Insurance Tech Report Highlights Startups & Trends

Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.
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Insurance Tech Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.3
Contents
Topic Page No.
Scope of Report 04
Entrepreneur Activity 06
Investment Trend 09
Who is Investing 21
Exit Outlook - IPO, Acquisitions 25
Sub Sector Analysis 29
Interesting Companies 48
Useful Links 61
Company List 64
Team 237

Sector Overview
Scope of report
This report covers companies operating in Insurance Tech sector which includes internet first insurers, distribution platforms,
P2P insurance platforms and companies that enable insurance players in terms of software solutions and data. It does not
include traditional and offline insurance providers and multi-industry companies.
Disclaimer: The information and data in the report is based on global developments tracked in the sector till December 28, 2016. This is to categorically state that any events
and relevant developments after the said date will not reflect in the report.
Business Model Descriptions
Insurers
Internet first insurance companies (including companies acting as an MGA) which provides insurance online for
Life, Health and P&C sectors
Employer Insurance Companies offering employers/employees a smarter way to manage employee benefits and insurance
Enablers
Companies enabling insurance companies, brokers and other insurance players. They provide software solutions,
data analytics etc. to insurance players
Distribution
Platforms
Companies offering online/mobile based platform where consumer, businesses can compare insurance
quotes/buy insurance policies. They act as an insurance broker.
P2P Insurance Companies that provides a P2P insurance platform

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
5

46
79
115
124
159
279
153
0
50
100
150
200
250
300
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
6
YoY – Number of companies founded
Bima Metromile Oscar Zhong An Insurance Clover Health Bright Health Blue Owl
CoverHound Gusto Namely Zenefits Vlocity Lemonade Alan

Large Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
32 Aug-2014 10
Distribution Platforms > On-Demand
Insurance
$52M trov.com
Trōv
2012-San Ramon
60 Jun-2014 14 P2P Insurance $97M
Friendsurance
2010, Berlin
29 Feb-2014 8
Distribution Platforms > Horizontal >
Mobile-First
$64M financefox.ch
FinanceFox CH
2014, Zurich
10 Apr-2013 9
Internet-first Insurers > Personal > Life
& Health > Health
$1.1B hioscar.com
Oscar
2012, New York City
49 Jul-2012 16 Distribution Platforms > Commercial $93M insureon.com
Insureon
1997, Chicago
72 Feb-2012 23
Distribution Platforms > Property &
Casualty > Auto
$196M goji.com
Goji
2007, Boston
61 Nov-2011 29 Enablers > Data Providers > Auto $192M greenroad.com
GreenRoad
2004, Holon

Niche Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
8 May-2015 6 P2P Insurance > Health $15M shuidihuzhu.com
Shuidihuzhu
2016, Beijing
5 Jan-2015 1
Enablers > Back-end Solutions >
Underwriting & Risk Management >
Cyber
$40M cyence.net
Cyence
2014, San Mateo
6 Apr-2014 1
Internet-first Insurers > Personal > Life
& Health > Life
$16M ladderlife.com
Ladder Financial
2015, San Francisco
15 Aug-2011 7
Enablers > Back-end Solutions > Fraud
& Risk Management
$62M h2o.ai
Shift Technology
2013, Paris

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
9

YoY – Number of Rounds and Total Funding
$98M $101M
$46M
$97M
$480M
$302M
$633M
$2.8B
$1.9B
17
13 15
38
63
85
106
163
182
0
40
80
120
160
200
0
600
1200
1800
2400
3000
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inMillions)
Funding Amount Number of Rounds

YoY – Number of Rounds by Stage
15
40 45 48
77 81
12
15
27
39
68
72
4
6
8
10
12
17
0
20
40
60
80
100
120
140
160
180
2011 2012 2013 2014 2015 2016
NumberofRounds
Seed Early Late

YoY – Funding by Stage
$5M $26M
$70M $61M $75M $104M$47M
$46M $100M
$468M
$935M
$722M
$35M
$408M $123M
$93M
$1781M
$1057M
0
500
1000
1500
2000
2500
3000
2011 2012 2013 2014 2015 2016
TotalFundingAmount(inMillions)
Seed Early Late

