This blog post examines the different components of the insurance technology (insurtech) ecosystem. We will illustrate what the categories of innovation are and which categories have the most companies. We will also compare the categories in terms of their funding and maturity.
Insurance Comparison/Marketplace Is The Largest Insurance Technology Category
Let’s start off by looking at the Sector Map. We have classified 1,541 insurtech startups into 14 categories. They have raised $28B from 1,447 investors. The Sector Map highlights the number of companies in each category. It also shows a random sampling of companies in each category.
We see that Insurance Comparison/Marketplace is the largest category with 416 companies. These companies enable consumers to compare different insurance providers or buy insurance of any kind (car to home to health). Some example companies are Goji, Policygenius, CoverHound, and Coverfox.
Let’s now look at our Innovation Quadrant to find out the funding and maturity of these categories in relation to one another.
The Pioneers Quadrant Has the Most Insurance Technology Categories
Our Innovation Quadrant divides the insurtech categories into four different quadrants.
We see that the Pioneers quadrant has the most number of insurtech categories at 10, accounting for 71% of all insurtech categories. The Reinsurance category has the highest average age, and the Auto Insurance category has the highest average funding. On the other hand, the P2P Insurance and Consumer Management Platforms categories are low on both average funding and age.