InsurTech is one of the largest and most active sectors within the FinTech space. According to FinTech Global, over $7bn has been invested in InsurTech solution providers since 2015 as insurance companies and investors look to benefit from the huge impact new digital models will have on the industry.
Established financial institutions are grappling with the challenges of rapid innovation and digital transformation as they attempt to understand which companies will have the most impact on their industry and which ones could become future partners or competitors. The InsurTech 100 identifies 100 of the companies that every leader in the insurance industry needs to know about in 2019.
The companies on the list were selected by a panel of analysts and industry experts who reviewed a long list produced from thousands of InsurTech company profiles on the extensive database managed by FinTech Global, a data and research firm.
Companies making the final cut were recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the insurance value chain.
More than half of the InsurTech 100 companies are located in the UK or US, but the emergence of a thriving global InsurTech ecosystem has seen another 22 countries make the list.
France, India, Singapore and Germany, which claim 17 companies between them on the InsurTech 100, have already established themselves as insurance entrepreneurship hubs. Other countries, large and small, are also beginning to make their mark in the industry, with Brazil, Sweden, South Africa, Netherlands, Australia and Hong Kong all represented.
“The impact of the most innovative InsurTech companies will be measured in billions of dollars over the next few years,” says Richard Sachar, a director of FinTech Global. “InsurTech 100 companies offer solutions that enhance functions across the entire insurance value chain, including marketing & distribution, underwriting & risk rating, claims and customer retention, and they incorporate the latest technologies, such as big data analytics, blockchain, artificial intelligence, the internet of things and bot-assistants.”