The COVID-19 epidemic turned the world upside down. Many of us think extensively about safety and security. That’s where financial insurance companies come in. They offer a feeling of having a safe bay in times of uncertainty. Some of them will face challenges because of the uneven funding or promoting already established InsurTechs. Some of them will need to rethink business models. Here’s the list of the most promising InsurTech companies to watch in 2021.

Financial Insurance Companies to Watch 2021

If you want more information, check our material on FinTech trends for 2021. Plus, there’s a list of top 20 FinTech companies and startups to watch where InsurTech has its own spot. We encourage you to read, because companies who don’t innovate, will fall out of the game.

In 2021, enablement, partnering up, and challenging the status quo will matter the most. Companies that use telematics in customer’s cars, have bigger chances of challenging problematic claims. Some InsurTech firms offer platforms used by other companies to launch their financial products. A variant of it is called a digital MGA (online Managing General Agency), where an InsurTech launches a new product and a partner underwrites the products and policies. Finally, we have challenger InsurTechs, where new insurance companies go alone on the market, with the possibility of buying shell firms with licenses. 

Now, let’s talk about business and emerging stars.

Top Insurtech startups in 2021: Europe

  • Hometree. It’s a UK-based company offering smart home solutions. It offers insurance for boiler, heating, and overall home-based piece of mind. The company addresses the service to homeowners and landlords that want no surprises and full coverage for one stable price.
  • Canopy. The company has created a whole ecosystem for landlords, agents, and renters. The idea is that all can equally benefit. The application allows users to figure out the real price of rent by providing background. Do the salary, additional costs of living and other expenses allow for renting in this particular place? The app has a budget module to help navigate all the choices. Canopy also has a rent tracking functionality, to improve credit history without taking out a credit card or a loan. Another interesting thing is a “rent passport” that user can generate by confirming salary with a bank. By automating the process and having information about the income on the go, clients can eliminate paperwork.
  • Collective Benefits. An interesting take on individual insurance. Highly individual to be exact, because the app has a solution for over 6M people in the UK that are self-employed. The app can serve as a stand-alone support for micro company owners or veterans of the gig economy. Collective Benefits provide benefits like accident coverage, wellness packages, sick pay, or even mental health support. 
  • Zego. It’s a representative of a “new mobility” trend. The company provides options to financially shield cars, scooters, delivery vans and even bikes. There’s also a special offer for private hires, delivering passengers by private cars. There’s also an option for companies – owners can protect the company fleet and have micromobility insurance for firm’s bikes.
  • Superscript. An interesting company for small businesses looking for an affordable coverage. Superscript is flexible – it tailors the insurance around individual needs of the business in question. It also delivers a personalized experience, based on finding out what business owners really need and what options and be cut out of the insurance. All for price optimization purposes. From office insurance, to product liability issues. From errors and omissions, to medical indemnity. For fitness instructors and photographers to electricians and hairdressers.

Top Insurtech startups in 2021: North America

  • Root Insurance. The company provides liability coverage for bodily injury and property damage. It also has non-liability coverages for collisions, comprehensive coverages, and medical payments. Every policy includes roadside assistance and free Lyft credits for selected holidays.
  • Metromile. An interesting take on car insurance. Instead of charging a flat fee or linking safe driving with the price, Metromile charges… well, per mile. The cost depends on the distance you make every day, and if it’s beyond 250 miles – you are riding for free. The coverage includes collisions with vehicles, fixed objects, motorists. The company includes roadside assistance, glass repair, and 24/7 team support.
  • CareCloud. Despite the name, it’s not another storage service. CareCloud helps with submissions of claims, patient billings, and scheduling, task management, insurance verification, patient flow. Even rapid charting. All through a cloud-based health information system. InsurTech is dedicated to medical professionals with their private practices. With dedicated solutions for neurology, allergy, gastroenterology, and other specializations, it’s a true behemoth on a market. And yes, they have family practice as well.
  • SafetyWing. The company has insurance for everything connected to remote travel and work. For people that work from the convenience of their own home, through companies that employ them, to travel. Keeping up with the times, SafetyWing has also coverage for the COVID-19, making it safe to travel for business or pleasure. With three disinvite products (plans) and remote medical consultations available from anywhere in the world, the company is heading for the future. A recent and successful investing round from January 2021 won’t hurt either.
  • LeaseLock. The company’s goal is to replace property deposits. It’s an app where renters can get approved quickly, without family or friends co-sign on a deal. Always free for property owners, it’s sustained by renters for a small, monthly fee. The app assesses the risk and demands a fee from $15 to $75 per month. The system automatically generates a $5000 insurance certificate that replaces the deposits. It has an automated process for claims at move-out, and integration with PropTech software.