Average Ticket Size – Early Stage
$0.5M
$0.9M
$2.1M $2.3M
$1.6M $1.4M
$2.0M
$5.1M
$3.6M
$11.2M
$12.2M $11.9M
$6.9M $6.1M
$16.2M
$26.3M
$19.3M
0.0
6.0
12.0
18.0
24.0
30.0
2011 2012 2013 2014 2015 2016
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
hioscar.com
Oscar
(New York City, 2012)
$400M PE Feb-2016
Fidelity Investments, CapitalG, General Catalyst Partners, Founders Fund, Lakestar,
Khosla Ventures, Thrive Capital, Ping An Ventures
cloverhealth.com
Clover Health
(San Francisco, 2014)
$160M Series C May-2016 Greenoaks, First Round Capital, Sequoia Capital, AME Cloud Ventures, Spark Capital
metromile.com
Metromile
$153M Series D Sep-2016
Intact Financial Corporation, Index Ventures, NEA, First Round Capital, Mitsui, SV Angel,
China Pacific Insurance
gusto.com
Gusto
$90M Series C Oct-2016 General Catalyst Partners, CapitalG, Obvious Ventures
brighthealthplan.com
Bright Health
(Minneapolis, 2015)
$80M Series A Apr-2016 Bessemer Venture Partners, NEA, Flare Capital Partners
maestrohealth.com
Maestro Health
(Chicago, 2013)
$59M PE Oct-2016
vlocity.com
Vlocity
$50M Series B Sep-2016
Sutter Hill Ventures, Salesforce, Kennet, TDF Ventures, Wildcat Venture Partners, New
York Life Insurance, Accenture
cyence.net
Cyence
(San Mateo, 2014)
$40M Series A Sep-2016 NEA, Institutional Venture Partners, Dowling Capital Partners

Company
Funding
Amount
Round
Name
Date Investors
blueowl.xyz
Blue Owl
$35M Series A Aug-2016
captricity.com
Captricity
(Oakland, 2011)
$35M Series C Jan-2016 Social Capital, White Mountains, Accomplice
lemonade.com
Lemonade
$34M Series B Dec-2016
General Catalyst Partners, GV, Thrive Capital, Tusk Ventures, Aleph Venture Capital,
Sequoia Capital, XL Innovate
justworks.com
Justworks
$33M Series C Mar-2016 Redpoint Ventures, Bain Capital Ventures, Thrive Capital, Index Ventures
everquote.com
EverQuote
(Cambridge, 2011)
$31M Series B Oct-2016 Savano Capital Partners, Stratim Capital, Oceanic, T Capital Partners
huize.com
Huize
(Shenzhen, 2006)
$31M Series B Mar-2016 CDF Capital
namely.com
Namely
$30M Series C Feb-2016 Sequoia Capital, Matrix Partners, True Ventures, Greenspring Associates
financefox.ch
FinanceFox CH
(Zurich, 2014)
$28M Series A Sep-2016
Horizons Ventures, Idinvest Partners, Speedinvest, Seedcamp, AngelList, Victory Park
Capital, Salesforce, Target Global

Company
Funding
Amount
Round
Name
Date Investors
trov.com
TrÅ•v
(San Ramon, 2012)
$26M Series C Apr-2016 Oak HC/FT, Anthemis Group, Guidewire Software, Suncorp
eligible.com
Eligible
$25M Angel Apr-2016
league.com
League
(Toronto, 2014)
$25M Series A Jun-2016
OMERS Ventures, Real Ventures, BDC Capital, RBC, Power Corporation, Manulife
Financial
maxwellhealth.com
Maxwell Health
(Boston, 2012)
$22M Series C Mar-2016
GuardianLife, Sun Life Financial, Adams Street Partners, Catalyst Heath Ventures,
Industry Ventures, Schooner Capital, Tribeca Venture Partners, Vaizra Investments,
Cambia Health Solutions, Cendana Capital, Lerer Hippeau Ventures
datebao.com
Datebao
(Beijing, 2014)
$20M Series B Mar-2016 Ceyuan, Fosun International, China Development Industrial Bank
oneincsystems.com
One, Inc
(Rancho Cordova,
2005)
$20M Series B Dec-2016 AXA Strategic Ventures, MassMutual Ventures, H&Q Asia Pacific
snapsheetapp.com
Snapsheet
(Chicago, 2010)
$20M Series C Oct-2016 F-Prime Capital Partners, IA Capital Group, Liberty Mutual
goji.com
Goji
(Boston, 2007)
$19M Series D Jun-2016

