TOP-20 Biggest InsurTech Unicorn Startups in the World

InsurTech unicorn describes startups that are valued at more than $1 billion. Global insurtech funding in 2023 fell 43.7% to $4.51 bn, but is expected to expand at a compound annual growth rate (CAGR) of 51.7% from 2023 to 2030.

The global insurtech market remains robust — particularly for late-stage startups — despite a marked decrease in funding

The integration of InsurTech startups with traditional insurance companies represents a pivotal evolution in the insurance industry. These collaborations harness the innovative capabilities of InsurTechs to enhance, streamline, and revolutionize the traditional models of insurance, from policy creation and risk assessment to customer engagement and claims processing.

This convergence is not merely a trend but a strategic move towards digitization that offers significant benefits to insurers, startups, and policyholders alike.

Biggest InsurTech Unicorn Startups in the World 2024
  • Global insurtech funding decreased 43.7% year on year, from $8 bn to $4.51 bn in 2023.
  • However, funding in this space actually inched up 0.5% quarter on quarter, from $1.098 bn in Q3 2023 to $1.103 bn in Q4 2023.
  • Roughly 40% of all Q4 2023 insurtech funding went to mega-round deals — a six-quarter high.
  • Global deal share among U.S.-based insurtechs rose 5.50% between 2022 and 2023 — the largest gain among all countries.
  • Fourth-quarter 2023 saw 41 venture technology investments from (re)insurers.

TOP-20 InsurTech Unicorns by valuation

InsurTechMost recent valuationVC raised to date
1Bright Health$11.1B$1600M
2Root Insurance$6.7B$527.5M
6Next Insurance$4.0B$886M
7Ethos Life$2.7B$416.0M
11Hippo Enterprises$1.5B$709.5M
15Caribou $1.1B$188.3M
17Branch Insurance$1.1B$224.5M

Source: by PitchBook Data

The increasing number of insurance claims worldwide is one of the major factors accentuating the market growth. Auto, life, and home are the most common insurance claims secured by people worldwide. Although average check sizes were smaller and mega-round funding also dropped, Johnson maintains that there are reasons for optimism.

TOP-20 InsurTech Unicorns by venture capital raised

InsurTechVC raised to date
1Bright Health Group$1600M
3Next Insurance$886M
4Hippo Enterprises$709.5M
6Root Insurance$527.5M
11Ethos Life$416.0M
14Zego (Automotive Insurance)$257.7M
15Branch Insurance$224.5M
17Caribou (Financial Software)$188.3M

Source: by PitchBook Data

InsurTech startups, characterized by their agile operations, innovative technologies, and customer-centric approaches, bring a breath of fresh air to the historically conservative insurance sector.

They leverage cutting-edge technologies such as artificial intelligence (AI), blockchain, the Internet of Things (IoT), and big data analytics to introduce efficiencies, personalize insurance products, and improve risk management.

These technologies enable the development of new insurance models, such as on-demand and usage-based insurance, which cater to the evolving needs of modern consumers.

Despite lower deal counts and funding, transactions were consistent and continued throughout 2023, indicating a mature and healthy market.

Whereas, 2021 was the peak of the market, and described as the first phase of the insurtech investment or the ‘Great Experiment’, 2023-2024 could be viewed as the beginning of a new phase involving a sustained change in investor behavior.

Biggest InsurTech Unicorn Startups in the World 2024

Will check sizes be smaller but not less frequent? Will mega-rounds become less common? Will the overall flow of deal activity continue? Time will tell, and we may one day reflect that 2023 was an overcorrection, and potentially itself an anomaly.

For traditional insurance companies, partnering with InsurTech startups offers a pathway to digital transformation without the need to build digital solutions from scratch.

It allows them to tap into advanced analytics for better risk assessment and pricing, automate processes to increase operational efficiency, and enhance customer experiences through more intuitive digital interfaces and personalized services.

Furthermore, these partnerships can significantly reduce time-to-market for new products, enabling insurers to stay competitive in a rapidly changing market.

The synergy between insurers and InsurTech startups also fosters innovation in product development and distribution channels.

Startups often experiment with new business models and distribution strategies that, when scaled by an established insurer, can lead to disruptive innovations in the market.


Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding