InsurTech funding tops $1bn in February as AI investment surges

March 6, 2026

Global investment in InsurTech firms surpassed $1bn in February, as investors swooned over artificial intelligence-driven platforms.

The total was heavily influenced by a major capital raise from Howden Group. Excluding the broker’s $703m debt issuance, venture-backed InsurTech firms raised roughly $376m across 11 deals, broadly in line with January’s activity and reinforcing the sector’s steady recovery.

Howden’s mammoth capital injection is set to strengthen its balance sheet and support future growth initiatives, including organic expansion and selective acquisitions across its international broking and advisory operations.

Among venture-backed firms, Stockholm-based pet insurer Lassie raised $75m in Series C funding, one of the largest European InsurTech rounds in recent months. The prevention-first insurer plans to use the capital to accelerate expansion across Europe while continuing to develop automation across its insurance platform.

AI-powered companies again dominated the majority of venture investment in February, in a continuation of 2026’s trend.

This should come as no surprise, as according to a 2025 study from Accenture, 71% of underwriting executives believe investment in AI and automation is critical or very critical for improving underwriting performance. Moreover, a pair of industry experts discussed this shift dramatically in a recent feature from InsurTech Analyst, as they opened up on the modern underwriting strategy.

Behind this whirlwind of industry momentum, mea secured $50m in growth investment to scale its insurance-specific AI platform globally, while US-based medical liability insurer Indigo also raised $50m to expand its AI-driven underwriting systems.

AI-powered commercial insurance brokerage Harper attracted $47m in combined seed and Series A funding, highlighting continued investor interest in automating labour-intensive broking workflows.

Elsewhere, several rounds highlighted growing demand for operational infrastructure and backend platforms designed to modernise insurance processes.

Technology providers including Artificial Labs and ManageMy each secured $45m to expand their digital broking, underwriting and policy management platforms globally. Additional funding flowed into agency platforms and benefits technology, with companies such as Equal Parts and Pasito raising fresh capital to streamline agency operations and automate benefits administration.

Smaller rounds also reflected continued interest in specialised infrastructure. Payments platform Advance raised $8.55m to modernise premium management for intermediaries, while AI agent platform General Magic and coverage intelligence firm Qumis secured early-stage funding to develop automation tools for quoting and policy analysis.

Overall, insurance infrastructure and backend platforms accounted for the majority of February’s transactions, representing eight of the 12 deals recorded during the month. Commercial insurance platforms and benefits-focused technology made up the remainder of the activity, reflecting continued investor focus on operational transformation rather than new consumer insurance propositions.

Recent research from InsurTech Analyst suggests this shift has been accelerating across the sector, with funding increasingly directed toward underwriting technology, automation and systems designed to support carriers, brokers and managing general agents.

Geographically, the United States again dominated InsurTech investment, accounting for eight of the 12 deals recorded during February. The UK contributed two transactions, while Sweden and Australia each recorded one, highlighting the continued concentration of funding in a small number of markets.

Recent research from InsurTech Analyst shows that US companies secured six of the 10 largest InsurTech deals globally in Q4 2025, cementing the country’s position as the sector’s leading hub.

However, the composition of those top deals was more geographically diverse than February’s activity. Alongside the US transactions, Brazil, Sweden, Thailand and Bermuda each contributed one of the largest funding rounds during the quarter, reflecting a broader international footprint for major InsurTech investments.

By comparison, February’s deals were more heavily concentrated in the US, suggesting that while global participation in large InsurTech funding rounds is expanding, capital at the monthly level can still cluster strongly around the US market.

Here are this month’s InsurTech funding rounds:

Howden Group strengthens balance sheet with $703m debt raise

Howden Group, a global insurance and reinsurance intermediary, has raised approximately $703m in gross proceeds through a debt issuance designed to strengthen its funding capacity and support future growth initiatives.

The capital was secured through an add-on issuance to the group’s existing senior notes, with the transaction attracting strong backing from institutional investors, according to InsurTech Insights.

Howden operates as an insurance and reinsurance intermediary, providing broking, advisory and risk management services across retail, specialty and wholesale markets. The group serves a broad client base that includes multinational corporates, small and medium-sized enterprises and individuals, with operations spanning multiple international jurisdictions.

