“Revolutionizing the Insurance Industry: 9 Fintech Companies to Watch in 2023” 

Join me in exploring nine fintech insurance companies that are reshaping the industry.In the rapidly evolving technology landscape, insurtech companies have remained significantly underinvested compared to more prominent industries such as fintech or healthcare. This underinvestment represents a staggering $6 trillion opportunity for the global insurance industry, as indicated by Dealroom. Over recent years, traditional insurance providers have fallen behind in adopting data science solutions, creating a void for technology-driven firms to fill the gap in the sector.Interestingly, Q3 2022 saw no new insurtech unicorns emerge for the first time since Q2 2018. A report from CB Insights reveals that funding for this sector dipped 4% quarter-over-quarter, reaching its lowest point since Q2 2020. However, Dealroom notes that the demand for early and medium-stage funding remains robust, signaling the entrance of inventive newcomers into the market.Keep reading to see how these bold insurance innovators are changing the fintech app development landscape.QuotechTotal funding: £1 million ($1.21 million)
Main investors: Convex
Headquarters: London, UK
Year founded: 2020
Quotech transforms the insurance landscape with AI-based risk analysis and price optimization solutions. The platform simplifies the online application process, offering automated claims management tools coupled with personalized customer service. Serving a diverse clientele, Quotech collaborates with insurance brokers, companies, and agencies of all sizes to enhance their operations.“Quotech is a data provider and technology platform which aims to give access to the best data to all insurance industry practitioners – from brokers, underwriters, actuaries and data scientists, to claims adjusters and business developers, all the way up to the Board of Directors. ” – Guillaume Bonnissent, Quotech founder and CEOAdditionally, Quotech has partnered with Tenefit to integrate DisasterAWARE Enterprise, a global risk intelligence platform, into its core insurance product. This integration provides real-time data on natural disasters and man-made hazards, such as extreme weather and social unrest. FutureProof TechnologiesTotal funding: $9.5 million
Main investors: Innovation Endeavors, AXIS Digital Ventures
Headquarters: San Diego, CA
Year founded: 2019
FutureProof, a venture-backed MGA (managing general agent), is an insurtech company leveraging AI-powered asset-level loss projections for hurricane and flood events. With FutureProof’s advanced tech, insurance professionals are better equipped to adapt to the challenges posed by climate change and provide comprehensive, customized coverage for individuals and businesses alike. By delivering real-time, algorithmic underwriting and pricing through its API, FutureProof offers instantly bindable quotes with differentiated pricing.LukangoTotal funding: £275,000 ($341,000)
Main investors: Mark Hunt, Andrew Rear, Evelyn Bourke
Headquarters: London,