The following post highlights how Venture Scanner categorizes the Insurance Technology (Insurtech) startup landscape, and presents our Innovation Quadrant showing how those categories compare to one another. The data for this post is through July 2017.
The above sector map organizes the sector into 14 categories and shows a sampling of companies in each category.
Our Innovation Quadrant provides a snapshot of the average funding and average age for the different Insurtech categories and how they compare with one another.
Heavyweights: These categories are comprised of companies that have reached maturity with significant financing.
Established: These categories are comprised of companies that have reached maturity with less financing.
Disruptors: These categories are comprised of companies that are less mature with significant financing.
Pioneers: These categories are comprised of companies that are less mature with earlier stages of financing.
The definitions of the Insurtech categories are as follows
Auto Insurance: Companies that offer car insurance, including car telematics products which detect your mileage and driving behavior to customize your insurance plan.
Consumer Insurance Management Platforms: Companies that enable consumers to manage their insurance and claims, including mobile apps that allow users to file claims right at the spot of an accident.
Employee Benefits Platforms: Companies that help enterprises build or acquire employee benefits platforms that deliver healthcare and other insurance products to their employees.
Enterprise/Commercial Insurance: Companies that offer insurance plans to businesses, including corporations, startups, and freelancers.
Health/Travel Insurance: Companies that offer health or travel insurance, either for individuals or for businesses.
Insurance Comparison/Marketplace: Companies that serve as a marketplace for consumers to buy insurance of any kind (car to home to health), or compare different insurance providers. These are 3rd party companies that don't offer insurance plans themselves, but act as a brokerage agent between insurance providers and consumers.
Insurance Data/Intelligence: Companies that collect, process, and analyze data analytics and business intelligence for the insurance industry.
Insurance Education/Resources: Companies that provide educational material and resources that give information about how insurance works.
Insurance Infrastructure/Backend: Companies that help insurance companies with their day-to-day operations, including CRM for agents, communication tools, and claim filing tools.
Insurance User Acquisition: Companies that help insurance companies find and manage new leads and then to acquire those leads as clients.
Life, Home, Property & Casualty Insurance: Companies that offer life, home, and property insurance, as well as other kinds of insurance such as disability and marriage insurance.
P2P Insurance: Companies that offer peer-to-peer insurance, in which a group of policyholders jointly pay for the insurance of an item that they mutually own, share, or rent (such as a car, a house, or media equipment).
Product Insurance: Companies that offer insurance and/or warranties for products that a user purchases, from tech gadgets to diamonds.
Reinsurance: Companies that provide insurance products to other insurance companies, helping them hedge their bets and streamline their costs.
We are currently tracking 1,323 Insurtech companies in 14 categories across 61 countries, with a total of $19 Billion in funding. Click here to learn more about the full Insurance Technology market report.