Insurtech sample

The Insurtech Global Outlook report is based on information obtained from different sources, both public and private, including Crunchbase, and the inttrend platform (an NTT DATA asset) having been used for its preparation.

3 different sources of information:

  • Crunchbase.

  • Information obtained from the investment arms of insurance companies.

  • Information based on investment made by public funds.

Regarding the data obtained from Crunchbase, we also have applied the following criteria:

  1. Startups that obtained financing in investment rounds from 2010 to 2020 (entire year) were considered.

  2. Companies that were still active at the end of 2020 (those that were not active in that period were discarded).

  3. With the search terms “Insurance, Insurtech” in the category / subcategory / full description fields: Insurtech, Insurance, Auto, Health, Life, Property Insurance, Coverage, Policy...

  4. A series of terms related to the insurance sector were also searched in the descriptions of the companies to complement and refine the previous query.

To expand the scope, the inttrend team worked on a Query Builder (concept + keyword = equation) so that the logic of keyword searches gave us a more restricted universe. This whole process was carried out with the inttrend platform, which automates the search process and refines it to the maximum in order to obtain the most accurate and optimal results possible. This exhaustive exercise has allowed us to select an accurate sample of around 800 companies to analyze the evolution of investment in insurtech companies throughout the 2010-2020 period.

Along side this, a team of specialists in the insurance sector analyzed all the information and complemented it by adding relevant information and categorizing the sample. This work included an exhaustive mapping in which categories of Insurance, scope, line of business, technology, activity, business model, value chain, type of commercial transaction (B2B, B2C or B2B2C) and ecosystem were incorporated.

This year, in addition and as part of the inttrend services, we have used a new functionality that has helped us to automatically group the information in clusters, which has allowed us to carry out a more precise analysis of the insurtechs that appear in this report.


For this fifth edition, we have conducted a series of interviews with senior executives of the world's leading insurance companies. Here are some of the highlights from the interviews:

  • 33 executives.

  • Located in 8 countries (France, Germany, Italy, Mexico, Peru, Portugal, Spain and Switzerland).

  • 28 Companies (Global insurance companies and Innovation associations).

  • Positions (CEOs, CIOs, Board Members, Executive Directors).

  • Areas (Innovation, Technology, Management, Digital Transformation, Distribution, Underwriting and Data & Analytics).

Predicting successful organizations

53.000 startups from BFSI, the most representative and active industry in the startup practice, were analyzes for this study. It was taken into account that the “exit” is the most objective dat to measure the level of success of a startup.

Once those variables were identified, the algorithm was trained and tested in accordance with the 53.000 startups (in early stages) in order to validate the level of accuracy of the algorithm. A 90% of accuracy was obtained, which identifies those that really achieved the exit.

After this, the algorithm was used in the sample and those in seed and Series A were identified as those with the highest probability to achieve the exit.

This represents a completely different way to analyze the startups looking beyond the total amount of them (reactive) and having a look at those key variables (proactive), especially when they are in their earlier stages


A global Insurance team

Global NTT DATA Sponsors

  • Bruno Abril - EMEAL

  • Martin Poelzl - Germany

  • Sergio Dizza - Italy

  • Naoyuki Mori - Japan

  • Masahiro Kashibe - Japan

  • Go Miyata - Japan

  • Kim Gray - UK

  • Rob Baughman - USA

Regional NTT DATA Sponsors

  • Julien Lejeune - Belgium

  • Inês Eusébio - Chile

  • Stefano D’Ellena - Italy

  • Alejandro Morán - Latin America

  • Dirk Croenen - Benelux

  • Nuno Albuquerque - Portugal

  • Vito Treccarichi - Switzerland

  • Martín García - UK

Report Creation Project Team

  • Carlos Ordóñez

  • Richard Calvo

  • Jesús Usabiaga

  • Victoria Achaval

  • Alvaro Yamashiro

  • Victoria De Ituarte

  • Alfredo Alcántara

inttrend Team

  • Sergio Marco

  • Diego Romero

  • Sara Alvarellos

  • Alberto Serrano


  • Elena Morona

  • Guadalupe Marín