Overview
InsurTech unicorn describes startups that are valued at more than $1 bn. Global InsurTech funding stabilizes and is expected to reach $4.2 bn by the end of 2024 after insurtech funding fell to $1 bn mn in Q4’2024, the lowest since Q4’2020. The industry saw no quarterly $100 mn+ mega-round deals for the first time since Q3’2017.
According to Beinsure Data, 35 insurtech unicorns (>$1 bn) raised up to 2025 more than $20.2 bn venture capital with cumulative valuation ~$106 bn.
Q3 2024 closed with an investment in insurtech of $3.2 bn, 7% less than in 2023. However, the trend is positive and suggests a rebound in funding in the fourth quarter, marking the ecosystem’s stability at 2018 levels.
- The stabilization in insurtech funding is being led by breakout-stage companies (Series B and C), which are showing notable recovery and approaching pre-pandemic funding levels.
- Early-stage startups (pre-seed, seed, and Series A) are also contributing to this stabilization.
- Late-stage startups continue to face challenges, with funding levels lagging behind, reflecting the broader market’s cautious stance on mature, high-valuation companies.
By region, the United States continues to be the main driver of growth, with an investment of $1.8 bn. Europe is next with $1.1 bn. This highlights a significant gap compared to emerging markets such as Africa and Latin America, with funding of $33 mn and $37 mn, respectively.
43% of insurtech funding has been captured by B2B Software as a Service (SaaS) startups. This includes providers of payment solutions, risk management and underwriting software, or claims management and administration. Many of these companies base their offerings on artificial intelligence (AI) or are expanding their portfolios with new AI products.
Property & Casualty InsurTechs raised $1 bn for Q4 2024, a low not seen since Q4’2018. Early-stage InsurTech funding increased 26.5% quarter on quarter, countering the broader InsurTech funding picture.
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.
The US InsurTech sector faced a challenging year in 2024, with total funding dropping by 33% year-over-year to $2.8 bn, reflecting a significant downturn from $4.1 bn in 2023 and $6.3 bn in 2020.
Deal activity also declined sharply, with only 98 deals completed in 2024, a 43% drop from 173 deals in 2023 and a staggering 62% decrease from the 261 deals recorded in 2020 (see Top-Performing Insurance and InsurTech Stocks).
The number of deals exceeding $100 mn fell by 38% in 2024, reflecting growing caution among investors. Funding from these larger deals totalled $1.6 bn, down from $2.6 bn in 2023 and $3.7 bn in 2020. Meanwhile, smaller deals under $100 mn brought in $1.2 bn, a 25% decline from $1.6 bn in 2023.
Despite this overall decline, the average deal value rose to $28.1 mn in 2024, a 33% increase compared to 2023, suggesting a trend toward fewer but more substantial investments in the sector.
The decline in US InsurTech funding reflects broader challenges within the industry, as investors remain cautious amid shifting economic conditions. The reduction in deal volume and funding underscores the headwinds faced by the sector, which continues to adapt to an evolving landscape.
TOP 35 Largest InsurTech Unicorns by Valuation in 2025
| № | InsurTech | Country | Valuation, $ bn | VC raised, $ mn |
| 1 | Devoted Health | US | 13,0 | 2 300 |
| 2 | NeueHealth | USA | 11,1 | 2 000 |
| 3 | Ping An Medical and Healthcare | CN | 8,8 | 1 100 |
| 4 | Root Insurance | USA | 6,7 | 528 |
| 5 | Hippo Insurance | USA | 5,6 | 710 |
| 6 | Coalition | US | 5,0 | 770 |
| 7 | Shuidi | CN | 4,7 | 604 |
| 8 | Wefox | DE | 4,5 | 1 500 |
| 9 | Alan | FR | 4,4 | 749 |
| 10 | Clover Health | USA | 4,1 | 925 |
| 11 | Ethos | US | 2,7 | 416 |
| 12 | Next Insurance | US | 2,5 | 1 100 |
| 13 | Newfront | US | 2,2 | 312 |
| 14 | bolttech | SG | 2,1 | 593 |
| 15 | Edaili | CN | 2,0 | 16 |
| 16 | Essence Healthcare | US | 1,9 | 243 |
| 17 | Zeta Global | USA | 1,9 | 338 |
| 18 | Medbanks | CN | 1,8 | 578 |
| 19 | MediTrust Health | CN | 1,7 | 442 |
| 20 | Lemonade | USA | 1,6 | 522 |
| 21 | Collective Health | US | 1,5 | 755 |
| 22 | Acko | IN | 1,5 | 666 |
| 23 | At-Bay | US | 1,4 | 292 |
| 24 | Branch | US | 1,3 | 491 |
| 25 | AgentSync | US | 1,3 | 161 |
| 26 | Marshmallow | UK | 1,2 | 111 |
| 27 | Aeon Life | CN | 1,1 | 15 |
| 28 | The Zebra | US | 1,1 | 338 |
| 29 | Zego | UK | 1,1 | 258 |
| 30 | Caribou | US | 1,1 | 188 |
| 31 | Surest | USA | 1,1 | 178 |
| 32 | HealthCare.com | US | 1,0 | 244 |
| 33 | Kin | US | 1,0 | 331 |
| 34 | Perfios | IN | 1,0 | 441 |
| 35 | Altana Technologies | US | 1,0 | 344 |
