InsurTech Impact 25 member update: Q1 2022
March 29, 2022
Welcome to our first InsurTech Impact 25 member update of 2022, focusing on the notable achievements of our members over the last quarter.
When we launched the report in 2018, our clients were excited to hear about the different business models emerging around the market. Over the years, InsurTech business models have converged around a few themes, and the variation between businesses is becoming less. Arguably nowadays the interesting story is not so much the ‘next 25’ InsurTechs but analysis of the ones that are making waves. Therefore, we have decided to pause our InsurTech Impact 25 report series this year.
However, we intend to continue our coverage of InsurTech and Impact 25 Members via these quarterly updates. We are proud of our selection track record over the last four Impact 25 reports. We picked unicorns like Bought By Many, Shift, Tractable, wefox and Zego in 2018 – long before they became unicorns – and mostly avoided companies that were hyped and have gone down in flames. Speaking to our contacts around the market, we genuinely believe that the Impact 25 is seen as a seal of quality. We are proud of what our members have and continue to achieve, as showcased in this newsletter.
2021 Impact 25 members
Vitesse has secured $26 million in Series B funding to drive further digitisation of the insurance market. Proceeds from the round will be used to support and accelerate Vitesse’s growth and continued global expansion programme across Europe and the US. Read more
Demex Group has launched a new climate appraisal service that is designed to provide an assessment of climate-driven risk and provides an input to help companies hedge their climate exposure. Read more
Optalitix has partnered with Verto syndicate 2689 (Verto), a follow-only Lloyd’s syndicate, to create meaningful innovation in the Lloyd’s market using a fully digital pricing system with full AI capability. Read more
2020 Impact 25 members
Hyperexponential (hx) had another successful quarter with Aviva, HDI and QIC being amongst the new clients now utilising their Renew pricing platform. Last year hx raised $18m of funding from Highland Europe which has enabled them to invest considerably in their software platform and grow their customer consulting team. Read more
2019 Impact 25 members
Concirrus has introduced the Poseidon Principles for Marine Insurance, an objective and data-driven approach to systematically assess, disclose, and ensure accountability for climate alignment across the sector. Read more
FloodFlash has raised a $15m Series A led by Buoyant Ventures, with Munich Re Ventures also featuring as an investor. They plan to use the investment to expand the business into other territories with the US launch slated for later on this year. Read more
2018 Impact 25 members
FRISS has acquired Polonious Insurance Investigations. The feature-rich Polonious product will improve FRISS Investigations capabilities worldwide, closing the loop by bringing in more data, fraud schemes and trends. Read more