InsurTech100 2022 list reveals the sector’s must know companies

InsurTech100 2022 list reveals the sector's must know companies

With the InsurTech industry pioneering change in the insurance industry, FinTech Global has revealed the 100 leading companies in its fifth annual InsurTech100 List.

The InsurTech100 2022 is a ranking that recognises the innovators that are providing solutions to address the most pressing challenges faced by the insurance and InsurTech industry today.

A panel of analysts and industry experts voted from a longlist of over 1,400 companies produced by FinTech Global. The finalists were recognised for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the insurance value chain.

This year’s list comes at a time in which tech companies are experiencing a tough fundraising climate. Yet, despite this the InsurTech industry is proving resilient.

According to research by FinTech Global, there were a total of 78 InsurTech seed deals in the first half of 2022 across 27 countries. With 66% occurring in the first quarter. The United States accounted for the most InsurTech seed deals in H1 2022 with 25 deals, a 32% share of total deals. Brazil and India were the second most active InsurTech seed deal country with six deals each this half.

The InsurTech’s sector’s resilience is evident, with a predicted CAGR of 46%, which would see the sector reach a market size of $114bn by 2030.

Richard Sachar, FinTech Global’s director, said, “Faced with seismic shifts in consumer behaviour, the so-called “race to digitalise” and challenging market conditions, insurers have their work cut out for them.

“The InsurTech100 lists helps senior insurance executives in the industry filter through the noise in the market by highlighting the tech companies transforming sectors such as underwriting, pricing, distribution and data & analytics.”

With such a competitive sector that regularly sees newcomers, the InsurTech100 hopes to highlight the leading companies.

Many of these companies are hitting the headlines not for the first time.

This years’ list also saw some companies that were featured last year, make a return. Greater Than is one of them. Greater Than is a leading global provider of DriverDNA for predictive driver risk insights, including crash probability and cost. Japanese insurance provider Sompo Japan recently teamed up with Greater Than to develop a carbon neutrality service in the auto insurance industry.

Also returning to this year’s list is Majesco, a leading SaaS software provider that empowers the success of the insurance industry’s digital transformation. The company acquired SaaS-based InsurTech Global IQX earlier this month, and also partnered with CyberCube earlier in the year to support growing demand for cyber insurance products

hyperexponential, another company on this year’s list, has also had a busy year. hyperexponential empowers actuaries, underwriters and executives to do what they do best with next generation pricing intelligence software. The company partnered with Canopius, a global specialty (re)insurer, to deploy its pricing platform, and named Fiona Talbot as its new chief financial and operations officer.

Partnerships are common among InsurTech100 members. Companjon is no exception. Companjon is a leading European InsurTech specialising in innovative embedded insurance that is fully flexible, hassle-free and all digital. The company recently teamed up with neobank Norvus to transform UK customer experiences in insurance for flight delays.

More insurers are putting the customer experience are the forefront of their innovation efforts. This is particularly true of FRISS, another InsurTech100 member. FRISS provides real-time, data-driven insights that give instant confidence and understanding of the inherent risks of all customers and interactions. The company champions building trust in the industry as a foundation on which to achieve greater efficiency, and as such, launched its Trust Automation Platform this year.

InsurTech100 member Novidea is another company that has had a successful year. Novidea is the leading InsurTech provider of a data-driven insurance platform for brokers and MGAs to manage customer insurance journeys. Earlier in the year, the company revealed that its configurable Agency Management System (AMS) was seeing high demand from Managing General Agents (MGAs) and Managing General Underwriters (MGUs).

Another InsurTech100 that is seeing strong demand and looking to expand its capabilities is Relay Platform. The company is the first agnostic quote-bind-issue platform for brokers and underwriters enabling workflow and data control, powerful quoting and proposal generation features. Relay joined At-Bay earlier this year to further add value to its customers and partners.

Optalitix, another InsurTech100 company, recently raised £4m in a funding round backed by Calculus. Optalitix is an InsurTech that offers a no-code solution for easily and quickly converting existing insurance models including Excel.

Some of the other companies to make this year’s InsurTech100 list are: AkinovA, the neutral digital marketplace with full regulatory approval to transfer and trade insurance risks; Bdeo, which simplifies processes, automates decisions and strengthens the bond between insurers and their clients using Visual Intelligence technology;, which delivers highly efficient intelligent document processing solutions that help enterprises unlock the value of unstructured text; distriBind, a company that uses Machine Learning and automation to cure the insurance industry of its spreadsheet addiction; DynaRisk, which provides consumer and SME cyber risk management tools alongside cyber analytics and portfolio management solutions to the insurance industry; and Evari, the flexible platform for the next generation of financial services, with flexible end-to-end insurance technology solutions.

Other notable mentions are GIROUX.AI, which offers powerful profitable revenue generating data analytics, machine learning, AI platforms and solutions for Insurance; Instabase, a company that offers Automation Platform for Unstructured Data to empower insurance organisations to solve unstructured data problems with unprecedented accuracy; InsuredHQ, which offers cloud-based productivity tools that provide complete end-to-end policy, claims, accounts, and document management systems for mid-market insurers, MGAs, and new entrants; and Nanoinsure, which offers no-code & low-code platform enables insurers to develop products, build digital frontend and life admin applications faster.

Risk Control Technologies, a leading provider of Risk & Loss Control software platforms to the insurance industry, Shapa Health, which offers a behaviour change platform which improves health outcomes and delivers sustained member engagement for employers, HMO’s and insurers; and Shift Technology, which enables insurers to automate and optimise decisions from underwriting to claims, resulting in superior customer experiences and increased operational efficiency.

The full InsurTech100 list, which can be downloaded for free, can be found at

Copyright © 2022 FinTech Global

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