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Insurance Business searched business information website Crunchbase’s data to find the country’s leading insurtech providers based on total investments. Here are the top 30 insurtech companies in the UK to watch out for in 2021:

1. Zego
Total funding: $201.7 million (£146.5 million)
Number of investors: 12
Number of acquisitions: 1

Zego provides simple and flexible policies through its mobile app and website, covering businesses of all types and sizes. It offers a range of motor, professional, and commercial insurance policies. The start-up continues to launch new products and expand into new countries.

2. Gryphon Group Holdings
Total funding: £180 million
Number of investors: 2

Gryphon Group Holdings’ infrastructure is based on digital and cloud-based technologies. Liss Systems, a UK company owned by Nasdaq-listed technology group EXL, serves as the firm’s core platform technology partner, while Space acts as its digital interface technology partner. The company focuses on life, critical illness, and income protection, and sells through intermediaries. The business has acquired the rights to use the Guardian brand.

3. Bought by Many
Total funding: £105.9 million
Number of investors: 7
Number of acquisitions: 2

Bought By Many uses search and social media data to sell insurance and disrupt insurance distribution. It is the first UK pet insurer to offer online form-free claims. The company designed its policies using more than 40,000 customers reviews. As a result, its insurance policies boast features that are new to the market and, at the same time, it was able to avoid adding features that clients do not like about other policies.

4. Tractable
Total funding: $59.9 million (£43.5 million)
Number of investors: 16

Tractable is a software company that develops artificial intelligence for accident and disaster recovery. Its AI can estimate the repair costs just by looking at photos of the damage through the use of deep learning to automate visual damage appraisal. Tractable’s AI Review and AI Estimating products help insurance companies improve their claims processes and produce live, end-to-end estimates of vehicle damage.

5. Cytora
Total funding: $41.4 million (£30 million)
Number of investors: 13

Cytora has developed a technology called Risk Engine, which can be used by commercial insurers to help them target and price risk using AI algorithms. The company has already developed partnerships with major insurance providers, including QBE, XL Catlin, and Starr.

6. Marshmallow
Number of investors: $31.2 million (£22.7 million)
Number of acquisitions: 6

Marshmallow focuses on car insurance and uses a proprietary pricing algorithm to lower prices for foreign-born drivers. The firm’s mission is to improve the financial health of the 250 million people who live in a foreign country by offering affordable insurance. To achieve this goal, the company says it invests in technology to reduce operating costs and passes those savings on to its members.

7. Instanda
Total funding: $28 million (£20.3 million)
Number of investors: 4

Instanda provides insurers and brokers a software-as-a-service (SaaS) management tool to build, launch, distribute, and monitor new insurance products in a fraction of the time it would traditionally take. The company has already partnered with several insurance providers, underwriters, and brokers in North and South America, Europe, and Australia.

8. Quantemplate
Total funding: $25.6 million (£18.6 million)
Number of investors: 13

Founded by insurance industry veterans and computer scientists, Quantemplate offers a platform for data integration, automation, and analytics for reinsurance, P&C, and life insurance companies. It was recently named a European FinTech Top 50 company and a Global Insurtech Top 21.

9. Hometree
Total funding: $24.4 million (£17.7 million)
Number of investors: 17

Hometree offers a range of products and services, including home coverage plans that protect homeowners against breakdowns in their heating, plumbing, and electrical systems. 

10. Superscript
Total funding: $24.4 million (£17.7 million)
Number of investors: 9

Superscript, formerly known as Digital Risks, offers a host of commercial insurance products designed to meet the evolving needs of small to medium-sized businesses. It provides bespoke subscription-based coverage for all types of risks. The company has partnerships with some of the world’s biggest underwriters.

11. Cuvva
Total funding: £17 million
Number of investors: 14

Cuvva is an hourly car insurance start-up that has sold more than three million policies and supports more than 450,000 clients. Its user-friendly mobile app provides customers an instant quote just by keying a registration number, providing an estimate of the car’s value they are borrowing, choosing a time they want to be covered for, and taking a picture of the vehicle. Cuvva also has access to various data sources to check driving licence data and protect against fraud.

12. By Miles
Total funding: $21.3 million (£15.8 million)
Number of investors: 8

By Miles offers pay-per-mile car insurance that is specifically designed for lower mileage drivers. The insurtech charges car owners a fixed annual fee to cover their cars while parked and then bills them monthly, based on the number of miles that they drive.