The proceeds from the issuance are expected to bolster Howden’s financial flexibility and investment capacity, enabling the group to continue pursuing strategic growth opportunities. These include organic expansion across its existing platforms as well as selective acquisitions to deepen its market presence and broaden its service offering.

The transaction involved a $690m add-on to Howden’s existing $500m 8.125% senior notes due 2032. The private offering was completed pursuant to Rule 144A and Regulation S under the US Securities Act of 1933. The additional notes were issued at 101.875% of par, reflecting strong investor demand, and are expected to be listed on the Official List of The International Stock Exchange.

Lassie lands $75m Series C as it targets European expansion

Lassie, the prevention-first pet insurer, has raised $75m in Series C funding as it looks to scale across Europe and challenge traditional models of pet insurance with a stronger focus on preventive care and automation.

The round is one of the largest European InsurTech fundraises of the past year and included backing from Balderton Capital, Felix Capital, Inventure, Passion Capital and Stena Sessan. Investors are supporting Lassie’s ambition to combine insurance with everyday pet care, underpinned by AI-led automation.

Founded in Stockholm by Hedda Båverud Olsson, Sophie Wilkinson and Johan Jönsson, Lassie currently operates in Sweden, Germany and France. The company insures around one million paws, equivalent to approximately 250,000 pets, and reports more than $100m in annual recurring revenue.

Automation is a central part of the company’s operating model. Lassie says that around 60% of claims in Germany are now processed end-to-end in roughly six minutes, with customers uploading a photo of their vet bill and receiving near-instant payouts for straightforward treatments.

The business is targeting a fast-growing market driven by changing attitudes to pet ownership and rising veterinary costs. More than 90% of pet owners across Europe now consider their pets to be family members. The global pet insurance market is forecast to reach around $80bn by 2033, while the wider pet care market is projected to grow to approximately $428bn by 2032.

InsurTech firm mea secures $50m growth investment from SEP

mea, an AI-native InsurTech, has announced a significant minority growth equity investment as it looks to accelerate its global expansion and deepen engagement with customers across the (re)insurance market.

The company has secured $50m in funding from SEP, a growth equity investor known for backing enterprise technology businesses. The transaction represents mea’s first external capital raise, following several years of organic, profitable growth.

Founded in 2021, mea develops proprietary insurance-specific artificial intelligence designed to automate end-to-end operational processes for carriers, brokers and managing general agents. Its products are pre-trained on the language, data structures and regulatory requirements of insurance, allowing for rapid deployment without invasive system integration. The platform is already live across 21 countries and has processed more than $400bn in gross written premium to date.

The fresh capital will be used to accelerate product development and increase customer engagement as mea continues to scale internationally. The company said the investment would support its ongoing expansion across all (re)insurance operations, building on growth plans first outlined in October last year.

AI-driven InsurTech Indigo bags $50m Series B investment

Indigo, a vertically integrated, AI-driven medical professional liability platform, has secured $50m in fresh capital through an oversubscribed Series B funding round, as it looks to scale its technology across the US.

The $50m raise was led by existing investor Rubicon Founders, with significant participation from new backer Town Hall Ventures. Other existing strategic investors, including Optum Ventures, also contributed to the round, underscoring continued confidence in Indigo’s growth trajectory and product strategy.

Founded in 2023, Indigo offers medical professional liability insurance to physicians spanning a broad range of specialties.

The company has positioned itself as a vertically integrated insurer, combining underwriting, distribution and risk assessment within a single platform designed to replace manual and fragmented legacy processes.

Central to Indigo’s offering is its proprietary AI platform, Lux, which applies advanced machine learning and purpose-built risk models to automate underwriting workflows. These processes have historically relied on labour-intensive human review. By automating key decision points, Indigo aims to deliver faster, more consistent and more accurate coverage outcomes for physicians and brokers alike.

Since its launch, the company has grown quickly, insuring nearly 1,000 providers nationwide and surpassing $10m in premiums.

AI insurer Harper secures $47m in seed and Series A

Harper, an AI-powered commercial insurance brokerage, has raised $47m in combined seed and Series A funding.

