Free report: Insurtech 100 – the world’s leading Insurtechs

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It’s Friday 21st October, the International Day of the Nacho (apparently), and an Insurtech 100 special. 
Nacho facts: 
In 7000 BC, tortillas were invented
16th Century AD, salsa came about
1941, Ignacio Anaya created the first nacho
Who knew 🤷🏼‍♂️
Insurtech 100 facts: 
2018 Sønr published the first edition
In-depth analysis has stepped up from 3,000 startups impacting insurance to 200,000 🤯
2022, we involved a panel of 35 exceptional judges 

For anyone in this space – and I’m kind of assuming you must be (or reading this can’t be that fun a way to spend your time), the landscape is changing quicker than ever. 
After months of research and analysis from the team, I reckon this edition of the Insurtech 100 is the most critical and valuable to date. 
As always, the list remains vibrant and diverse, with 17 countries represented and 39 new entries:

  • 48% of the insurtechs sit in P&C, 23% in Life & Health
  • 53% are B2C, 33% B2B, 14% B2B2C
  • 51% are at Series C+, 34% Series A-B
  • Total investment across the 100 is a whopping $2.2bn 

Definitely worth a download and read. Tonnes of insight shared, as well as some great analysis from the teams at EY and Generali and market perspective from our friends at RGAX.
Analysis: EY Perspective
For the second year running, we’ve partnered up with EY, working alongside Chris Payne and Penney Frohling, a couple of the Partners, to get their perspective on the 100. 
And it’s good. Very good.
A whole range of areas are explored, with year-on-year analysis including: 

  • Geography, age of insurtechs, lines of business, and segmentation
  • Funding and M&A
  • The impact of purpose and ESG
  • Look ahead: emerging risks, next frontiers of innovation, the rise of open and embedded

“The fundamental market need for insurtechs remains strong. Customers are looking for more value and richer experiences from their insurance providers. Established carriers are seeking innovation, digital transformation and operational excellence. That spells opportunity for the Insurtech 100 in 2023 and far beyond.”
Penney Frohling, EY
Also, worth having a read of Chris Payne’s foreword
Analysis: Generali Perspective
I always feel privileged to work with the Generali guys. 
Not only are they an incredible company, but their team, across the board, is exceptionally bright and exceptionally good fun to work with! As such, an honour to welcome Generali as a sponsor for this year’s Insurtech 100.
Firstly, I’d strongly recommend reading Stefano Bison’s introduction
Some outrageously sound insight and advice from Stefano, Group Head of Business Development, Partnerships & Innovation. From market cycles and ‘vanity metrics’ to drawing parallels with symphonic orchestras. 
Honestly, I’d like to be able to write like this in my first language, let alone my second. 
In addition, we have an Insurtech 100 deep-dive from Danilo Raponi, Group Head of Innovation. 
Actually, keeping with languages, I’ve a vague memory that English may even be Danilo’s third language. Time for me to re-download Duolingo 🤦‍♂️
Key themes from Danilo include: 

  • Trends we’re seeing: cyber, parametric, open & embedded
  • The role of ecosystem development rather than insurance vs insurtech
  • Importance of understanding economic and geo-political environments
  • Shifts in the social and environmental landscape

He also talks about Generali’s approach and commitment to innovation. 

Again, worth a download alone. 
The most comprehensive intelligence on insurtech you’ll find anywhere. 
Needless to say, publishing reports like the Insurtech 100 gives us unique insight and perspective on the global market. 
Not only do we spend months analysing thousands of companies around the world, but we get insight and input from some of the leading names and minds across insurance. Ultimately these folk help shape who is included in the 100 and where they rank. 

A very big thank you to all the judges involved in the Insurtech 100. One day we’ll all get together in-person for the mother of all Insurtech 100 parties. 
Now, I’m going to try and avoid this next bit reading like a Sønr sales ad. 
If you would like to go deeper on any of the content contained within the report, or even better, what and who didn’t make the cut, please do reach out.