13. Trunomi
Total funding: $16.3 million (£11.8 million)
Number of investors: 10

Trunomi offers data rights management technology that enables businesses to request, receive, and capture customer consent to the use of their personal data. However, it does not see or store customers’ personal data due to its patented technology, and because of this, the start-up’s technology is not bound by jurisdictional borders surrounding personal data.

14. DeadHappy
Total funding: $12.8 million (£9.3 million)
Number of investors: 5

DeadHappy provides digital pay-as-you-go life insurance services. The insurtech specializes in flexible life insurance policies. Its offerings include pricing insurance based on current circumstances and the option to add further coverage on a rolling basis.

15. Anorak Technologies
Total funding: $12.4 million (£9 million)
Number of investors: 5

Anorak offers a platform that uses data science and machine learning to find the life insurance policy suited to the user. It is backed by Kamet, the insurtech start-up studio backed by AXA Group’s knowledge, capital, and assets.

16. Wrisk
Total funding: $12 million (£8.7 million)
Number of investors: 10

Wrisk is a trusted partner to insurers and brands, helping them launch and operate tailor-made, regulated insurance solutions. The company’s insurance app covers virtually everything from cars and technology to furniture and jewellery. Wrisk also provides a monthly auto-payment plan, so customers are not locked into a full year’s insurance.

17. Canopy
Total funding: $9.6 million (£7 million)
Number of investors: 5

Canopy seeks to re-engineer the property rental market by allowing users to pay their rent via smartphone and helping them save by replacing their cash deposit with the DepositFree insurance policy.

18. Setoo
Total funding: $9.4 million (£6.8 million)
Number of investors: 1

Setoo’s SaaS platform automates the process of creating, integrating, and distributing protection products. The platform can create new, super-targeted protections within minutes, addressing consumers’ actual concerns, and generating automatic compensation without the need to file any claim. Like Anorak, Setoo is backed by Kamet.

19. Laka
Total funding: $9.4m (£6.8 million)
Number of investors: 7

Laka offers a peer-to-peer bicycle insurance platform to cover bicycles and other cycling equipment in the event of theft or damage.

20. Cazana
Total funding: $9.3 million (£6.7 million)
Number of investors: 8
Number of acquisitions: 1

Cazana uses big data and predictive analytics in assessing millions of automotive transactions daily to determine the value and risk associated with every vehicle on the road. Its systems are used by manufacturers, dealerships, finance companies, and insurers globally.

21. So-sure
Total funding: $8.7 million (£6.3 million)
Number of investors: 4

So-sure has created a digital platform for the entire insurance value chain, using a proprietary model and anti-fraud technology to deliver what it calls “win-win insurance.” The company offers customers a 10 times faster claims process and up to 80% money back if clients do not claim. For underwriters, it provides an increase on addressable market while reducing loss ratio.

22. Urban Jungle
Total funding: $8.2 million (£6 million)
Number of investors: 7

Urban Jungle uses technology to help young customers get access to cheaper and better home insurance. The company offers building, home contents, and tenants liability insurance.

23. Neos
Total funding: £6 million
Number of investors: 10

Neos bundles advanced IoT-enabled hardware, 24/7 support, and unlimited building and contents home insurance in a mobile phone app. Customers can use the app to look at dashboards or live camera feeds, respond to issues such as a leak or intruder, and contact the Neos team to get professional assistance.

24. Digital Fineprint
Total funding: $7.1 million (£5.2 million)
Number of investors: 10

Digital Fineprint (DFP) builds AI and big data tech solutions aimed at helping insurers and brokers protect businesses. The DFP Risk Atlas platform creates actionable SME insights that help insurers deepen existing relationships and build strong new ones at every stage of their customer engagement process.

25. Insurwave
Total funding: £5 million

Insurwave’s SaaS platform connects insurance buyers, brokers, and sellers. It uses cloud and cryptography technologies to reduce corporate risk and enables the elimination of tedious reconciliation, high data integrity, and greater insight for insurance buyers, brokers, underwriters, and reinsurers.

26. Corax
Total funding: $5.2 million (£3.8 million)

Corax provides data, modelling, and loss analytics on the cyber exposure of millions of interconnected companies worldwide via its scalable tech platform, extensive dataset, and AI-enabled probabilistic modelling. Corax is used by insurance and reinsurance carriers to accurately underwrite and manage cyber risk exposure. It is also used by insurance brokers and agents to provide clients with precise cyber risk assessment and cover recommendations.

27. Humn.ai
Total funding: £4.7 million
Number of investors: 4

Humn.ai provides fleet insurance and risk management services. The company uses its Rideshur platform to accurately price any road segment in real-time.