Company
Funding
Amount
Round
Name
Date Investors
thezebra.com
Insurance Zebra
(Austin, 2012)
$17M Series A Jan-2016 Silverton Partners, Daher Capital, Ballast Point Ventures
friendsurance.de
Friendsurance
(Berlin, 2010)
$15M Series B Mar-2016 Horizons Ventures
wkbins.com
WuKongBao
(Beijing, 2015)
$15M Series A May-2016
huize.com
Huize
(Shenzhen, 2006)
$15M Series B Aug-2016 Fortune Venture Capital
policygenius.com
PolicyGenius
$15M Series B Jan-2016
Revolution, Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica
Ventures, MassMutual Ventures
clark.de
Clark
(Berlin, 2015)
$15M Series A Aug-2016
Finleap, Yabeo, GMPVC, HitFox Group, TA Ventures, Tenderloin, SevenVentures, Axel
Springer SE, Kulczyk Investments
hixme.com
Hixme
(Agoura Hills, 2013)
$14M Series B Oct-2016 Propel Venture Partners, KPCB, Transamerica Ventures, Rosemark
capeanalytics.com
Cape Analytics, Inc
(Palo Alto, 2014)
$14M Series A Nov-2016
Formation 8, Data Collective, XL Innovate, Lux Capital, Khosla Ventures, Promus
Ventures, Montage Ventures

Company
Funding
Amount
Round
Name
Date Investors
myhippo.com
Hippo
(Mountain View, 2015)
$14M Series A Dec-2016
Horizons Ventures, RPM Ventures, Propel Venture Partners, GGV Capital, Pipeline
Capital
ladderlife.com
Ladder Financial
$14M Series A Oct-2016 Canaan Partners, Lightspeed Venture Partners, Nyca Partners, Formation 8
zendrive.com
Zendrive
$14M Series A Feb-2016 Sherpa Capital, Nyca Partners, Thomvest Ventures, BMW
alan.eu
Alan
(Paris, 2016)
$13M Series A Oct-2016 CNP Assurances, Partech Ventures
next-insurance.com
Next Insurance
(Kfar Saba, 2016)
$13M Seed Mar-2016 Ribbit Capital, TLV Partners
revimedia.com
ReviMedia
(Brooklyn, 2010)
$13M Series A Aug-2016 NewSpring Capital
embroker.com
Embroker
$12M Series A May-2016
Canaan Partners, Nyca Partners, XL Innovate, 500 Startups, Bee Partners, FinTech
Collective
51shebao.com
51Shebao
(Beijing, 2007)
$10M Series B Jun-2016 Zhubajie, CBC Capital

Funnel view of Sector
111
53
93
191
475
1321
0 200 400 600 800 1000 1200 1400
M&A & IPO
Late
Series B
Series A
Funded
Founded
Number of Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
20

Most Active Investors in Sector
13 13
12
10
6 6 6 6 6 6
0
3
6
8
11
14
500 Startups Startupbootcamp Techstars Global Insurance
Accelerator
NEA Plug and Play
Tech Center
Ribbit
Capital
Right Side
Capital
Management
Rock
Health
Route 66
Ventures
TotalNumberofRounds
Snapsheet Insly QuanTemplate Drive Spotter Metromile Mojio Gusto Dash CollectiveHealth CoverHound
Mojio ULU Dash
Serious
Social Media
Collective
Health
Healthpocket Policybazaar Drive Spotter Stride Health Knip

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
24

Top IPOs in last few years
IPO Date Company Overview Ticker
Jun-2015 majesco.com
Majesco
(Mumbai, 1982)
IT Software and Services provider for Insurance Industry
MJCO
Decv-2014 connecture.com
Connecture
(Brookfield, 1997)
Web based solutions for health insurers
SSM Partners, TTV Capital, LiveOak Venture Partners, Atlanta Technology Angels, Firewall Builder,
Chrysalis Ventures, Great Point Partners, New Era Capital Corporation, Hauser Private Equity
CNXR
Sep-2013 benefitfocus.com
Benefitfocus
(Charleston, 2000)
Benefits technology provider
Goldman Sachs, Council Capital, i2E, Oak Investment Partners BNFT
Jan-2012 guidewire.com
Guidewire Software
(San Mateo, 2001)
P&C insurance software solutions
Battery Ventures, US Venture Partners, Bay Partners GWRE
Oct-2009 verisk.com
Verisk Analytics
(Jersey City, 1971)
Data analytics and risk assessment firm
VRSK

Major Acquisitions in last one year

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
28

December 2016Tracxn BlueBox : Insurance Tech
1250+ companies in the sector, 340+ funded in last 5 years, $4.6B invested in 2015/2016

Insurance Tech – Value Chain

Top Business Models by Funding
$2.7B
$1.5B
$1.4B
$938M
$110M
$12M $2M
0
600
1200
1800
2400
3000
Internet-first Insurers Employer Insurance Enablers Distribution Platforms P2P Insurance Claims Management &
Resolution
Content
TotalFundingAmount(inMillions)
Avg. Age Jan-12 Jun-11 Jan-08 Sep-11 Jun-14 Jul-12 Jul-13
# Cos. 116 44 535 524 60 17 19
Zhong An Insurance Zenefits iPipeline Goji Lemonade DuangDuangAuto Clearsurance
Oscar Gusto Vlocity Ins110 Friendsurance Bauxy Insurr

Internet-first Insurers – Business Model
Description

Internet-first Insurers – Entrepreneur Activity and
Investment Trend

Internet-first Insurers – Most Funded Companies

Employer Insurance – Business Model Description

Employer Insurance – Entrepreneur Activity and
Investment Trend

Employer Insurance – Most Funded Companies

Enablers – Business Model Description

Enablers – Entrepreneur Activity and Investment
Trend

Enablers – Most Funded Companies

Distribution Platforms – Business Model
Description

Distribution Platforms – Entrepreneur Activity
and Investment Trend

Distribution Platforms – Most Funded Companies

P2P Insurance – Business Model Description

P2P Insurance – Entrepreneur Activity and
Investment Trend

P2P Insurance – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
47

Interesting Unfunded Companies
Company Overview
Business
Model
joinroot.com
Root
(2015, Columbus)
Car insurance startup using telemtatics Internet-first Insurers > Personal > Property &
Casualty > Auto
blinkblink.io
Blink
(2016, London)
Flight-disruption insurance solution provider
Distribution Platforms > Travel
insurun.com
Insurun
(2015, Islip)
SaaS platform for insurance agents Enablers > Back-end Solutions > Sales &
Distribution
ocare.com
Ocare
(2016, Mumbai)
Dental insurance plans
Distribution Platforms > Life & Health > Health
cyber-foresight.com
Cyber Foresight
(2016, Hamilton)
Cyber Exposure analysis platform for reinsurers Enablers > Back-end Solutions > Underwriting &
Risk Management > Cyber
yatis.io
Yatis
(2015, Bangalore)
Car tracking, maintenance, and safety app
Enablers > Data Providers > Auto
dropininc.com
DropIn
(2015, Los Angeles)
On-Demand video platform for Insurance adjusters Enablers > Back-end Solutions > Claims
Management
terrenelabs.com
Terrene Labs
(2016, Mason)
Risk management using Big Data Enablers > Back-end Solutions > Underwriting &
Risk Management
cybewrite.com
Cybewrite
(2015, Tel Aviv)
Enterprise security assessment platform to underwrite cyber insurance Enablers > Back-end Solutions > Underwriting &
Risk Management > Cyber
Curated list of companies by the sector analyst are defined as Interesting

Interesting Seed Companies

Interesting Series A Companies

Interesting Series B Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
60

Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Companies founded in 2015/16 Entrepreneur Activity Link
Investments in last one year Investment Trend Link
IPOs in last few years Exit Outlook - IPO, Acquisitions Link
Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link
Internet-first Insurers – Most Funded Companies Sub Sector Understand Link
Employer Insurance – Most Funded companies Sub Sector Understand Link
Enablers– Most Funded Companies Sub Sector Understand Link
Distribution Platforms – Most Funded Companies Sub Sector Understand Link
P2P Insurance – Most Funded companies Sub Sector Understand Link
Top Funded Deadpooled Companies Sub Sector Understand Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
63

Insurance Tech – Company List
Internet-first
Insurers
Employer
Insurance
Enablers
Distribution
Platforms
P2P
Insurance
Claims Management
& Resolution
Content
Insurance
Repository
475 FUNDED COMPANIES AND 846 UNFUNDED COMPANIES
COVERS THE FOLLOWING SECTORS

Internet-first Insurers (1/15)
Company Overview Business Model Total Funding
instaCOVER
(2005, Kirkland)
insurance coverage for sales or lease transactions
Keiretsu Forum Commercial $1.49M
Cover Your Business
(2016, Stamford)
Commercial insurance provider
Commercial
Homesite Business Insurance
(2013, Seattle)
online small business insurance provider
Commercial
Arro Insure
(2015, Dublin)
Insurance provider for businesses
Commercial
insure4drones
(2015, )
Drone insurance provider
Commercial
Digital Risks
(2014, London)
Insurance provider for digital businesses
Commercial
NAU Country Insurance
Company
(1981, Ramsey)
Crop Insurance Provider
Lightyear Capital Commercial
Assured Risk Cover
(2014, Pleasanton)
Offering hurricane insurance coverage using technology and science
Inventus Capital Partners, Indian Angel Network Commercial
Go to BM List >>
Employer
Insurance