The round was led by Emergence Capital, with participation from Y Combinator, Peak XV, Antler, 10X Founders, Fellows Fund, and Outset Capital. The company also noted the Series A represents the largest publicly disclosed Series A raised by a Black founder.

Harper uses artificial intelligence to automate the traditionally labour-intensive process of commercial insurance broking, including reading applications, routing submissions, managing quotes and liaising with underwriters. The platform claims to deliver coverage to businesses within 24 to 48 hours.

The company currently works with more than 165 underwriters and serves clients in sectors including manufacturing, healthcare, hospitality, transportation and construction.

Since launching, Harper has served more than 5,000 businesses in 13 months. The company says it targets complex commercial risks where accurate coverage has significant operational consequences — citing examples such as daycares unable to open and logistics firms unable to onboard drivers without timely insurance.

The fresh capital will be used to grow Harper’s engineering, account management and operations teams, deepen carrier relationships through direct appointments and expanded programmes, and further develop its AI infrastructure.

Artificial Labs raises $45m Series B for global growth

Artificial Labs, a provider of digital broking and underwriting technology for specialty and commercial insurance, has closed a $45m Series B funding round to accelerate growth and expand its international footprint.

The round was led by CommerzVentures, with support from Move Capital Fund I and continued participation from existing investors Augmentum Fintech, 6 Degrees Capital, FOM and TrueSight Ventures.

Over the next 12 months, the company expects to double in size. It also plans to expand into the US in 2026, while growing its presence and consolidating its leadership position in the London Market.

Artificial co-founder David King said, “This round gives us the room to grow with confidence. The investment allows us to scale in a way that keeps pace with our clients. We have the teams, the technology, and the stability to support the largest brokers and carriers as they modernise how they operate.”

InsurTech platform ManageMy lands $45m to expand internationally

InsurTech firm ManageMy has secured $45m in new funding as it accelerates international expansion and steps up investment in artificial intelligence-driven capabilities.

The $45m raise includes $20m from a Series B round, which was jointly led by Ventura Capital and OCVC, the investment vehicle of Zilch co-founder Sean O’Connor, according to InsurTech Insights.

Additional funding came from BNF alongside a consortium of strategic investors linked to the insurance sector. The valuation at which the round was completed was not disclosed.

The company develops technology designed to help insurers sell, service, underwrite and manage insurance policies through a single platform. Its software aims to replace fragmented legacy systems with a unified solution that supports insurers and brokers across the full policy lifecycle. ManageMy operates globally and has an established presence in London, serving clients across multiple international markets.

The newly secured capital will be used to expand into new territories, with a particular focus on strengthening ManageMy’s footprint in North America. The funding will also support continued product development, including deeper investment in AI-driven functionality designed to improve automation, intelligence and scalability across the platform.

InsurTech Equal Parts secures $23m to scale independent agencies

Equal Parts, an InsurTech platform focused on transforming independent insurance agencies through acquisition and technology, has raised $23m in fresh funding as it looks to scale rapidly across the US market.

The Series A round was led by Inspired Capital, with participation from Equal Ventures, Max Ventures, Genius Ventures and a group of lending partners.

The funding will support the company’s efforts to expand its footprint among independent agencies and strengthen its technology-driven operating model.

Founded in March 2025, Equal Parts acquires independent insurance agencies and integrates them into a shared operating platform designed to support growth while preserving agency culture and client relationships. The company positions itself as both an acquisition partner and an operational backbone for agency owners navigating succession and scale.

The business operates through a proprietary operating system built to ingest acquisitions, standardise workflows and automate back-office processes. By combining traditional relationship-based insurance practices with AI-powered tools, the platform aims to give agency owners more time to focus on clients, sales and expansion.

InsurTech Pasito secures $21m Series A to scale AI benefits platform

Pasito, an InsurTech company focused on AI-native workflows for group health, life and retirement benefits, has raised $21m in new funding to accelerate automation across the benefits ecosystem.

The New York-based firm secured the Series A round led by global software investor Insight Partners, with participation from Y Combinator and insurance-focused MTech Capital, according to Beinsure.

