In this post we examine the different components of the insurance technology (insurtech) ecosystem. We will illustrate what the categories of innovation are and how they compare to one another.
Let’s start off by looking at the Sector Map. There are 1,552 insurtech startups across 14 categories through Q3 2019. They have cumulatively raised $31B. The Sector Map highlights the number of companies in each category. It also shows a random sampling of companies within the category.
We see that Insurance Comparison is the largest category with 415 companies. These companies enable consumers to compare different insurance providers or buy insurance of any kind (from car to home to health). Some example companies include Goji, Policygenius, CoverHound, and Coverfox.
Now let’s look at the Category Funding Rank Chart. This graph illustrates how the relative category funding ranks have evolved over time. Please note that a category’s ranking in each year indicates its relative placement based on the funding made into that category in that year only, without including any cumulative funding from the previous years.
As you can see, while some categories have maintained relatively stable funding ranks, others have shifted around considerably. This chart gives a sense of where the dollars are flowing within the insurtech ecosystem over the past few years.
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