ClimateSecure
(2014, Paris)
Provides weather-risk management solutions and insurance
AXA Strategic Ventures Commercial
Sky Mutual
(2015, Philadelphia)
Weather risk management
Commercial
Assureli
(2014, Houston)
Insuring the funding to startups
Commercial
Founder Shield
(2012, New York City)
Business insurance for startups
Interplay Ventures Commercial
InsuranceforStartups
(2012, Chicago)
Insurance solutions for startups
Commercial
Cloudsurance
(2015, Anaheim)
Provides Insurance For Cloud Consumers
Commercial > Cloud
Insurance
Hacksurance
(2015, Lincoln)
Website Insurance provider against Cyber-attacks
Commercial > Cyber
Insurance
Jumpstart Insurance Solutions
(2015, Berkeley)
Earthquake Insurance provider
Commercial > Emergency
Crisis
Go to BM List >>
Employer
Insurance

Alan
(2016, Paris)
Full stack health Insurance provider
Partech Ventures, CNP Assurances
Commercial > Employer
Insurance
$13M
PassportCard
(2012, Netanya)
Real-time travel insurance solutions in Israel, Germany & Canada
Personal
Cover My Trip
(, )
Online Travel Insurance
Personal
Mobbisurance
(2014, Johannesburg)
Mobile-based crop insurance provider
Personal > Crop Insurance
Safe Deposit Box Insurance
Coverage
(2012, Elgin)
Safe deposit box insurance provider
Advantage Capital Personal > Deposit Insurance $1M
TypTap Insurance
(2016, Ocala)
Flood insurance quote provider
Personal > Flood Insurance
Bima
(2010, Stockholm)
Provider of mobile-delivered insurance in emerging markets
Kinnevik AB, Digicel Group, LeapFrog Investments, Millicom Personal > Life & Health $65.4M
Jagadiri
(2015, Jakarta)
Online insurance provider
Personal > Life & Health
Go to BM List >>
Employer
Insurance

Go to BM List >>
Employer
Insurance

Employer Insurance (1/7)
Zenefits
(2013, San Francisco)
SaaS HR Platform for SMBs
Fidelity Investments, Insight Venture Partners, Andreessen Horowitz, SV
Angel, Khosla Ventures, Founders Fund, General Catalyst Partners,
Institutional Venture Partners, Venrock, Maverick Capital, Comcast
Ventures, EPIC Ventures, TrueBridge Capital Partners, TPG, Foresite
Capital, Canvas Ventures, Sound Ventures
Benefits and Insurance $583.6M
Gusto
SaaS Payroll Management and Health Plan services
Y Combinator, Salesforce, Emergence Capital, KPCB, General Catalyst
Partners, GV, Sherpalo Ventures, Glynn Capital, Data Collective,
Western Technology Investment, Rothenberg Ventures, Ribbit Capital,
Obvious Ventures, Entree Capital, Homebrew, CapitalG, Designer Fund,
Y Ventures, Aspect Ventures, Pivot Investment Partners, Cota Capital,
CSC Venture Capital, Pear Ventures
CollectiveHealth
(2013, San Mateo)
Self-insurance SaaS platform for employers to sponsor their employees
Redpoint Ventures, NEA, Founders Fund, Google Ventures, Rock Health,
Maverick Capital, S23P, RRE Ventures, Great Oaks Venture Capital,
Formation 8, Subtraction Capital, Social Capital
Benefits and Insurance $119M
Namely
Cloud-based HR management tool
Sequoia Capital, True Ventures, Matrix Partners, Bullpen Capital, Four
Rivers Group, Greenspring Associates, Gary Vaynerchuk, ajvaynerchuk,
Bullpen Capital, Vayner/RSE, Lerer Hippeau Ventures
PlanSource Holdings
(2002, Orlando)
Cloud-Based Benefits Administration and HCM Solution
Great Hill Partners, ORIX, Lemhi Ventures, Timucuan Benefits and Insurance $94M
Internet-first
Insurers
<< Go to BM List >> Enablers

