Insurtech has already taken off across the globe. What’s more, the fintech subsector is finally beginning to heat up in the U.S. as consumers become increasingly comfortable with digital financial services.
According to CB Insights, fintechs in the insurtech subsector raised $7.4 billion in the first half of this year alone. This figure already surpasses the amount insurtechs raised in all of 2020 by more than $300 million.
The number of new insurtechs driving competition in the space is also growing, so we thought we’d look at some of the newly launched insurtechs in the U.S. this year. Here are 11 of the newest insurtech startups in the U.S.:
ArmadaIQ
- Leverages AI to insure autonomous vehicles
- Headquartered in Charlotte, North Carolina
Armadillo
- Offers home warranty plans designed for digital-first homeowners
- Headquartered in Clarksville, Indiana
Ascend
- Provides a modern, all-in-one payments solution that offers a buy now, pay later option for commercial insurance
- Headquartered in Palo Alto, California
- Has raised $5.5 million
Limit Financial
- Operates as a managing general underwriter that specializes in credit insurance and reinsurance solutions
- Headquartered in Woodcliff Lake, New Jersey
Nirvana Insurance
- Provides fleet insurance that uses an IoT device to reward safe habits
- Headquartered in San Francisco, California
- Has raised $3.2 million
OCHO
- Helps users in underserved communities build credit by paying their auto insurance
- Headquartered in San Francisco, California
Oyster
- Provides personal insurance for everything from bicycles to event insurance to travel insurance
- Headquartered in New York, New York
Risk Advisor
- Helps insurance agents advise their clients of their true risk
- Headquartered in Lexington, South Carolina
SALT Insure
- Offers agents a home and auto insurance application that helps them close more deals
- Headquartered in Grapevine, Texas
- Has raised $250k funding
Shepherd
- Provides commercial insurance for contractors in the construction industry
- Headquartered in San Francisco, California
- Has raised $6.2 million
Stere.io
- Offers a one-stop-shop for businesses to launch, improve, and grow insurance programs
- Headquartered in Dover, Delaware
- Has raised $850k
Photo by Kevin Erdvig on Unsplash