27 UK InsurTech Startups Made the Top 50 in Europe

Insurtech Insights and their partner Sønr revealed the Future50 Europe ranking. The carefully curated list contains 50 of the most innovative early-stage InsurTechs that are disrupting the insurance industry in Europe.

The insurance industry used to lag behind almost every industry in innovation, digitisation and customer satisfaction for a certain period, but now, it’s their time to bloom and lead the startup ecosystem. They are responsible for some of the most exciting digital transformations in the European tech boom lately. 

The UK insurtech startups performed exceptionally well in the rankings. It’s safe to say that they dominated the list by occupying 27 of the ranks out of 50. So here are the top insurtech startups in Europe that are from the UK.

  • AkinovA 
  • Broker Insights
  • Claim Technology
  • Collective Benefits
  • Envelop Risk
  • FloodFlash 
  • Geollect 
  • Global Parametrics
  • humn.ai
  • Hyperexponential 
  • Kasko 
  • LiveSmart 
  • Luther Systems
  • Oasis LMF
  • Pikl 
  • Qlaims Ltd
  • RAVIN 
  • Sprout.AI
  • Supercede (formerly Riskbook)
  • Superscript 
  • (formerly Digital Risks)
  • Tapoly 
  • Thrive 
  • Ticker 
  • VisionTrack
  • WhenFresh 
  • YuLife 

Following the footsteps of the rapid progress in the FinTech industry, InsurTechs in Europe transforming the world of insurance with their creative and user-centric approach. Insurtech Insights compiled the most popular trends in the industry and why InsurTech’s model of “customer first, technology (a very close) second” started taking the industry by storm.

Disrupted Distribution Techniques

Competition for consumer attention has never been more intense, and insurers increasingly have to meet consumers wherever they are. 

The days of expecting customers to buy, renew and repeat without scrutiny are long gone. Now, insurtechs are experimenting with distribution techniques to make insurance feel like a product rather than a tax.

Don’t Pay for What You Don’t Need

Car in the garage

The odds that your car has been sitting in the garage for much of the last 18 months is extremely high—well, because of the pandemic. As a result, customers across the board have found themselves paying premiums for unused policies and over-insured risks.

There has been a trend towards insurers mobilising telematics and data analytics to enable usage-based insurance policies. For example, some InsurTech companies in auto insurance have started to calculate personalised risk assessments based on how much time a car spends on the road and a thorough analysis of driving behaviour.

Discovering Untapped Opportunities

The insurance industry has often been notorious for arbitrary exclusions and not meeting the needs of underserved consumers. However, disruptors in the industry, especially with life and health lines, are changing that.

Disrupting sleepy parts of the industry, and serving the underserved, has become central to the emerging insurance revolution.

YuLife, one of the 27 UK startups that ranked in the 6th place on the list, has seen massive growth in the past year. Their gamification of life insurance engages younger consumers in innovative ways and reinforces the value proposition of life insurance for a new generation.

Insuring a World in Transformation

The human effect in climate change is widely accepted and present increasingly visible danger to the world. The implications for the insurance industry are profound. Catastrophe management and climate underwriting are more in the centre of several consumer and commercial lines as we enter an era of recurring climate risks.

InsurTechs have entered the market set on modernising risk assessments to match these risks. They use data analytics and sophisticated parametric underwriting to empower their partners to understand highly localised region-specific risks better.

Mental Health in the Era of the “New Normal”

Lonely woman

Wellness and wellbeing have been brought more sharply into focus by the pandemic. In 2020, McKinsey found that 17% of Europeans feel lonely “most or all of the time.” It shows that the impact of a decline in mental health is being felt across the healthcare ecosystem. 

This shift towards increased customer engagement and touchpoints marks a fundamental development for the insurer & consumer relationships: from the purely transactional to a partnership. 

The pandemic has heightened the urgency for insurers to focus on wellness and wellbeing around the health and lifelines of insurance. Serious claims can be prevented by interventions by insurers early on, and health and life insurers are more incentivised than ever to promote healthier behaviours among their customers.

Thrive Therapeutic Software, a UK startup that occupied the 32nd spot on Insurtech Insights’ Future50 rankings, puts employee mental health at the heart of their proposition, designed to prevent, screen and manage mental health conditions for employees.

If you’re interested to learn more about our Future50, here is a link to the ranking. Or you can meet the incredible InsurTech companies at the Insurtech Insights conference by registering here.