Maestro Health
(2013, Chicago)
Employee health and benefits service provider.
SV Life Sciences, Oak HC/FT Benefits and Insurance $59.04M
Maxwell Health
(2012, Boston)
SaaS platform for benefits management and goals based reward
system
Adams Street Partners, Tribeca Venture Partners, Industry Ventures,
Cendana Capital, Cambia Health Solutions, Catalyst Heath Ventures,
Schooner Capital, Vaizra Investments, GuardianLife, Costella Kirsch, Sun
Life Financial, New Ground Ventures, TiE Angels Boston, Lerer Hippeau
Ventures, Annox Capital, BoxGroup, Brothers Brook
Justworks
Online payroll and benefits platform
Redpoint Ventures, Index Ventures, Bain Capital Ventures, Thrive
Capital, Bain Capital, Daring Journey Ventures
League
(2014, Toronto)
Digital health platform that connects people to trusted health and
wellness providers
Foundation Capital, Real Ventures, BDC Capital, OMERS Ventures, RBC,
Manulife Financial, Power Corporation, Quantum Valley Investments
Hixme
(2013, Agoura Hills)
Health benefits where employer establishes cost and employee
chooses the plan
KPCB, Transamerica Ventures, Rosemark, Propel Venture Partners
51Shebao
(2007, Beijing)
Insurance and benefits services platform for enterprises
CBC Capital, Zhubajie, Plum Ventures Benefits and Insurance $14M
Lumity
(2014, San Mateo)
Platform for employers to optimize health plans and benefits decisions
for employees.
True Ventures, Rock Health, S23P, Social Capital
Internet-first
Insurers

Bloom Health
(2009, Minneapolis)
Employee insurance management platform
Sandbox Industries, BCBSVP Benefits and Insurance $12.5M
BeneStream
Medicaid migration platform
Kapor Capital, BCBSVP, ARC Angel Fund NYC, Serious Change, Ford
Foundation, TSEF.com, The Social Entrepreneurs Fund
SmartHR
(2015, Tokyo)
Benefits Management
DG Incubation, Open Network Lab, East Ventures, World Innovation
Lab, 500 Startups Japan, Beenext
Zane Benefits
(2006, Salt Lake City)
Employer insurance for SMBs
Kickstart Seed Fund, Royal Street Benefits and Insurance $4.8M
Allay
HRMS for SMBs
500 Startups, AngelPad, Sandbox Industries, Silicon Badia, BCBSVP,
Arnold Capital, Insure.VC
Renew
Retirement benefits solution provider
Expa, Venrock, Madrona Venture Group, Refactor Capital Benefits and Insurance $3M
Benefitter
SaaS-based employee benefit management tools
Rock Health, Asset Management Ventures, Asset Management Partners Benefits and Insurance $2.8M
EaseCentral
Platform for recruitment brokers to manage employee benefits and on-
boarding
Metamorphic Ventures, Transmedia Capital, Deep Fork Capital,
Freestyle Capital, Upside Partnership
Internet-first
Insurers

Internet-first
Insurers

Enablers (1/68)
eSecuritel
(2001, Alpharetta)
Insurance for wireless devices
Mainsail Partners
Enservio
(2004, Needham)
Contents claims management
Bain Capital Ventures, Matrix Partners, Bain Capital
Back-end Solutions > Claims
Management
$16.1M
ClaimKit
(2011, Overland Park)
Providing software for claim management to Insurers
Mid America Angels, Seed Step Angels, Women's Capital Connection,
Flyover Capital
Management
$3.3M
ClearRisk
(2006, St. Johns)
Web-based Risk management solutions for insurance industries & SMEs
BDC Capital, GrowthWorks, First Angel Network
Management
$1.7M
Claim
(2009, Tumwater)
Claim maps provides visual maps to have insights from claims data
Alliance of Angels
Management
$694k
ClaimCatcher
(2012, )
Cross-claims data exchange platform shared by P&C insurers and health
payers
Management
$500k
eClaims Workflow
(2012, Toronto)
Claims management software for vendors and insurers
Management
Claimbot
(2016, Austin)
Chatbot for claim management
Management
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (2/68)
VIP Software
(2006, Tampa)
Software solutions for claim and document management Back-end Solutions > Claims
Management
Claimstr
(2014, Dublin)
SaaS-based claim management and fraud detection software.
Management
Karma Software
(2014, Brindisi)
Claim management software solutions for insurance industry
Management
InsuBiz
(2006, Edinburgh)
Claims and Risk management solution for insurance companies
Management
Paul Pui Insurance
(2015, Shanghai)
Cloud based insurance claims software provider
Management
RateFast
(2013, Santa Rosa)
Software for managing workers' compensation claims
Management
ClaimLogik
(2011, Melbourne)
Cloud based claim management platform for Insurance industry
Management
Claimbase
(, London)
Claims management software for the Insurance markets
Management
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (3/68)
Claims Software
(2012, Los Angeles)
Cloud-based software for claims management Back-end Solutions > Claims
Management
DropIn
(2015, Los Angeles)
On-Demand video platform for Insurance adjusters
Management
Virtual Claims Adjuster
(2004, Mississauga)
Claims management software provider
Management
Symbility Solutions
(2002, Toronto)
cloud-based and mobile-enabled software for Claims management
Management
n2uitive
(2006, Seattle)
SaaS Software and Analytics provider for Insurance Claims Adjusters
Management
General Claims
(2015, Sao Paulo)
Providing solution for claims management for insurance industry
Management
Scopious
(2014, Augusta)
Easing claims verification
Management
ClaimMate
(2015, Chicago)
Claims management solutions
Management
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (4/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (5/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (6/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (7/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (8/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (9/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (10/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (11/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (12/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (13/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (14/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (15/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (16/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (17/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (18/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (19/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (20/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (21/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (22/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (23/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (24/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (25/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (26/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (27/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (28/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (29/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (30/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (31/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (32/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (33/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (34/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (35/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (36/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (37/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (38/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (39/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (40/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (41/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (42/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (43/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (44/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (45/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (46/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (47/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (48/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (49/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (50/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (51/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (52/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (53/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (54/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (55/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (56/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (57/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (58/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (59/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (60/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (61/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (62/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (63/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (64/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (65/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (66/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (67/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Enablers (68/68)
Employer
Insurance
<< Go to BM List >>
Distribution
Platforms

