Sizing the UK Insurtech Market
Coverager tracks 190 insurance companies in the UK that fall under the following conditions: (1) a company that raised money or a (2) company founded in 2015 and forward. For the sake of this research, this is our UK Insurtech Universe.
- Back Me Up is included in this universe as it was established in 2016 although it didn’t need to raise money (it was backed by Ageas)
- Bought By Many is included in this universe as it was founded in 2012 and has raised money
- Ingenie isn’t included in this universe because it was founded in 2010 and hasn’t disclosed any investment rounds
Overall, 87% of these companies were founded between 2015 and 2020 and that allows for an analysis that is representative of the current landscape. The largest number of startups were established in 2016 (52). The data below highlighted new entrants as of 2015. Red signals inactive startups (on in the case of Brolly inactive/acquired).
| Founded | New Entrants (inactive) |
|---|---|
| 2015 (35) | 1. 1insurer, 2. Activate Group, 3. Arowana, 4. AssetVault, 5. Belong Safe, 6. Brightside Insurance, 7. ChainThat, 8. CompareEurope Group, 9. CoverArk, 10. CoVi Analytics, 11. Digital Fineprint, 12. Flock Cover, 13. Future Family, 14. Homelyfe, 15. Inspool, 16. Instanda, 17. Insurercore, 18. Inzura, 19. Jolt, 20. KASKO, 21. Konsileo, 22. Oseven Telematics, 23. PODIS, 24. PremFina, 25. Probitas 1492, 26. Quote Dave, 27. Reciproco, 28. Reposit, 29. Safeshare, 30. Shepherd, 31. Superscript, 32. Talk to TIM, 33. Untangl, 34. Worry+Peace, 35. ZugarZnap |
| 2016 (52) |
1. Azur Underwriting, 2. Back Me Up, 3. Blocksure, 4. Bright I, 5. Brolly, 6. By Miles, 7. Claims Rated, 8. Ed, 9. Envelop Risk Analytics, 10. Firstcarquote, 11. Flood Assist, 12. Flood Re, 13. FloodFlash, 14. Global Parametrics, 15. Gryphon Group Holdings, 16. GUARDHOG, 17. Harbour Underwriting, 18. Healthcareinsured.co.uk, 19. Honcho, 20. InChain, 21. InMyBag, 22. Insure4Drones, 23. Iotatech, 24. Kinsu, 25. Kudo Insurance, 26. Laka, 27. Lendy, 28.Marshmallow, 29. My Insurer Won’t Pay, 30. Neos, 31. Nimbla, 32. Oula.la Limited, 33. Photocert, 34. Pikl, 35. Pluto, 36. PolicyCastle, 37. Psyon, 38. Pukka Insure, 39. RightIndem, 40. Scratch and Patch, 41. Shoal, 42. Spixii, 43. Tapoly, 44. ThreatInformer, 45. Torafugu, 46. Trice, 47. TruMyle, 48. Urban Jungle, 49. Wrisk, 50. Yulife, 51. Zego, 52. Zero Deposit |
| 2017 (30) | 1. AkinovA, 2. Anansi, 3. Anorak Technologies, 4. Babel Cover, 5. Bitrust, 6. Bluesona, 7. C-Quence, 8. Compare By Review, 9. CoverYourWay, 10. Dinghy, 11. Equipsme, 12. Found Limited, 13. Fuse Assurance, 14. HUMN.ai, 15. iFarm Underwriting, 16. Kippie, 17. Nexus Mutual, 18. Optimiz.Claims, 19. Pluto Pet Company, 20. Policy Library, 21, Qlaims Limited, 22. Reputation Transfer, 23, Setoo, 24. The Ardonagh Group, 25. The Insurance Emporium, 26, Veygo, 27. VIBE Insure, 28. Vibe MGA Management. 29. Waggel, 30. Zoe AI |
| 2018 (27) | 1. Archipelago Risk Services, 2. Aventus, 3. Axioma, 4. Balkerne, 5. Bravo Group, 6. Brisk, 7. Celo, 8. Coverly, 9. CoverNerd, 10. CyberFortress, 11. DadCover, 12. Get Indemnity, 13. Hokodo, 14. Insurami, 15. Insurwave, 16. Lenny, 17. Loadsure, 18. ManageMy, 19. Marrikel, 20. PORTABL.co, 21. reviti, 22. Specialist Risk Group, 23. Sprout.ai, 24. Stubben Edge, 25. The Insurance Supermarket, 26. Ticker, 27. Tradelock |
| 2019 (14) | 1. Bequest, 2. Capacity Place, 3. Collective Benefits, 4. Create Insurance, 5. Darwin, 6. Dialogue Exchange, 7. Hubb Insure, 8. Jaunt, 9. Previsico, 10. Raylo, 11. Riskbook, 12. Rnwl, 13. Rooster Insurance, 14. Yokahu |
| 2020 (7) | 1. coverbaloo, 2. Hiro, 3. Inigo Limited, 4. Ki Insurance, 5. Marinsight, 6. Nuon AI, 7. Rideshur |
A total of $2.38 billion was invested in UK-based insurtechs as of 2015. Here’s a look at 2020’s most funded companies (top 10) and the amount raised this year: Inigo Limited ($800M), Ki Insurance ($500M), Bought By Many ($98M), Marshmallow ($30M), Instanda ($27M), Concirrus ($26M), Tractable ($25M), Superscript ($21M), By Miles ($18M), and Raylo ($13M).
Going beyond new entrants and funding data, Cuvva attracted 250,000 customers as of late last year (but it is also down at least one line of business compared to last year), Quantemplate is working with approximately 20 large and mid-size customers that license its platform, and INSTANDA expanded to Africa this year; and these are just some of the companies that are part of our ‘UK insurtech universe.’
