Significant numbers of insurance startups are emerging in the market today, and many are providing brilliant tech-based solutions.
Insurtech startups have shown so much promise that venture capital firms are starting to invest heavily in them. In fact, between 2011 and 2017, VC funding for insurtech companies grew 31% annually.
Between Series B and Series D funding, $2 billion to $3 billion is being directed to insurance startups annually. Here is a look at some of the most exciting insurtech startups that are receiving significant funding.
Lemonade is a home and renters insurtech company that is making a lot of waves. The company launched in New York in 2016 but now is planning to expand into California. Lemonade uses artificial intelligence and behavioral economics to optimize accuracy and efficiency.
After its latest round of funding, Lemonade has generated $60 million in total. This makes it one of the biggest players in the insurtech startup space. Lemonade’s funding is not coming from average VC firms; it is coming from high-level sources, such as General Catalyst, GV (Google Ventures) and Sequoia.
Continue reading at insurancethoughtleadership.com.