Distribution Platforms (1/66)
Insureon
(1997, Chicago)
Online business insurance aggregator
Accretive, Oak HC/FT Commercial $31M
Embroker
Providing insurance platform for small and mid-sized businesses
Canaan Partners, 500 Startups, Silicon Valley Bank, Bee Partners, Nyca
Partners, FinTech Collective, XL Innovate
Commercial $14.4M
Next Insurance
(2016, Kfar Saba)
Portal for Small businesses to find Insurance products
Ribbit Capital, TLV Partners Commercial $13M
Finanzchef24
(2012, Munich)
Online commercial insurance broker for small and mid-sized businesses
Target Partners, HW Capital GmbH, GRENKE BANK Commercial $12.57M
Coverwallet
Insurance for small businesses
Index Ventures, Highland Capital Partners, Founder Collective, Union
Square Ventures, Two Sigma Ventures
Commercial $9.8M
Insgeek
(2014, Beijing)
Platform for SMEs to buy and provide insurance to its employees
Legend Star, Fosun Kinzon Capital, Tusstar Commercial $7.24M
Buildbunker
Insurance for small business and freelancer
Comcast Ventures, Route 66 Ventures, American Family Ventures Commercial $2M
Meteo Protect
(2011, Paris)
Weather risk management solution provider
Keiretsu Forum Commercial $1.5m
Enablers << Go to BM List >> P2P Insurance

Zensurance
(2016, Toronto)
Small Business Insurance provider
The Next Big Idea Contest, Ferst Capital Commercial $1M
Jubao56
(2015, Wuhan)
Online insurance platform for logistics
DL Capitals Angel Fund Commercial $650K
Energetic Insurance
(2016, Boston)
Data-driven Insurance product for commercial solar financing
Commercial
Quote Dave
(2015, Southport)
Insurance quoting platform for SMBs
Commercial
Crossbordr
(2016, Miami)
Commercial insurance broker platform
Commercial
BizCover
(2008, Surry Hills)
Quote comparison platform for business insurance
Commercial
AUZi
(2007, Brisbane)
Insurance quotes for professional indemnity and public liability
Commercial
SmallBusinessQuote
(2016, Massachusetts)
Business Insurance Quote provider
Commercial

TechFold
(2012, Stoke-on-trent)
Van insurance comparison platform
Commercial
Unbrokerage
(2016, Atlanta)
Insurance platform for Small Business
Commercial
Liimex
(2016, Frankfurt Am Main)
Business Insurance provider
Commercial
CoverBoss
(2016, Scottsdale)
Insurance Platform for commercial business
Commercial
Inshur
Mobile based digital platform to buy TNC Insurance
Commercial
SeguroAP
(2016, Mendoza)
Online platform providing personal accident insurance for business
Commercial
+Simple.fr
(2015, Paris)
Insurance broker for small businesses
Commercial
Trym
(2016, Phoenix)
Insurance platform for small business
500 Startups Commercial