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 35 InsurTech Unicorns by Venture Capital Raised up to 2025
| № | InsurTech | Country | VC raised, $ mn | Valuation, $ bn |
| 1 | Devoted Health | US | 2 300 | 13,0 |
| 2 | NeueHealth | US | 1 600 | 11,1 |
| 3 | Wefox | DE | 1 500 | 4,5 |
| 4 | Next Insurance | US | 1 100 | 2,5 |
| 5 | Ping An Medical and Healthcare | CN | 1 100 | 8,8 |
| 6 | Clover Health | US | 925 | 4,1 |
| 7 | Coalition | US | 770 | 5,0 |
| 8 | Collective Health | US | 755 | 1,5 |
| 9 | Alan | FR | 749 | 4,4 |
| 10 | Hippo Insurance | US | 710 | 5,6 |
| 11 | Acko | IN | 666 | 1,5 |
| 12 | Shuidi | CN | 604 | 4,7 |
| 13 | bolttech | SG | 593 | 2,1 |
| 14 | Medbanks | CN | 578 | 1,8 |
| 15 | Root Insurance | US | 528 | 6,7 |
| 16 | Lemonade | US | 522 | 1,6 |
| 17 | Branch | US | 491 | 1,3 |
| 18 | MediTrust Health | CN | 442 | 1,7 |
| 19 | Perfios | IN | 441 | 1,0 |
| 20 | Ethos | US | 416 | 2,7 |
| 21 | Altana Technologies | US | 344 | 1,0 |
| 22 | The Zebra | US | 338 | 1,1 |
| 23 | Zeta Global | US | 338 | 1,9 |
| 24 | Kin | US | 331 | 1,0 |
| 25 | Newfront | US | 312 | 2,2 |
| 26 | At-Bay | US | 292 | 1,4 |
| 27 | Zego | UK | 258 | 1,1 |
| 28 | HealthCare.com | US | 244 | 1,0 |
| 29 | Essence Healthcare | US | 243 | 1,9 |
| 30 | Caribou | US | 188 | 1,1 |
| 31 | Surest | US | 178 | 1,1 |
| 32 | AgentSync | US | 161 | 1,3 |
| 33 | Marshmallow | UK | 111 | 1,2 |
| 34 | Edaili | CN | 16 | 2,0 |
| 35 | Aeon Life | CN | 15 | 1,1 |
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.
The average deal size experienced a significant reduction of 30.6%, decreasing from USD 14.14 million in the fourth quarter of 2023 to USD 9.81 million in the first quarter of 2024.
This marks the first time since the third quarter of 2017 that the average global InsurTech deal size has fallen below USD 10 million
They leverage cutting-edge technologies such as artificial intelligence (AI), blockchain, the Internet of Things in insurance, and big data analytics to introduce efficiencies, personalize insurance products, and improve risk management.
Annual InsurTech funding volume and transaction count
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.
P&C InsurTech funding also declined, dropping 22.5% to USD 605.58 mn in the first quarter of 2024, the lowest since the third quarter of 2018.
The average deal size in this category reached its lowest point since the first quarter of 2018 at USD 10.09 million, and the total number of deals decreased to 70, a reduction of six deals from the previous quarter.
Despite lower deal counts and funding, transactions were consistent and continued throughout 2024, 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.
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 2025 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.
FAQ: InsurTech Industry and Unicorn Startups
InsurTech unicorns are startups valued at over $1 bn. As of 2025, there are 35 InsurTech unicorns globally, having raised more than $20.2 bn in venture capital, with a combined valuation of approximately $106 bn.
InsurTech funding stabilized in 2024, expected to reach $4.2 bn despite a dip to $1 bn in Q4 2024—the lowest since Q4 2020. The absence of $100 mn+ mega-rounds in Q4 2024 marked the first time since Q3 2017 this trend occurred.
Series B and C startups showed recovery in funding, nearing pre-pandemic levels. Early-stage funding (pre-seed to Series A) rose 26.5% quarter-over-quarter. In contrast, late-stage startups faced challenges, reflecting a cautious market approach to mature companies.
The United States leads with $1.8 bn in investments, followed by Europe at $1.1 bn. Emerging markets like Africa and Latin America lag significantly, with investments of $33 mn and $37 mn, respectively.
B2B SaaS startups account for 43% of InsurTech funding. They focus on payment solutions, risk management, underwriting software, and claims management. Many incorporate AI to expand offerings and improve operational efficiency.
Partnerships with InsurTechs help traditional insurers adopt digital transformation, enhance risk assessment, automate operations, and offer personalized customer experiences. These collaborations also foster innovation in product development and distribution.
US InsurTech funding dropped 33% year-over-year to $2.8 bn in 2024, down from $4.1 bn in 2023. Deal activity fell 43%, with only 98 deals completed. Despite fewer deals, the average deal value increased to $28.1 mn, indicating larger investments per deal.
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Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding
