Often ignored as a boring fintech subsector, insurtech is in the midst of reinventing itself to fit into today’s digital-first era. Straits Research expects the global insurtech market to reach a valuation of more than $114 billion by 2030, growing at a CAGR of 46.10% from now until that time.
We’ve rounded up a handful of insurtechs whose new innovations in the space are contributing to this growth.
InShare was founded in 2019 by a group of Uber, Lyft, and Airbnb alums to deliver insurance solutions to meet the unique needs of sharing economy platforms such as rideshare, delivery, homeshare, and eMobility markets.
“We have an expert team of gig insiders across all facets of insurance that are working closely with brokers who specialize in the on-demand economy,” said InShare VP Gary Lovelace. “We’re making the buying experience straightforward, flexible and frictionless for brokers and customers. More fundamentally, we’re bringing occupational accident insurance into the digital age.”
Germany-based GetSafe aims to make insurance simple, fair, and accessible by leveraging smart bots and automation. The company recently launched liability, household, and dog owner liability insurance in Austria. GetSafe plans to launch in France and Italy in the coming months.
Federato provides an underwriting platform for insurance companies that unlocks existing data sources to intelligently determine risk across a range of insurance types. The company has spent more than 1,250 hours of research to redesign the underwriting workflow to be fast, efficient, and painless. Federato was founded in 2020 and is headquartered in California.
Hourly offers a platform to help small business owners pay, manage, and protect their hourly workers. The company leverages real-time data to help business owners see their exact premiums and labor costs in real-time and to help insurers better predict premiums and risk. The company’s services are currently only available in California. However, Hourly received a $27 million Series A investment today that it will use to expand into more regions.