Top 12 Insurtech Startups (Free List)
Don't miss the next insurtech unicorn from the UK!
Innovation in insurance was stagnant for literally hundreds of years. Then the internet came along and it changed everything. Insuretech became a thing and it was enhanced by data and IoT.
Today, AI is transforming this industry again and we are seeing a new wave of Insurtech startups getting funded.
What does Insurtech mean?
Insurtech, short for 'insurance technology', refers to the use of technology innovations to enhance and streamline the insurance industry. It encompasses a wide range of technological advancements and applications that aim to improve various aspects of the insurance value chain, including product development, distribution, underwriting, pricing, claims processing, and customer service.
Insurtech leverages emerging technologies such as artificial intelligence, machine learning, big data analytics, blockchain, Internet of Things (IoT), and cloud computing to bring about efficiency, cost savings, and improved customer experiences within the insurance sector.
Let’s have a look at all the startups that have recently found Insurtech investors in the UK.
12 most active Insurtech startups
Startups (name, funding, founders, investors)
| Date | Startup | Funding | Sector | Round | Contact details | Location | Investor1 | Investor2 | Investor3 | Investor4 | Investor5 | Founder 1 | Founder 2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 27-06-2024 |  Supercede | US$15,000,000 | Insurtech | Growth | London  | Jerad Leigh | |||||||
| 30-04-2024 |  Urban Jungle | US$14,000,000 | Insurtech | Growth | London | Jimmy Williams | Greg Smyth | ||||||
| 24-04-2024 |  PeppercornAI | £3,250,000 | Insurtech | Seed | Cardiff | Nigel Lombard | |||||||
| 20-03-2024 |  Arrow Risk Management | £2,000,000 | Insurtech | Seed | London | Jon Godfray | |||||||
| 06-02-2024 |  Artificial Labs | £8,000,000 | Insurtech | Growth | London | David King | |||||||
| 25-01-2024 |  Lovethorn | £200,000 | Insurtech | Pre-seed | London | James Lovett | |||||||
| 11-01-2024 |  Hyperexponential | £57,300,000 | Insurtech | Growth | London | Amrit Santhirasenan | |||||||
| 15-11-2023 |  Diesta | US$2,000,000 | Insurtech | Seed | London | Julian Schoemig | Chris Davis | ||||||
| 31-10-2023 |  Eleos | £620,000 | Insurtech | Pre-seed | London | none | |||||||
| 25-09-2023 |  Timeline | £10,000,000 | Insurtech | Growth | Abraham Okusanya | ||||||||
| 27-07-2023 |  Percayso | £2,700,000 | Insurtech | Seed | Neil Utley | ||||||||
| 27-07-2023 | Percayso Inform | £2,700,000 | Insurtech | Seed | Neil Utley |
So that’s for the most recently funded startups. Now, if you want to launch an Insurtech startup, or invest in one, let’s dig into the exciting Insurtech categories you chose from.
6 Insurtech categories to watch
These are the key areas where insurtech is making an impact:
1 - Digital Distribution
Insurtech companies often use digital platforms and online channels to sell insurance products directly to consumers or through partnerships with traditional insurers.
2 - Data Analytics and Underwriting
Advanced data analytics and machine learning algorithms help insurers analyse vast amounts of data to make more accurate underwriting decisions, assess risk, and determine appropriate pricing.
3 - Claims Processing
Insurtech solutions streamline and expedite the claims processing workflow, reducing administrative overhead and improving the overall efficiency of settling claims.
4 - Customer Engagement
Insurtech aims to enhance customer interactions through user-friendly interfaces, mobile apps, and personalised communication, providing a better overall experience for policyholders.
5 - Blockchain for Transparency
Blockchain technology is being explored to enhance transparency, reduce fraud, and improve the security of insurance transactions and contracts.
6 - IoT in Risk Monitoring
The Internet of Things allows insurers to gather real-time data from connected devices (such as telematics in vehicles or wearables) to monitor and assess risks more accurately.