Top 100 Insurtechs by 'Mention'

Insurtech Top 100 Reports – Who gets the most ‘Mentions’?

It is difficult to keep up with all the Insurtech start-ups with estimates that there are more than 3,000 directly targeting the insurance sector, not even counting the adjacencies, the list is exhausting! The question, we at InsurePro asked, is who are the Top 100 Ranked by 'mentions' if we look across the reports and what services do they offer?

We reviewed the last 3 years of reports from Sonr, Oxbow, DIA, and FintechGlobal with the conclusions not surprising given the increased blurring of boundaries of what qualifies as an 'Insurtech'.

Key Findings:

Limited consensus between the different Data Providers with 64% of Insurtechs achieving only 1 ‘Mention’ out of a possible 10 ‘Mentions’.
1 Insurtech successfully scored all 10 ‘mentions’ – well done Tractable.
125 (22%) Insurtechs were mentioned by more than one Data Provider.
Only 11 appeared in all 4 Data Provider reports.
There is a bias to Technology Companies versus Intermediaries/Insurers, and this bias has increased over the 3 year period.
Most 'mentions' are attributed to the following service offerings – White Label/Platforms, MGAs, Data Intelligence, Driving Behaviour, Comparison Sites, and Claims.
The focus on Personal and Commercial lines continues, with technology used to improve efficiencies and user experience.
Simple products such as Auto, Home, Travel, SME Packages dominate.
The most featured technology enablers are – Data Analytics, Platforms, AI, Telematics, IoT and Mobile.
From a Regional perspective, Oxbow and DIA focus largely on Europe, with FintechGlobal and Sonr being more varied in their coverage.

Insurtech by 'Mention'

Methodology

KEY findings

Methodology

4 Data Providers, 3 years coverage, 12 reports, 1002 individual 'Mentions', 527 unique Insurtechs.

We aggregated all the Insurtech reports over a three-year period (2018,2019,2020) with the combined dataset containing 1,002 entries. After removing the duplicates the dataset reduced to 572 unique Insurtechs with each Insurtech being mentioned on average 1.75 times.

Taking the universe of 572 Insurtechs, we calculated a ‘mention’ score for each Insurtech across the 12 reports. The maximum achievable score for an Insurtech was 10 as the Oxbow study introduces a new set of Insurtechs each year.

We then calculated how many Data Providers refer to each Insurtech.

365 (64%) Insurtechs only had one ‘mention’ across the 12 reports.
Just 12 (2%) Insurtechs achieved more than 5 ‘mentions’ across the reports.
Tractable was the only Insurtech that achieved the top score of 10 ‘mentions’.

We assessed the leading Insurtech Top 100 reports

from the following data providers:

Sonr
DIA
FintechGlobal
Oxbow Partners

They all focus on introducing technology innovators to the market. It is worth noting that Oxbow covers 25 new Insurtechs each year whereas the other lists cover 100.

Observations

We then looked at the following attributes to better understand the bias of each data provider:

# Insurtechs - Number of unique Insurtechs referred to by each data provider.

Age - Average age of Insurtechs when first mentioned by a data provider.

Likeness - % of Insurtechs from each Data Provider that appear in the ranked

Avg Mentions - Average number of times an Insurtech is referred to by that data provider

Both, DIA and FintechGlobal have included mature technology and insurance players, for example Wakam (founded 1829) and Tieto (founded 1968), increasing the average age significantly. If we correct for this, the DIA list has the youngest set of Insurtechs at only 3.3 years.
Sonr is most consistent on which Insurtechs appear in its reports each year, with the others mainly mentioning a new set every year.
The Oxbow report is best at consistently selecting companies from the Top 100 Insurtechs by ‘Mention’. This is driven largely by its focus and selection criteria.

Insurtechs by Type

DIA has a strong technology focus compared to the other data providers that show a similar mix across the Technology, Intermediary and Insurer types.

Technology

Process Automation, White Label Platforms, Driving Behaviour and Data Intelligence are proving to be popular technology enablers for Insurtechs

Focus on AI although its application to the insurance sector is still in its infancy.

Regional Breakdown

Oxbow and DIA focus more on Europe. FintechGlobal and Sonr have a more global coverage.
Sonr reports provide better coverage of the Asia region.

Observations

The underlying data

Value Chain Breakdown

We are seeing more full-stack insurers as the desire to control product design increases.
An increasing number of players are switching from Intermediary to Technology provider e.g. Slice Labs as building digital platforms, customer relationships and scale is quite a challenge. Then, of course, there is the culture hurdle.
The digital broker space continues to flourish as more players develop innovative customer solutions through telematics, wearables, robotics and niche marketing.

Underlying Data

To the right, the Top 100 Insurtechs by ‘Mentions’ – The Insurtechs that achieved more than 3 mentions across all the reports.

The Insure-Pro Database:

The Insure-Pro Analytics Dashboard:

Insure-Pro Database

Insure-Pro Analytics

4 Data Providers, 3 years coverage, 12 reports, 1002 individual 'Mentions', 527 unique Insurtechs

Analysis by 'Mentions'

Analysis by Data Provider