The 2019 report, which marks the second published InsurTech Impact 25, provides an update on last year’s members – noting that the companies, including Bought by Many, GUARDHOG and Neos, had a strong year in 2018. Bought By Many, for instance, closed a £15 million funding round in 2018 and will launch in Sweden this year. It also grew by over 100 per cent and ranked 13th on the Sunday Times TechTrack 100. GUARDHOG’s revenue grew by over 300 per cent in 2018 and is now working with over 350 sharing economy marketplaces, platforms and property agents, while Neos doubled its planned sales for 2018, signed major partnerships in the UK and Europe and had Aviva acquire a majority stake in the company in November – building on its existing minority investment.
The report also identifies the 25 new insurtechs that are ‘most worthy of attention’. Those chosen include seven ‘Distribution Insurtechs’, following more traction in distribution than was expected in 2018: Finabro, FloodFlash, INSHUR, Laka, ottonova, Yulife and Zeguro made up the seven.
The other four categories which Oxbow Partners identified were ‘Distribution Support’, ‘Data and Analytics’, ‘Operations’ and ‘Claims’. Those included in the category of ‘Distribution Support’ were Broker Insights, Element, Hokodo and Tremor – all companies identified as ‘insurtechs connecting capacity with distribution, but not pursuing sales themselves’. The report adds: “This category might grow if insurtechs think they can grow faster by providing their platforms to incumbents: we have categorised Laka and ottonova as ‘Distribution Insurtechs’ as this is their primary model, but both run two-track models.”
Concirrus, DQPro, Inforcehub, Metabiota, Pharm3r and Shepherd came under the ‘Data and Analytics’ category, while those under ‘Operations’ were Artificial, Digital Insurance Group, Insly, McKenzie Intelligence, OnSiteIQ and Whitespace. Those under the ‘Claims’ category were bdeo and Snapsheet.