In the heart of London, where tradition meets innovation, insurtech is the City’s most exciting growth sectors.
According to the World’s Top Insurance Companies 2024 report, issued by CNBC along with market research firm Statista, the City hosts some of the most exciting players in the space.
The report identifies the top 150 insurtech companies spanning six different categories, including claim and fraud management and digital insurers.
Here are London’s top insurtech players.
Claim and fraud management
Claim Technology, established in 2017 by Jonty Hurwitz, Michael Lewis and Ashley Preece, helps insurers re-imagine how they conduct their claims. Its no-code/low-code design studio, cloud-apps and insurtech APIs empowers operations and IT teams to rapidly automate in the cloud, with plugins to a marketplace of 70 AI insurtechs.
Sprout.ai is an AI-powered technology that helps clients deliver fast and accurate claims decisions. Established in 2018, the London-based business has Axa and Generali among its clients.
Traceable is an application programming interface (API) security company that helps clients achieve API visibility and attack protection in a cloud-first, API-driven world. The City-based business is the only intelligent, context-aware solution that powers complete API security.
Digital insurers
Car and van insurance Cuvva offers short-term car insurance via its app. Set up in 2016 by CEO Freddy Macnamara, the insurtech company had sold more than 10m policies.
Flock, a London-based scale-up company, insuring commercial motor fleets was founded by Ed Leon Klinger and Antton Pena. The business was established to provide fleets of vehicles with insurance that proactively enables and incentivises safer driving.
Alexander Kent-Braham, Oliver Kent-Braham, and David Goaté founded Marshmallow, an insurtech company that aims to help newcomers get a cheaper deal on their car insurance.
Life insurance company YuLife, founded by Sammy Rubin, was created to engage with employees and prevent illness.
Property management software Zego was established in 2016 to help people save time and money.
Policy administration and admintech
London-based Instanda, created in 2012, is the world’s first no-code insurance platform. It operates exclusively through software-as-a-service (SaaS) and takes a different approach to insurance product innovation.
Created in 2003, Pancentric Digital, created digital experiences that make their customers’ lives easier, and is used in over 50 countries.
Founded 24 years ago, insurance software solution SchemeServe is a platform that allows brokers, MGAs, and insurers to self-build by taking full control over their schemes and responding to market opportunities instantly.
Underwriting and risk analysis
Ki was Launched in late 2020 as Lloyd of London’s first fully digital and algorithmically powered syndicate
The London-based Quantexa platform gives clients the ability to understand their data by connecting siloed systems and visualising complex relationships. Valued at nearly $2bn, with investors such as HSBC and BNY Mellon.
Web-based pricing decision intelligence software Hyperexponential was founded by Amrit Santhirasenan and Michael Johnson in 2017.
The ‘best city in the world’ for insurtech
Ed Leon Klinger, CEO of Flock (and one of the winners) told City A.M. that “London is arguably the best city in the world to build an insurtech business.”
He credits the City with having a “long and successful history in the insurance industry, coupled with the presence of some of the largest, most innovative insurance companies globally, many of which are headquartered here.”
He noted that by being in London, business has “direct access to these insurance companies”, adding that this allows people to “build on face-to-face interactions and relationships”.
Leon Klinger added: “London is not just exceptional for insurance; I would argue it’s also one of the best cities in the world to build a technology business.”
He pointed toward the “Golden Triangle” (London, Cambridge, and Oxford), which is “home to some of the world’s best Universities”.
“The proximity of these institutions creates a phenomenal pipeline of talented technologists,” he added.
Finally, he addressed the access to funding. “The UK government has fostered a favourable environment for young technology businesses, with initiatives like the EIS and SEIS schemes that encourage angel investing.”