Insurtechs are blossoming to become a crucial part of the insurance ecosystem – but which ones have staying power in today’s climate?

By Saxon East

After a challenging year for funding, there are some green shoots for insurtechs.


Saxon East

Global investment in the insurtech sector reached $2.41bn (£1.97bn) during Q2 2022 - an improvement of 8.3% compared to the prior quarter, according to the Global insurtech report, published by Gallagher Re on 4 August 2022.

Andrew Johnston, global head of insurtech at Gallagher Re, stated that as global markets begin to recover, insurtechs “should rise to the surface with the utmost buoyancy”.

Here are my five favourite insurtechs that I believe should have a prosperous future as the market rebounds.

1. Wefox

Wefox has defied the insurtech funding downturn. The German insurtech last month (July 2022) won $400m (£328m) in new funding following a successful $650m (£532m) raise last year.

It is now targeting a $600m (£492m) revenue this year, up from $320m (£262m) last year.

But what is the insurtech’s secret sauce? The intermediary. Wefox distributes home, car and private liability insurance via agents.

Founder Julian Teicke said: “When we started [in November 2014], everyone said that we [were] betting on the past, [but] it has turned out to be the right decision and is putting us now in a good place.”

2. Parametrix

One of the resounding successes of the Lloyd’s Lab programme, Parametrix offers downtime insurance for businesses.

This is a big problem and Parametrix is thinking big.

Co-founder and chief executive Yonatan Hatzor believes there is potentially £49bn of premium in the downtime insurance market. He wants to conquer the world. He just might.

3. ComplyAdvantage

ComplyAdvantage is one of my personal favourite insurtechs for having such a brilliant website, rich with insight and content. It is leading the way on content marketing.

The artificial intelligence risk and fraud insurtech has some major customers, such as Santander and Munich Re.

It claims that its automated checking system has allowed Santander to significantly cut the amount of time it takes to onboard customers, from 12 days to just two.

4. Getsafe

Getsafe makes insurance look trendy.

The home and contents provider has an easy to use app, which looks pretty cool. If Getsafe can keep business operating costs low, offer good prices and market itself well, then the sky is the limit for this MGA.

5. FloodFlash

Last, but certainly not least, is FloodFlash.

FloodFlash is a true innovator and trailblazer. It uses technology to measure flood surges and then pays out almost instantly, using a data driven parametric model.

In a post-pandemic world where customer trust on claims has been eroded, FloodFlash offers a creative solution to win back customers’ hearts and minds.