I hate the idea of sitting on all this intelligence and not putting it to use to move this industry forward. 
If you’re already a Sønr client, my hope is we already have a session booked in. 
If you’re not a Sønr client, then drop me a line, and let’s sort that one out straight away! 
Before I dive into some market news, I also wanted to say a big thanks to the other sponsors who have come on board. 
Now, on to our friends at RGAX, who joined us to discuss this year’s Insurtech 100 and their perspective on the Life and Health space. 
The Q&A was run with Tjaart Esterhuyse, Head of RGAX and Strategic Products EMEA who talks through how the trends they’re seeing will spill over into the greater insurance market. 
And how even though the large incumbents have been slow to react, they are “realising that if they don’t change, they will no longer be relevant.”
Also, a big thanks to two of the insurtechs who supported the publication – bolttech and Socotra. You guys. 
Oh, and thanks to all those insurtechs who weren’t included in the 100 but offered ‘financial incentives’. Sadly for me (and my dreams of a ski chalet), whilst we do offer sponsorship opportunities, we deliberately avoid this being a ‘pay to play’ report – simply because it’s hard to maintain its objectivity. But thanks, nevertheless. 
I also now realise I’ve spent way too long talking Insurtech 100 and have a meeting in a few minutes!
BigTech showing their hands. Finally
If you’re one of the UK’s big 4 comparison sites, Wednesday probably wasn’t the greatest of days. 
And yes, whilst it’s been on the cards for a while now, there’s always plenty of noise around the ‘will they, won’t they, when will they’. 
Needless to say, the time has come, and Amazon has launched an insurance comparison site in the UK, partnering with Ageas, Co-op, and LV= to sell home insurance.   

For those who know me, I bang on about BigTech changing the face of insurance all the time. 
It’s a definite hobbyhorse of mine. 

And it’s easy to read the above and stop. But just think about the next steps for Amazon. 
Whilst there’ll undoubtedly be plenty of iteration on this proposition alone, there’s no question it will broaden out in offering other lines of insurance. Nor is there any reason this model won’t translate to other markets where comparison is already widely adopted. 
Interestingly also this week I clocked a Forbes article with the title: Apple Will Launch Health Insurance In 2024, Says Analyst.

Coupling Apple Watch health data with a strategic shift towards building software and services revenue, it makes sense. But do note the key part of that title – ‘says analyst’. 
Let’s see. Will they? Won’t they? When will they? 
If you’re a health insurer, what I’d strongly advise is that you don’t wait for Apple to give you the answer to these questions. 

Track the data, build the insight, and get your business ready for the inevitable change. And the first step in doing that – speak to one of the Sønr team.
Innovation in Asia. It’s big, bold, and scales very, very quickly.
With 18 companies from APAC in the Insurtech 100, including 2 in the top 10, keeping on top of what’s going on out East is a key part of any scouting diet.
Keeping with the BigTech vibe, great to see global insurer Prudential partnering with Google Cloud to enhance financial inclusion and healthcare for communities across Africa and Asia. 

As part of the agreement, Prudential will leverage Google Cloud’s data capabilities to ‘boost digital transformation and increase user engagement’ for its platform Pulse
And some news from bolttech, one of the Insurtech 100 superstars (climbing the rank by 50 places in 2022 no less).
It has announced the launch of a Series B funding round led by Tokio Marine
From what I know and have read, it sounds like a great partnership for both. And I’m looking forward to learning more. 
It’s also worth noting the round values bolttech at $1.5bn, just a year after it closed the largest ever insurtech Series A. Not bad, huh? 
Finally, one I was also pleased to see was the digital health insurance platform DocDoc teaming up with QBE Singapore to launch a new group health insurance product. 
The new offering will be called Group Medical Prestige and will be targeted at employers through partnerships with brokers in Singapore. 
DocDoc was founded in 2012, and it is a patient intelligence company. QBE says that it will be Asia’s first data-driven proactive health insurance solutions.
Let’s not forget the next generation of insurtechs
I realise I’m massively late for a meeting, and so ought to wrap this up 😬
Before I do, a shout out to a couple of companies just starting out. 
SME-focused startup Lukango has raised a $311k pre-seed investment. 
The cash will help the company to develop its insurance policies which are aimed at small businesses – ‘Fix’ which offers a set price plan, and ‘Flex’, which, you guessed it, will charge based on the size of a business for a range of policies such as public liability, employer’s liability, and product liability.

The interesting thing about these guys is the team behind it. Joanne Safo and Mark Dennis are ex-Munich Re Digital Partners, and Selina Bilton is ex-IKEA. 
The other which is definitely worth checking out is cyber insurer SecondSight
These guys have just come out of stealth with a $3m seed funding, offering the industry’s first AI-driven platform for ‘inside-out’ underwriting. 

Cyber played a big role in this year’s Insurtech 100 and the US market alone is valued at $4.1bn in direct written premiums. 
I can’t get into them too much in the time I have, but SecondSight is an AI-driven platform which brings telematics to digital risk. It’s super interesting and worth spending some time soaking up. 

Right, I gotta wrap this up. 
If you haven’t already, do download the Insurtech 100

A big congratulations to all those companies featured. 
A big thanks to all our sponsors, judges and of course the Sønr team. 
I’m in Munich next week so ping me a line if you’re about and fancy meeting up. 

Keep well.  




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