The previous evening, Sarah Tavel and I facilitated a little supper for originators and manufacturers of new businesses, and this market entranced me. I needed to plunge further into this space and offer some market perceptions.

A few provisos before we plunge into the examination.

This environment map isn’t intended to be 100% extensive. It’s to see all the various new businesses inside the protection space

On the off chance that I am missing something, tweet me @mccannatron.

This space is increasing, so mull over this.

Market Map

Realistic is above, and a full rundown of the entirety of the organization’s available guide is underneath.

Reflections on the protection market

The protection market is gigantic — protection expenses are 1.2 trillion dollars every year in the U.S. alone.

Of this complete burn through 56% goes into life and medical coverage, and 44% goes into property/setback protection (which incorporates auto, home, and business).

Protection today is typically sold through operators, making a high client procurement cost for transporters — ~90% of expenses were sold through autonomous specialists or associated operators of the guarantor.

Two of the most significant types of protection are recruited: you should have accident coverage if you drive a vehicle, and under Obamacare, you should have health care coverage. Getting shoppers to think about different types of protection is no simple assignment.

What is changing in the protection space (why now)

The more significant part of the new companies in the biological system are exploiting at least one of the considerable powers in the market today.

New channels (web/portable) — Currently, most protection is sold through operators face to face or via telephone — anyway, the up and coming age of shoppers is accustomed to buying merchandise legitimately on the web. Through portable, we currently can sell protection straightforwardly at the purpose of need, progressively, and in more limited lengths.

Potential for new kinds of protection — sharing economy (where individuals are the two suppliers and buyers), self-driving vehicles (no requirement for individual accident coverage), the web of things (both another information source and another assault vector), network safety (another type of significant danger)

Potential for new structures of protection (P2P, bringing down the obstructions of self-protection) — Some new companies are attempting to rehash the whole model of security and apply new models to the matter of protection.

Key Question

On the off chance that you are building a startup in the protection space, a critical inquiry you should pose is:

Are you improving on the business channel of protection, or are you developing on the item level (otherwise known as. attempting to make a cutting edge transporter)?

Both are suitable, however relying upon your ultimate objective, you will have different contemplations on how you enter and contend on the lookout.

Extra assets

If you are hoping to study the protection space, I enthusiastically suggest you look at this four-section arrangement composed by Kyle Nakatsuji: protection appropriation/ — aim versus deft sorts of protection items.

Breakdown of the entirety of the organization’s an available guide

Correlation Insurance

PolicyGenius — Raised $20M, online value correlation for protection. A wide range of protection.

Coverfox — Raised $12M, making a correlation site for to an excellent extent accident protection.

Coverhound — Raised $56M, making a protection correlation site — additionally offering satisfaction administrations during the guaranteeing cycle.

Insurify — Raised $2M, making a virtual protection operator look at and suggest accident coverage choices.

Goji — Raised $70M. I was making an online accident coverage examination webpage.

Insureon — Raised $31M, examination site for business protection.

Next Insurance — Raised $13M, building an item to look at and buy business protection.

Zebra — Raised $20M, correlation site for vehicle protection.

Credit Karma — A stage for FICO assessments, likewise, offers a protection correlation site.

NerdWallet — Credit card correlation site, likewise offers a protection examination site.

QuoteWizard — Bootstrapped, N/A subsidizing. A protection examination site, apparently moving toward $100M in income.

GetInsured — Raised an obscure sum from Bessemer and Trinity, an examination shopping site for medical coverage.

HoneyInsurance — Health protection proposal motor, part of the YCombinator Fellowship

Unadulterated lead-age

Data lot — Unknown financing sum, pay-per-call lead supplier for predominantly protection transporters

MediaAlpha — Unknown financing sum — automatic lead age, to a great extent for insurance agencies.


Stepping stool — Still in covertness, in the disaster protection space.

Abaris — Raised $720K, making another kind of annuity protection for retirement.

Sure — Raised $2.5M Micro-term disaster protection inclusion during movement.

Surrey — Engagement stage among customers and the protection transporters. Makes potential upsell openings.

Safehouse Life — Not a startup fundamentally yet another full-stack life coverage organization that was subsidized, possessed and began by Mass Mutual.


Metromile — Raised $14M. Making another sort of accident coverage — pay-per-mile vehicle protection. Approaches are endorsed by National General Insurance.

TrueMotion (Censio) — Raised $10M, Creating conduct based vehicle protection.