Founded to address long-standing inefficiencies in insurance and employee benefits administration, Pasito is building an AI-native workspace designed to replace manual, error-prone processes. Its platform supports carriers, brokers, financial institutions and employers by unifying fragmented workflows into a single operating environment.

At the core of Pasito’s technology is an agentic AI infrastructure that converts unstructured benefits plans and employee census data into a unified data layer.

This enables automated plan construction and supports end-to-end workflows across sales, quoting, marketing, enrolment, customer support and claims. The company says its AI agents achieve 98% accuracy in plan construction, compared with an industry average of 74%, reducing hundreds of hours of manual work per group.

The newly raised capital will be used to scale Pasito’s engineering efforts, expand automation into additional product lines and workflows, and grow its forward-deployed teams.

These teams work directly with carriers, brokers and employers to automate complex, high-value workflows using AI. The funding will also support sales and marketing expansion to meet increasing enterprise demand across the benefits market.

Advance secures $8.55m to modernise insurance payments

Advance, a FinTech platform focused on insurance payments and premium management, has raised $8.55m in seed funding as it looks to modernise how insurance intermediaries manage and move money.

The funding round was led by nvp Capital, with participation from Crystal Ventures, Vesey Ventures and Mensch Capital, according to FF News. Strategic angel investors also joined the raise, including Assaf Wand, the former CEO and founder of Hippo Insurance.

The new capital will be used to expand Advance’s product offering and support go-to-market growth, with a focus on MGAs, wholesalers and high-volume agencies facing rising premium volumes, increasing audit scrutiny and growing operational complexity.

nvp capital partner Vaughn Crowe said, “Advance understands that insurance money is different.” He added, “Most solutions treat the symptoms with point tools and workarounds. Advance goes deeper—solving the underlying infrastructure problem with a platform built to support our insurance intermediaries with fiduciary responsibilities, operational scale, and regulatory reality.”

The firm operates in the InsurTech and FinTech space, building financial infrastructure tailored to the specific needs of insurance intermediaries such as managing general agents (MGAs), wholesalers and scaled agencies.

General Magic raises $7.2m to speed up insurance quotes

General Magic, an AI agent platform for the insurance industry, has raised a $7.2m seed funding round, bringing its total funding to $8.4m.

The round was led by Radical Ventures, with significant participation from a16z Speedrun. New investors include Figma vice president of product Brendan O’Driscoll and Larry James Erwin from OpenAI. The company’s broader backer base includes Comma Capital and a number of operators from the AI and product space, among them Aidan Gomez, CEO of Cohere, Kevin Wang, chief product officer at Braze, and Spencer Burke, SVP of growth at Braze.

The capital will support the continued development and deployment of General Magic’s AI agents, which are designed to handle the routine coordination work that slows down insurance teams. Early results suggest significant efficiency gains: working with one of the world’s largest general insurers, the company has reduced time-to-quote from roughly 30 minutes to under three minutes using its SMS-based agent, it said.

Central to General Magic’s product offering is Cell, a proactive AI agent that integrates directly with broker management systems, quoting and rating platforms, and CRMs.

Cell can be deployed across SMS, iMessage, and RCS, and is capable of extending into policy, billing, and claims workflows. When a customer sends a query, Cell responds using live system data, requests any missing information, follows up automatically, and updates records as the workflow progresses — keeping conversations in a single thread and preserving context throughout.

Insurance AI platform Qumis bags $4.3m seed investment

Qumis, a commercial InsurTech specialising in attorney-trained artificial intelligence for insurance coverage intelligence, has announced a $4.3m injection of seed capital as it looks to accelerate growth in a rapidly evolving insurance technology market.

The company bagged the capital in an oversubscribed seed funding round led by MTech Capital, with participation from new strategic backer American Family Ventures alongside all existing investors. Following the close of the round, Qumis’ total funding now stands at $6.75m.

Founded to address long-standing inefficiencies in commercial insurance coverage analysis, Qumis positions itself differently from much of the current wave of insurance-focused AI investment.

While many InsurTech platforms concentrate on workflow automation or document processing, Qumis has built an AI system trained by attorneys that blends deep coverage expertise with market intelligence.

The aim is to provide brokers, underwriters and claims professionals with insights that would traditionally require both external legal counsel and dedicated data operations teams.