Top Insurtech startups in 2021: Africa

  • Pula. The company uses insurance and other digital products to help small-time farmers with managing climate risks. It also supports them with agriculture and farming tips and tricks. People can shield their farms, livestock, and protect their stocks from unfavorable weather conditions.
  • Hollard Insurance. It’s an agency that sells coverage for businesses, cars, houses, and even funerals. From critical illness, disability and impairment, to extended car warranty, travel insurance. With burial repatriation benefits and legal assistance services.
  • Nobuntu. It’s a great example of how much community matters in the modern day of financial services. This app sells life insurance, but when members grow old, it pays them more. Right – members, not clients. We can call them that since it’s based on trust and a sense of communion. Nobuntu sells life insurance, but the coverage extends to funerals and worker’s safety.
  • Pineapple. Another example of a community-driven app. It’s a fully decentralized and peer-to-peer operator. It charges a processing fee and makes a payout with unpaid money that is still left in the pool. Most Pineapple users are between 18 and 35 years old. The platform is based on trust between the app’s owner and clients. It has an onboarding process guided by artificial intelligence (AI). The rest is also automated. Users just have to put an item before the camera and the system recognizes the item to insure.
  •  Hepstar. The startup provides access to a global travel product suite. With strong data analytics and a single integration for travel insurance and other ancillary products, the company gives other insurance firms runs for their money. It offers services for online travel agencies, accommodation providers, airlines, car rentals, and ferries.

Top Insurtech startups in 2021: Middle East

  • Madfooat. It’s one of the fastest-growing FinTech in the Middle East. Their solution is called electronic bill presentment and payment (EBPP). It eliminates manual billings. The app streamlines the billings and processes claims for both business and individual clients.
  • Aqeed. The platform allows customers, agents, insurance brokers, insurance companies, and affinity partners to buy and compare various insurance products. Everything from home, travel, to individual life, cars, fleet, and health. Multiple integrations and a high-level of intuitiveness make this solution an interesting choice for professionals and individual customers alike. 
  • Bayzat. The app offers health insurance and automation of human resources (HR) processes. Users can find, compare and easily buy insurance policies on a mobile device. They can also instantly activate even portions of their policies while traveling. The company promotes convenience above all.
  • hala. It’s a car insurance company that rewards users for being accident-free. The more time it passes with a clean record on the road, the more can you get as a user. The deal includes meal discounts, luxury hotel stays, health and wellnes benefits, and more. In a world where car insurance is an unasked-for headache, hala offers a fast and seamless process to insure your car. With hala, you get a wide insurance coverage, and a smooth transparent process. You can access your insurance documents anytime through your hala account, submit and track the status of your insurance claims online.
  • Democrance. The staff calls it “a social impact company”. Founders wanted to establish a solution for those who need insurance the most but can’t pay for it least, as they say in their own words. The app has an automated underwriting engine, white-labeled customer journey, online payments, and more. 


Think carefully about what you want to do, especially when you have a startup that has to establish strong roots in the market. Do you want to enable new solutions, partner up with some other company, challenge the market in a new and exciting way? Find the right partner to enable the InsurTech software development. A partner that can offer not only a code but also industry knowledge. After all, clean and high-quality code is only 49% of what you need. Find someone who can provide the missing 51%.