Top Insurtech Startups to Watch (and Work for) in 2023

My Background

Hi, I'm Kieran! I worked in startups for five years at On Deck and Wefunder. Some of my favorite things that I've worked on during my career include:

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Wefunder Workaway: 12 founders working on a new idea, 7 days, 1 mansion in Hawaii. One of the teams we picked raised a Series A from Andreessen Horowitz, and two people who met during the trip got married...

On Deck: As employee #15, I contributed to the startup's growth from no revenue to a $20 million run rate in less than a year. I led the team that built the admission infrastructure to support and scale ~20 fellowships for founders, capital allocators, operators, and creators.

XX: Worked on a pre-YC accelerator program that invested $125K on an MFN SAFE into 8-10 teams per cohort.

ODX: Worked on a $100 million accelerator program that invested $125K for 7% into 100s of startups. We partnered with leaders like Flexport to build vertical industry tracks around supply chain & logistics, etc.

Ryan Marketing: Created an influencer marketing startup (2 million+ Instagram followers) during college with my twin brother and realized early that monetization for creators was broken. I learned a lot, and it paid enough to cover my schooling, rent, and meals.

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The Methodology

I considered several data points to arrive at the startups selected on this list, including company traction, funding raised, valuation, and investors. From my initial list, I then referenced each startup with my personal network to narrow down the list to the one you see below. I take my credibility seriously, so I do not take any money from startups who want to be included on this list to remain impartial. If you want to understand my analysis of startups and prefer long-form content, read my research on the top startups of 2023 afterward.

Next Insurance

Small business insurance quotes online.

Headquarters

Palo Alto, California

Industry

Insurance

Founded

2015

Funding

$881 million

Valuation

$4 billion

Traction

As of May 2023, Next Insurance has 420,000+ customers, up from 200,000 in March 2021, including small business owners across entertainment, pet care, consulting, contractors, and more.

In 2020, Next Insurance reported the number of customers holding one policy increased by 10x, increased the amount of premium written by agent partners by 3x, and hit over $1 million in written premiums in one day for the first time.

Full Profile

Vouch Insurance

Startup insurance for venture-backed companies.

Headquarters

San Francisco, California

Industry

Insurance

Founded

2018

Funding

$159.7 million

Valuation

$550 million

Traction

Vouch Insurance has 4,000 customers, including Y Combinator, Brex, WeWork, Carta, Ramp, Middesk, and Arc.

Full Profile

Newfront

Modern business insurance company.

Headquarters

San Francisco, California

Industry

Insurance

Founded

2017

Funding

$310 million

Valuation

$2.2 billion

Traction

Newfront Insurance has 10,000 customers across 20+ industries and service groups.

Newfront Insurance places $2 billion in premiums annually.

In 2021, Newfront Insurance merged with ABD.

Full Profile

Ascend

An online payments platform that automates insurance payments end-to-end.

Headquarters

San Francisco, California

Industry

Fintech, Insurance

Founded

2021

Funding

$39 million

Valuation

Undisclosed

Traction

Ascend customers include StartSure, Portal, Three Arbor Insurance, Alpharoot, CoverLink Insurance, NFP, Paradiso Insurance, Vouch Insurance, and Hertvik Insurance Group.

Ascend claims customers who partner with them increase the profitability of agency bills by 25%, decrease non-pay cancellations by 95%, save 60% on operational and accounting expenses, and save 20+ hours weekly on accounting.

Full Profile

Obie

Insurance for landlords and real estate investors.

Headquarters

Chicago, Illinois

Industry

Real Estate, Fintech, Insurance

Founded

2017

Funding

$39.2 million

Valuation

Undisclosed

Traction

As of May 2023, Obie insures more than $20 billion worth of properties and is available in all 50 states.

As of May 2023, Obie has 1,000+ customers and partners with over 75 prop-tech companies, including Roofstock, Flock Homes, Baselane, Awning, and Marketplace Homes.

From May 2021 to May 2023, Obie reported a 300% growth in written premiums.

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Coalition

Active protection against digital risks.

Headquarters

San Francisco, California

Industry

Cybersecurity, Insurance

Founded

2017

Funding

$770 million

Valuation

$5 billion

Traction

As of July 2022, Coalition has 160,000+ customers, exceeded $775 million in run rate gross written premium, and increased revenue by nearly 200% over the prior year.

As of May 2023, Coalition claims customers make 50% fewer claims than the overall market, an 80% decrease in ransom demands, and 45% of incidents are resolved at no cost.

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EvolutionIQ

AI-powered claims guidance system.

Headquarters

New York, New York

Industry

Fintech, Insurance, Artificial Insurance (AI)

Founded

2019

Funding

$33 million

Valuation

$200 million+

Traction

EvolutionIQ customers include Sun Life, Reliance Matrix, Principal Financial, FullscopeRMS, Sedgwick.

From 2020-2023, recurring revenue tripled each year.

Full Profile

Alan

All-in-one healthcare partner.

Headquarters

Paris, France

Industry

Healthcare, Insurance

Founded

2016

Funding

$526.7 million

Valuation

$2.9 billion

Traction

As of May 2023, Alan claims a 4.7/5 satisfaction score, 83% of employers improved performance with Alan, and a 53 net promoter score (NPS) by HR teams.

As of May 2023, Alan has 300,000+ members from 15,000+ companies.

As of May 2023, Alan has rated 4.9/5 stars from 2.1K reviews on the Apple App Store and 4.4/5 stars from 1.54K reviews on the Google Play Store.

As of May 2022, Alan does 200 million euros in annualized revenue.

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Kettle

Balancing risk in a changing climate.

Headquarters

Pembroke, Bermuda

Industry

Climate, Insurance

Founded

2020

Funding

$29.7 million

Valuation

Undisclosed

Traction

As of June 2023, Kettle analyzes 7 billion lines of data, 300 million satellite images, and 47 live data feeds to accurately price risk in climate-affected regions.

As of June 2023, Kettle reports 89% accuracy, 22% more accurate than industry standards predicted through its technology.

As of November 2021, Kettle runs 500 billion simulations to predict outcomes, significantly more than the industry standard of 10,000 to 100,000 simulations that insurance companies traditionally do.

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