Technology as the basis of transformation
The insurtechs that are part of this group are usually companies focused on the creation of technological platforms that are used by third parties to develop their activity. Currently, the vast majority of insurtechs develop modular, pluggable and cloud-hosted solutions so that others (insurers, brokers, businesses…) use their solutions to operate in the insurance industry.
Insurtechs in the Technology Ecosystem
In the case of the insurtechs that we have included in this section, there are 4 that account for 67% of the total investment. Specifically, they accumulate 396 million dollars of the total of 592 million dollars that companies in this area obtained. Among them, the American company Unqork is the top pick, which with 258 million (with 43% of the funds) exceeds the sum of the following fourteen companies.
This company markets a no-code application that helps companies build, deploy and manage complex applications. Although it is also linked to the financial sector, it has a special focus on the Insurance sector and also on the Health sector.
Another company that received $40 million in 2020 should also be mentioned. This company is Extend, a company founded in 2019 that offers companies from other sectors the possibility of integrating its tool into their channels, to be able to market third-party insurance products.
Unqork is a SaaS company that allows clients to build robust digital applications without coding.
Last Round: $207M in 2020
Extend provides product insurance protection for digital native customers, helping merchants to cover their end customers belongings by integrating Extend’s services in their platforms.
Last Round: $40M in 2020