28. Artificial Labs
Total funding: £4.2 million
Number of investors: 2

Artificial Labs provides building tools for insurers that allow them to operate faster, and more efficiently and accurately. These tools are built on top of a shared core, called ArtificialOS, which is a suite of API-driven building blocks designed for insurers, brokers, and underwriters of all sizes. Artificial Lab’s service-based architecture means it can quickly combine these blocks and integrate applications according to insurer requirements, from policy management to AI-based automated claims.

29. Insly
Total funding: €4.9 million (£4.2 million)
Number of investors: 10

Insly is a cloud-based platform that allows insurance brokers to search and manage clients, policies, objects, and payments. It essentially serves as a customer relationship management platform for the insurance sector.

30. Akinova
Total funding: $4.1 million (£3 million)
Number of investors: 5

Akinova was founded by insurance, technology, and capital market experts. It acts as an independent electronic marketplace for the transfer and trading of insurance risks. Akinova has already partnered with several industry giants, including Hiscox and MS&AD Insurance.

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It’s a baker’s dozen for Ethos Broking, which has taken its tally of regional hubs up to 13 with a swoop for London’s Chambers and Newman.

The acquired brokerage, which is approaching its 75-year diamond jubilee, gives Ethos a foothold in London as it continues to expand across the UK. The firm, which handles more than £20 million GWP and focuses on commercial lines, will continue to be led by managing director Alan Smith.

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Read more: Inga Beale on resilience, her legacy, and harassment in the industry

“Recent research done by the Women’s Aid organisation has some worrying statistics,” she said. “It said that 67.4% of survivors of domestic abuse who are currently experiencing abuse say it has got worse since COVID-19. And 76% have told us that they are having to spend more time with their abuser… [So this] is really a call for action, a call for the insurance industry to get involved.

“[The industry] has the potential to play a big role in tackling domestic abuse, due to, like many other firms particularly in professional services, its nature of having both employees and colleagues, but also clients that you can put at the forefront of this. Raising awareness is a key part of tackling domestic abuse and insurance companies can do this both internally, as well as externally with clients and have a broader positive impact on society.”

Domestic abuse charities and helplines are vital, Beale said, but businesses can also play a potentially life-saving role in tackling domestic abuse.

Paul Scully, who is currently serving as the Conservative MP for Sutton and Cheam, highlighted that the government is committed to doing everything in its power to support everybody suffering from domestic abuse. As business minister, he said, he wants to encourage employers throughout the UK to lift the light on this essential issue.

“Domestic abuse really is everybody’s business,” he said. “Our latest figures show that 2.3 million working-age adults experienced domestic abuse at some point over the last year. Having a job is absolutely key to helping victims rebuild their lives, and of course, their self-esteem but we mustn’t forget that abuse can go on for years and continue after the point of separation. And for those that are suffering from abuse, work is often the safest place to be.”

A Government report from January of this year showcased how much of a difference a supportive workplace response can make, he said, and he has been encouraged by the growing number of employers who are leading the way in developing policies and initiatives to support their staff and to raise awareness. One in four women and one in six men will be affected by domestic and economic abuse in their lifetime, he said, and organisations need to question just how many of their people they could make a difference to by embracing support initiatives.

Scully noted that accelerating holistic wellbeing programmes across the sector has gone a long way to teaching everybody that it is OK to ask people if they are OK. Whether it’s about bullying, mental health or stress, it is a natural part of the conversation to reach out to people and make sure they are OK, he said – and he wants to make sure the same is true when it comes to abuse.

“Purely from a work point of view,” he said, “there is clearly a productivity issue if someone is stressed in their minds, and their thoughts are elsewhere but it’s so much more than that. You can help your colleague and the people you work closest to [by] doing the right thing and signposting them on to professional help. But you may also save a life…  by raising awareness on the early warning signs of emotional abuse, whether it’s manipulation, coercion, or deception that can often lead on to violence as well. You can really make a difference now with simple steps.”

Read more: PremFina backs app against domestic violence

Sully and Lorraine O’Brien, CEO of EIDA, detailed some of the main steps that employers can take to protect their people – one of which is installing the Bright Sky app as standard on all company mobiles. This free mobile app connects victims of domestic abuse to advice and support services across the country. Business leaders should also make their staff aware of the #youarenotalone campaign and the ‘Ask for Annie’ codeword scheme which allows those at risk to discreetly signal their need for support.

