Specialist research firm FinTech Global has released its seventh annual InsurTech100 list, outlining some of the industry’s leading incumbents.
This year’s list recognises firms that are not only addressing the industry’s most pressing challenges but are also reshaping how insurers operate and engage with their customers through cutting-edge technology.
The FinTech market as a whole is seeing strong year-on-year growth, and the InsurTech sector is showing no signs of differing from the path. Recent findings by Precedence Research showcased powerful industry growth, with the sector’s market size growing from $18.71bn in 2023 to $25.97bn in 2024.
The long-term growth potential of the sector is also providing hopeful reading for investors and industry stakeholders. The same research found that by 2033, the market is set to grow to a size of $496.56bn, a whopping 38.8% CAGR growth rate over the nine-year period.
With these exciting figures in mind, the InsurTech100 list showcases some of those investment-driving companies that are set to take the industry to greater heights in the coming years.
To compile the list, a panel of seasoned analysts and industry veterans meticulously reviewed over 2,100 nominations presented by FinTech Global, and its sister publication InsurTech Analyst. The competition amongst those nominated was fierce, as a growing number of nimble and innovative startups have entered the sector over the past 12 months.
Each nominee was assessed on its ability to leverage technology, to either tackle a significant industry obstacle, or enhance efficiency across the insurance value chain, with only the most innovative and impactful companies made the final cut.
FinTech Global director Richard Sachar commented on the importance of the list, stating, “The InsurTech100 is a vital resource for industry leaders looking to stay ahead of the curve. The companies that have worked their way onto the list are driving real innovation and providing the tools insurers need to navigate the complexities of digital transformation in this dynamic marketplace.
“As industry leaders refine their digital transformation strategies, these companies are playing a pivotal role in shaping the future of insurance. The solutions they offer—ranging from artificial intelligence and machine learning to telematics—are changing the game across the sector.
With the InsurTech100 finalists encompassing the sector’s finest trailblazers, it is no surprise that many of the companies featured in the latest list have hit recent headlines over the last 12 months in a variety of sub-sectors, including underwriting, claims, cyber risk, and customer engagement.
Firms such as Agentero and AgentSync received plaudits for modernising insurance infrastructure by connecting agents, carriers, and producers through digital networks.
Companjon has also received wide acclaim over the last year for its AI-driven embedded insurance solutions, offering flexible, dynamic, and seamless B2B2C experiences. Five Sigma is revolutionising claims management with its AI-native platform and Clive™, the industry’s first AI claims adjuster.
While on the AI front, GIROUX.ai is enhancing underwriting accuracy and operational efficiency, while Cortical.io is leveraging meaning-based software to automate complex document reviews, improving insurance workflows.
Companies like Majesco and Nanoinsure received their spot on the list for their work to empower insurers to innovate with cloud-native and intelligent software solutions, while Peak3 is advancing digital transformation in life, health, and P&C insurance.
Hexure (formerly Insurance Technologies) earned its spot for offering digital solutions that optimise sales processes and enhance efficiency throughout the entire insurance lifecycle, helping insurers streamline operations. Decerto received its flowers for delivering insurance software solutions like Agent Portal and Higson, which serve major insurance companies in Poland and beyond, making it a key player in the European market.
IP Integration made a splash this year for enabling insurers to meet their digital transformation goals through creative and innovative Contact Centre, Cloud, and Connectivity services, helping insurers improve customer engagement and operational performance.
SAFE Security earned widespread plaudits for its AI-driven cyber risk management platform, providing real-time insights and recommendations that help insurers align security strategies with business objectives—critical in today’s increasingly digital world.
Finally, Treppy was honoured for transforming travel insurance distribution through its AI-powered solutions, enhancing customer experience and delivering superior outcomes for both agents and travellers.
A full list of the InsurTech100 for 2024 and detailed information about each company is available to download for free at https://fintech.global/insurtech100/
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