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The 5 insurtech start-ups that are innovating in their market
Industry News /

The 5 insurtech start-ups that are innovating in their market

Written by Darren Timmins

Technology driven start-ups are reshaping the insurance industry. These start-ups, known as insurtech, use technology innovations to provide customer-centric insurance products and efficient services.

Insurtech start-ups are able to explore new areas of insurance through machine learning, AI and cloud-based computing. New products developed by insurtech can be priced much more competitively, making them more attractive to clients. By helping the insurance industry reconnect with its customers, insurtech start-ups have the potential to revolutionise the industry. These are our top five insurtech start-ups to keep an eye on:




Cytora was the first-ever start-up to receive funding from the Cambridge Judge Business School (which is the business school of the University of Cambridge). This new start-up digitises and evaluates risks to help businesses reduce their risk exposure. Powered by machine learning, Cytora allows insurers to capture billions of data points from the unstructured web.
By tapping into the unstructured web, Cytora allows underwriters a unique view of every insurable risk, and the firm has created a new way for insurers to tap into data reserves and allow insurers to target high-value niches. Most importantly, Cytora is helping lead the way in data-driven decision-making to improve risk.




Nimbla solves the problem of bad debt by offering credit control and invoice insurance through cloud accounting. Nimbla allows companies to check potential customers credit rating and cash flow to provide risk analysis. Risk modelling tools help predict the chance of non-payment, allowing SMEs to manage and protect credit through the platform.
The start-up has grown in popularity with SMEs due to the option to insure individual invoices rather than entire turnovers. Nimbla’s cloud accounting provides unrivalled forecasting as well as flexible and affordable insurance.




Zego specialises in commercial motor insurance and has provided over 17 million insurance policies for businesses from self-employed drivers to entire fleets of vehicles. Zego offers flexible insurance and aims to remove barriers that limit their consumers choices. Zego uses a paperless approach to create a simple and fast process – quotes can be offered online within minutes.
As a revolutionary and industry-leading firm, Zego has been referred to as the ‘first insurtech unicorn’. Zego became the first UK insurtech to secure a European broking license. Now valued at $1.1bn, Zego has raised $150m, making it the largest funding raised by a UK-founded insurtech. This new investment will be used to accelerate Zego’s growth in the commercial motor sector.




Tractable develops AI algorithms to learn and perform expert visual tasks. These algorithms can then be deployed as claims auditing solutions. By analysing images, Tractable can assess the damage extent to provide an estimate and detect suspicious claims. This technology ensures accuracy and creates trust between the insurer and client.

Tractable is currently being used by some of America’s Top Six insurers. The start-up enables insurance related response times around accidents and disasters to be as much as 10 times faster.




Concirrus is a leading insurtech company that delivers portfolio management and predictive analytics. Their focus is on supporting the insurance industry, more specifically, speciality marine and commercial automotive insurance.

Concirrus have created a machine learning platform, Quest. Quest enables insurers to accurately quantify risk, access new trading relationships and reduce operational expense. The platform uses a new behavioural model which uses real-time insight of the market to predict loss and premium adequacy. In such a complex sector as marine, digitalisation has the potential for massive success.

Insurtech start-ups are the future of insurance. They provide a more efficient way to identify risk, respond to claims and connect with customers. There is no-doubt these start-ups are going to continue innovating the industry. Let us know any insurtech start-ups you think should be on the list.