There is an amazing initiative called the ‘Safe Space’ programme, O’Brien said, where an abuse survivor can walk into a pharmacy and access support services. Often a perpetrator of abuse will allow a victim to leave the house to go shopping and this could be their exit from that abusive situation if they are made aware of this programme.

“So, why should you join EIDA?” she asked. “Well, it’s free to join and it’s crazy not to be a member because of the access that you will have to so many tools, to networking events, to shared practices. So, please read [our Charter] so that you understand the importance of signing up to EIDA and help us support victims that are in your workplace.”

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To lead AGP, Ardonagh has appointed Des O’Connor (pictured) as its head. O’Connor is well known in the UK market as the CEO of Bravo Group, the largest network of independent insurance brokers in the UK, which was snapped up by Ardonagh last year.

The group will take in not only AccuRisk, but also Resilium, Australia’s largest independently owned intermediary network, acting as a centrepiece for Australian operations; as well as Hemsley Wynne Furlonge, a specialist M&A insurance broker which structures bespoke insurance solutions for transactional risks, specialising in warranty & indemnity, tax, contingent risk, and environmental indemnity products, and has offices in London and Germany.

“The creation of Ardonagh Global Partners opens an exciting new chapter in our story with presence in three continents in addition to our global wholesale operations,” said Ardonagh CEO David Ross. “With every acquisition, we aim to become a strategic partner to high quality businesses and management teams, leveraging our collective scale and expertise to build value for all concerned.”

As for the swoop for AccuRisk, the firm has been acquired in a joint venture with Amynta Group. The MGU wrote US$137 million in premiums in 2020 and has 82 staff across offices in Boston, Kansas City, Baltimore and Dallas. In addition to operating in the medical stop loss market, it also offers captive and ancillary service lines, and CEO Dan Boisvert believes there are significant growth opportunities.

“This is a really exciting moment for the company and we’re incredibly proud to become part of the Ardonagh and Amynta portfolios,” he said. “Our team’s success is driven by our focus on creating and bringing innovative products to market that meet a very real customer demand. More than half the US workforce is currently enrolled in a self-funded health plan, and we anticipate further growth as employers look to create customised and affordable health insurance plans. With the firepower of an independent Top 20 global broker like Ardonagh behind us, and the relationships and experience of Amynta, we will accelerate our expansion plans and continue to deliver our broker and agent partners and their clients an even better range of products and services.”

Meanwhile, Ross described the AccuRisk team as “proven leaders” with a “desire to drive the best results.” It was also highlighted that the US market was “strategically important.”

“Their data driven focus is designed to provide the next generation of healthcare solutions to their distribution partners,” Ross said. “We’re incredibly excited that they have chosen to partner with us to fuel the next chapter of their journey.”

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During a recent interview with Insurance Business, Towergate Insurance Broker’s CEO Joe Thelwell highlighted that the business is excited about the M&A deals it is doing to develop its specialisms and talent pool. Today Towergate has announced it is strengthening its footprint in Wales with the acquisition of assets from Murton Alexander Insurance Services Ltd.

Founded in 1972 by Robin Pountney, whose son Rob Pountney (pictured right) is now MD of the business, Murton Alexander is one of the longest-serving independent insurance brokers in Swansea, Wales. Its five-person team, which specialises in commercial and personal lines insurance, as well as taxi cover, will transfer along with the associated books into Towergate’s existing Swansea office, led by area director Gary Stevens (pictured left).

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Standing out amid a pool of immense talent can be a challenge, and this year, Insurance Business UK is making it a point to recognise professionals who are rising above the pack, despite their young age.

Insurance Business UK is on the look-out for individuals, aged 35 or younger, who are emerging leaders in their companies and are quickly rising to influential roles. If you know someone who fits the bill, take a few minutes to complete this short nomination form. Self-nominations are also accepted. 

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It was a week ago when The Hartford announced its board’s unanimous decision to reject Chubb’s unsolicited acquisition proposal; now Chubb has reacted.

In a statement, the property & casualty insurance giant asserted: “As demonstrated ‎by our industry-leading returns and underwriting performance, we have created an unsurpassed franchise in the insurance industry and its most dynamic markets.

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The two-become-one story of insurance broking giants Aon Plc and Willis Towers Watson (WTW) is still a few pages away from its ending, the timing of which will dictate what happens to its board of directors.

