Number of insurtech startups worldwide 2019

Insurtech is the adoption of technology and innovation by the insurance industry. Although there are multiple avenues for insurtech companies to try and claim space on the market, the most popular include price comparison websites, insurance infrastructure and auto insurance. As of September 2019, the number of insurtech startups in the comparison websites category alone totalled 416 globally.

Insutrech startups funding

At the height of the insurtech rush, between 2012 and 2016, there were anywhere from 10 to 15 insurtech startups launching per month worldwide. Many insurtech startups need time to build their customer base and start generating revenue. Seed investment, followed by Series A and B investment helps these companies grow and become profitable.

Fintech adoption

On a broader scale, insurtech falls within the umbrella term fintech, along with other subsectors like Banking and payments, financial management and financing. While fintech adoption in different countries varies, large financial markets like China and the US have the highest fintech adoption rates. With global fintech investment following a trend of rapid growth, fintech adoption is expected to keep increasing.