P2P Insurance (1/8)
Zero
(2015, Easton)
P2P business insurance platform
Commercial
Riskbazaar
Peer-to-peer marketplace for risk contracts on the blockchain
Commercial
Gather
(2014, Boston)
Helping small business insure through captive insurance
Commercial
Shuidihuzhu
(2016, Beijing)
P2P insurance platform
IDG Capital Partners, ZhenFund, Tencent, Meituan, Banyan Capital Health $7.7M
Yiqihuzhu
(2016, Hangzhou)
Online P2P insurance platform
Morningside Ventures, Matrix Partners China, Morningside Ventures, YI
Capital
Health $4.49M
Baobaoji
(2014, Shanghai)
Online P2P insurance platform
Shanshan Group Health $1.5M
Banmahz
(2015, Beijing)
PeakValley Capital, Taoshicapital Health $763K
Yitongbx
(2016, Beijing)
P2P healthcare insurance platform
Skychee ventures Health $450K
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

P2P Insurance (2/8)
RenRenHuzhu
(2016, Beijing)
Mutual P2P insurance platform
91JinRong Health
Tribe Cover
(2016, Athlone)
P2P Insurance platform in stealth mode.
Health
Mayihubao
(2014, Shanghai)
Health
Friendsurance
(2010, Berlin)
online peer-to-peer insurance
Horizons Ventures, e.ventures, German Startups Group, Infinity
Ventures, Vantage Investment Advisory Limited
Horizontal $15.3M
TongJuBao
(2014, Shanghai)
Peer 2 Peer Risk Sharing
SOSV Horizontal $13M
Huddle Money
(2016, Sydney)
P2P platform for financial products.
Horizontal $6M
Fair
(2016, Helsinki)
Mobile based P2P insurance platform
Horizontal
Be Sure
(, )
Horizontal
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

P2P Insurance (3/8)
Winpeer
(2016, )
Horizontal
Prince
(2016, Kew)
P2P Insurance platform
Horizontal
PeersMutual Protection
(2015, Beijing)
P2P Insurance platform in stealth mode
Horizontal
Wekeep
(2015, Paris)
P2P Insurance platform based on blockchain
Horizontal
KarmaCoverage
(2014, Orlando)
P2P Insurance coverage platform
Horizontal
BITPARK
(2016, Tokyo)
P2P Insurance platform in cryptocurrency
Horizontal
Shacom
(2000, Taipei)
P2P lending and mutual insurance solutions provider
Horizontal
Otherwise
(2015, Paris)
P2P Insurance broker
Horizontal
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

P2P Insurance (4/8)
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

P2P Insurance (5/8)
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

P2P Insurance (6/8)
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

P2P Insurance (7/8)
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

P2P Insurance (8/8)
Distribution
Platforms
<< Go to BM List >>
Claims
Management &
Resolution

Claims Management & Resolution (1/3)
SafeStuff
(2015, Stockholm)
A digital platform to estimate value of stuff and handle claims
Bauxy
claims reimbursement for eyecare
Health $2.55M
Dispute Bills
(2015, Chicago)
Medical bills claim management for consumers
Health $400k
MedClaims
(2009, Philadelphia)
Claims management for consumers
Health $400k
Peifubao
(2014, Shanghai)
Health insurance claim handling platform
Health
InterRisk Solutions
(2009, Birkenhead)
Providing a personal injury claim process
North West Fund Health
InterResolve
(2004, Leeds)
Car accident personal injury claim management
Balderton Capital Health
Benefit Defender
(2014, Springfield)
Claim reimbursement assistant for customers
Health
P2P Insurance << Go to BM List >> Content

Content (1/3)
Clearsurance
(2015, Newburyport)
An insurance rating platform
$2M
Insurr
(2016, Toronto)
Information platform for brokers
Agent Ave
(2014, Twin City)
Platform that manages insurers carrier data for insurance agents
Bidbarg
(2014, Tehran)
Content platform for insurance
Insquirer
Platform providing knowledge on business insurance
Coverager
(2016, Chicago)
Information portal for Insurance industry
Malaysia Insurance
Information
(2016, Petaling Jaya)
Information platform for life and general insurance
ValChoice
(2013, Boston)
Insurance platform to measure and grade insurance companies
Claims
Management &
Resolution
<< Go to BM List >>
Insurance
Repository

Content (2/3)
Claims
Management &
Resolution
<< Go to BM List >>
Insurance
Repository

Content (3/3)
Claims
Management &
Resolution
<< Go to BM List >>
Insurance
Repository

Insurance Repository
Content << Go to BM List

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Q&A with Industry Experts
Team
6
236

Team
237
Tarun Bansal
Lead Analyst – Fintech

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