Ahead of Aon’s annual general meeting in June, the company has released its preliminary proxy statement, part of which outlines the future of its 12 board members who stand for re-election. These are Lester B. Knight, Gregory C. Case, Jin-Yong Cai, Jeffrey C. Campbell, Fulvio Conti, Cheryl A. Francis, J. Michael Losh, Richard B. Myers, Richard C. Notebaert, Gloria Santona, Byron O. Spruell, and Carolyn Y. Woo.

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Aspen Insurance Holdings Limited has appointed Tammy Richardson-Augustus (pictured) to its board as a non-executive director.

Richardson-Augustus brings ample experience to the Aspen board. She is a partner at Appleby Global, an international law firm that advises public and private companies, financial institutions and private individuals.

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Gillett first joined the syndicate Liberty Mutual in 1995, being one of 10 selected to start the enterprise, becoming the head of claims in 1996. The business grew over several years and, in 2013, was a $1 billion plus syndicate, having seen considerable growth from its $40 million beginnings in 1995. In early 2018, the business announced the formation of its commercial, specialty and reinsurance arm ‘Global Risk Solutions’ which led to LSM broadening its geographical scope to over 60 offices in 20 countries. Gillett was given the role of leading a global team in excess of 200 people, that supports a portfolio that now has approximately $7 billion in annual income. It’s been quite a journey, he said.

Where claims was once seen as a back-office function separate from the other elements that make up a customer’s experience of the insurance process, now there is a growing understanding that claims must be built into the very heart of the entire insurance process. Yet lots of people still think of claims as the experience of having a claim, he said, while the reality is that it is much broader than that.

“So, at Liberty we are focused on being involved in all parts of the insurance value chain,” he said. “Even prior to underwriting a risk, claims will be involved. We have a number of areas  where we can add value. We feel that through gaining knowledge and understanding of our client’s needs built through the relationship we have with them, if they’re in the unfortunate position of having a claim, the experience is better because all parties know who they’re dealing with and what the expectation is from both sides.”

Read more: Liberty Specialty Markets reshapes website to support brokers

Gillett is passionate about the role that claims plays in the insurance ecosystem and highlighted how claims is the very real face of the somewhat abstract concept that is insurance. Working in claims, you become very conscious of the fact that every decision has a consequence, he said, and that comes with feeling a high level of responsibility for the clients that you look after. This is what he enjoys most about working with LSM, as the business is committed to doing the right thing and has a proven reputation for paying valid claims while providing exceptional customer service.

Claims is not a separate entity from client service but rather integral to it, he said, which means at any point in the insurance journey an LSM client is not just dealing with an underwriter, or a risk engineer, or a claims professional, but rather with an integrated ecosystem that sustains information sharing. Gillett firmly believes that the way for insurance companies to differentiate client service is for a client to see a claims department not only as an area in which claims are managed but also one where broader relationships can be built.

Offering an example of the differentiated, value-add services LSM offers its clients, he highlighted its Claims+ approach which sees the firm utilise its experience and insight to the benefit of its clients. Claims+ provides workshops for trusted advisers, offering risk management and risk mitigation techniques that are designed to prevent clients from having a loss event. Through its claims scenario workshops, LSM walk risk managers through an actual loss scenario, with all the key experts in attendance to identify the challenges and obligations that come with a loss event.

“So we’ll do things such as post-mortem scenarios where we can review how a loss has impacted a business, and [look at] whether it could have been avoided, what impact it had, where the loss could have been mitigated, and we derive ‘loss lessons’ from that… And it’s so much better having those conversations before a loss rather than after a loss.

Read more: Liberty Specialty Markets switches up claims team

“The reality is that what clients and brokers want is consistency and continuity,” he said. “Working as an integrated business with communication around all its disciplines just creates a more aligned business. And in the virtual world we’re in at the moment one of the most difficult things we’ve had to do is find new ways to create those natural connections, because it’s those water-cooler conversations that are some of the most valuable you can have.”

The strong relationships and partnerships LSM has built have been integral to its ongoing success during the pandemic and the business has innovated to support its relationships through the creation of ‘Liberty Virtual Rooms’. The value add of both the insurer’s internal and external relationships is tangible, he said, and while the business hasn’t completed its journey it’s well on its way and he is excited about what the future will bring.

“I love dealing with claims,” Gillett said. “The fact that we’ve got a great team that can really effectively deal with anything that’s thrown at them, from the claims perspective, also gives me great pride. But I also love the fact that the knowledge that’s always been sitting within claims is now being tapped and used by the broader business. And I think that’s a really good place to be.”

Find out more about the differentiated claims experience offered by Liberty Specialty Markets here.

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