Cuvva — Raised $750K, Creating an every hour accident protection item, centered for the UK.

Snapsheet — Raised $11M, significantly improves the cases cycle for transporters.


Garage Software — Raised $11M. Gathers telematics information to rank how well you drive, possibly to offer this data to insurance agencies. Doesn’t sell protection legitimately.

Programmed — Raised $24M. Gathers telematics information through both equipment connector and portable application. Gives information to insurance agencies yet doesn’t sell protection legitimately.

Green road — Raised $98M, Israeli based telematics organization which sells for the most part into business armada administrators.


Oscar — Raised $727M, attempting to work cutting edge medical coverage from the beginning. They are endeavoring to be a cutting edge protection transporter, not merely a dealer.

Clover Health — Raised $135M, making another kind of medical coverage that utilizes information to improve their customer’s wellbeing results. I accept they go about as the transporter too.

Aggregate Health — Raised $125M, making a stage to make it simpler for SMB’s to self protect, as opposed to utilizing standard plans from customary transporters.

Tune Health Insurance — covertness, attempting to make another sort of cheaper medical coverage.

Sherpaa — Raised $8M. Interfaces representatives straightforwardly with specialists (telemedicine) and offer advisers for help in the protection determination measure.

Spotlight Health — Raised $3M. I am building marked white protection citing applications for dealers and offices.


Zenefits — raised $583M. Making a cloud HR stage which likewise offers protection to SMB’s — anyway they have been in a challenging situation as of late

Zeal — Raised $161M. Stage from SMB’s to oversee finance, advantages, and laborers comp — including protection.

In particular — We raised $107M. HR and advantages stage likewise offers protection through the set.

JustWorks Raised $53M. They were building a stage for finance, advantages, and consistency — including protection.

MaxwellHealth — Raised $56M. Programming stage for SMB’s to oversee wellbeing plans, advantages, and finance.

SimplyInsured — Raised $8.4M. Making a medical coverage stage for SMBs — to discover and oversee health care coverage. Was important for YC.

Embroker — Raised $14M. The stage for buying and overseeing business protection — including property and loss protection.

Coverwallet — Raised $2M.A platform for buying and overseeing business protection.

Sharing economy

Step Health — Raised $15M, Health protection merchant for consultants and self-employed entities, most strikingly utilized by Uber drivers.

Cut Labs — Raised $3.9M. On-request protection for on-request laborers, still in covertness.

Airbnb — Not an insurance agency, yet they offer transient protection for tenants through Lloyd’s of London. Anyway, there is some discussion around the strategy they offer.

Home Insurance

Blanket — Next-gen home protection, still in covertness.

Super — Raised 3.6M, Next-gen home protection for home administrations, machines, or your whole home.


Lemonade — Raised $13M, P2P insurance agency, still in covertness.

Assemble — Building a P2P protection model for SMB protection.

Friendsurance — Raised $15M, P2P protection, situated in Berlin.

Guevara — P2P collision protection, presently fully operational contribution P2P vehicle protection (Thanks to Roland Cassirer for bringing up that)

In spool — P2P collision protection, not dispatched at this point.

Mutually — P2P accident coverage, not dispatched at this point.

BoughtByMany — P2P medical coverage.

WorldCover — Was important for YC, building a P2P protection item for crop protection in rising economies.

Item Insurance

Trov — On request protection for singular items. I am making another sort of protection.

Pier — raised $4M, cutting edge property, and setback protection. They were not dispatched at this point.

Spread — Part of YCombinator offers item protection (telephones, pets, gems, and so forth) all through snapping a photo on your telephone.

simplesurance — Raised $11.5M, gives item protection (gadgets, bicycles, machines, and so forth) — situated in Berlin.

Asurion — Not a startup; however, Asurion overwhelms the $7.8B insurance plan market for PDAs.


I needed to keep this market map fundamentally the U.S. zeroed in, yet there is an insurance agency in China — Zhong An — which we can gain so much from.

Zhong An — brought $934M dollars up in financing and was mutually dispatched by Alibaba, Tencent, and the insurance agency — Ping An. Zhong A works as a sober 100% online full-stack transporter which offers 100 distinctive protection items from wellbeing, auto, travel, and so on

They are the significant central part in the China protection space and is the solitary organization in China to acquire an Internet protection permit (I accept this is as yet the situation)

In 2015 they composed $3.6B in strategies across 369M clients. They intended to IPO in 2016.

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