in insurtech crossed the USD 14 billion mark reaching 644 deals.

Insurtech is at the forefront of progress in the insurance realm. For instance, they understand the importance of quick and easy information and thus allow 24×7 access via apps and internet-based AI tools like chatbots. Customers feel more engaged and satisfied with advanced and streamlined services. Improved feasibility due to the reduction in overheads is another advantage. This also comes with enhanced personalizations leveraging smart tools and software. Traditional insurance providers like Geico, State Farm, and Liberty Mutual have increasingly adopted technology solutions to cater to evolving consumer expectations.

Innovations that drive insurtech startups

Technological advancements have been a blessing and they are broadening the scope of what businesses have to offer. Some key technological innovations that have contributed to the growth of insurtechs are:

  1. Internet of Things (IoT): It refers to smart interactions between software and physical objects
  2. Automation: Automation makes processes faster and more seamless. It also reduces the chances of manual errors
  3. Artificial Intelligence: AI technologies enable engaging customer interactions
  4. Big data: It facilitates rapid collection and analysis of massive amounts of data to arrive at informed decisions. It even allows providers to assess a customer’s risk profile, a vital industry parameter
  5. Blockchain: It can protect industry data and make transactional processes more efficient and simpler.

 Insurtech startups to look forward to in 2023:

  • Lovys

CEO: Joao Cardoso de Jesus

Funding round: Series A

Reported funding: USD 24.5 million 

Lovys is an insurtech firm that gives back control to customers. It majorly works within the personal P&C space and offers subscription-based, simplified offerings. It provides the best offerings to its customers. It is backed by Fin TLV, investors in unicorns such as Hippo, Next and Unqork. The Paris-based insurtech is expected to provide enhanced service offerings in the upcoming year.

  • Just Move In 

CEO: Tom Old

Funding round: Unknown

Reported funding: USD 9.3 million

The company is aimed at anyone dealing with real estate. For instance, buyers, sellers, landlords, property businesses, and more. A certified B-Corp, the platform enables customers to transfer bills and buy insurance. A single-app-based platform is accessible to customers enabling them to enjoy their different products. 

  • Wallife 

CEO: Maria Enrica Angelone

Funding round: Series A 

Reported funding: USD 17.1 million

An insurtech startup that grabbed USD 12 million in July this year. The company aims at identifying emerging risks. It protects its customers against risks related to the development and improvement of new technologies. New innovative product offerings are expected from this insurtech player in the near future. 

  • Gaia 

CEO: Nader AlSalim

Funding round: Series A

Reported funding: USD 20 million

Nader AlSalim founded Gaia through his experience with the uncertainties of IVF. The firm provides protection against the failure of IVF treatment. Emerging technologies and innovative services are on the way from this player.

  • Lami

CEO: Jihan Abass

Funding round: Seed

Reported funding: USD 5.5 million

Based in Kenya, Lami’s API platform is an end-to-end insurance solution that allows fast distribution of insurance products. There is plenty of scope for the company to grow in this area with very little legacy compared to other markets. It can penetrate underserved markets and find out undiscovered solutions for clients. 

  • Parametrix 

CEO: Jonathan Hatzor 

Funding round: Series A 

Reported funding: USD 17.5 million

A Lloyd’s Lab alumni, Parametrix caters to businesses for cloud outrages. It also provides cyber and parametric insurance. This company, led by Jonathan and the team works hard on getting big-hitting partnerships. The team is giving its best efforts to establish its position in the market with the IMA Financial and Sompo deal.

  • FutureProof Technologies 

CEO: Alisa Valderrama 

Funding round: Unknown

Reported funding: USD 9.5 million

Founded in 2019, FutureProof’s platform enables carriers to attack an issue that seems to get worse with every passing year. Climate-related catastrophes destroy assets. Customers under business and personal lines are losing big chunks of assets every year. The team is focused on helping insurers with pricing strategies. 

  • Laka 

CEO: Tobi Taupitz

Funding round: Series A 

Reported funding: USD 22.9 million

This insurtech startup has established itself in the mobility space. Having recently expanded into the Netherlands, it is bringing its products to the personal and commercial spaces. As an avid market player, it makes processes more seamless and manageable with its efficient and scalable solutions. 

  • Konsileo

CEO: John Warburton

Funding round: Series A 

Reported funding: USD 4.8 million

It is one of the newest players in the commercial insurance space. Their tech-first approach is focused on reinventing broking. In early 2021, it was named one of Insurance Business’s Fast Brokerages 2022. 

  • Quotech 

CEO: Guillaume Bonnissent

Funding round: Seed 

Reported funding: USD 1.1 million

With over 20 years of experience in the insurance industry, CEO Guillaume Bonnissent comes with a wealth of expertise and knowledge. Quotech is also backed by Convex. It is expected to provide advanced solutions in the upcoming year.

As we come to the end of our list of the most promising, high-growth insurtech startups, we see this space is well-poised for growth on the back of cloud computing, escalating adoption of predictive analytics, and augmenting demand for improved customer services. These companies are focused on technology and data analytics to provide competitive offerings to consumers.

Emerging trends in this realm are also contributing to the data-driven and customer-centric approach. Startups in the industry are advancing automation by getting rid of manual processes with a robust AI-driven approach.
With the rise in insurtech funding, we can expect new offerings and more innovation in this multi-billion dollar industry. The sector is expected to adopt new technologies and attract new clients while retaining the existing ones by delivering cutting-edge solutions in 2023.

What does the future of insurtech hold for your business and how can emerging trends impact your business objectives for 2023? Need help answering these and many more insight-based industry questions? Contact us today.

Based on insights from Srijita Guha – Senior Analyst, BFSI Team



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