Insurtech Companies in 2026: A Segmented, Status-Checked List

Insurtech Companies in 2026: A Segmented, Status-Checked List

I'm Deqian Jia, co-founder of Peony, a data room company used by 6,800+ customers. A lot of the confidential documents that pass through our product belong to insurance deals — MGA book sales, carrier partnerships, and insurtech fundraises — so I spend a fair amount of time reading the landscape. This is a segmented, status-checked list of the insurtech companies that matter in 2026, and the one thing I checked obsessively before publishing is current status: most lists you find still describe acquired companies as hot startups and dead valuations as live. Every company below carries its status as of August 20, 2026, with the date on every figure.

An insurtech company applies technology — data, machine learning, automation, and digital distribution — to some part of the insurance value chain. It might write policies directly as a full-stack carrier, sell and administer them as a managing general agent, or supply software and infrastructure to the incumbent insurers that still hold most of the market.

The field is easiest to read by segment, not by a single leaderboard, because a full-stack carrier, a cyber MGA, and an AI claims vendor compete for very different things.

How the insurtech landscape breaks down by segment

The rest of this piece walks each segment, then covers the consolidation and the companies that stumbled — because that is where the stale lists get it most wrong.

Which insurtechs are full-stack carriers?

Full-stack carriers are the insurtechs that took the hardest road: they got licensed, they underwrite the risk themselves, and their results show up in public filings. That transparency makes them the easiest segment to verify.

Lemonade (NYSE: LMND) is an AI-driven full-stack insurer offering renters, homeowners, pet, car, and life cover. In the quarter ended June 30, 2025, its in-force premium grew 29% year over year to $1.08 billion, total customers reached 2,693,107 (up 24% year over year), and premium per customer was $402 (up 4%), per its Q2 2025 shareholder letter. As of August 2026 it is publicly traded on the NYSE.

Root, Inc. (NASDAQ: ROOT) is a telematics-based full-stack auto insurer that prices on usage data. Root reported its first full year of GAAP profitability in 2024: full-year net income of $30.9 million on net premiums earned of $1.07 billion (up from $399.9 million in 2023), with policies in force of 414,862 at year-end (up 21%) and a gross combined ratio of 94.7%, announced February 26, 2025. As of August 2026 it remains public on the NASDAQ. CEO Alex Timm framed it as early: "Today, our proprietary technology has propelled us to net income profitability, with a lot of room for growth given we still operate in small portion of the overall market."

Hippo Holdings (NYSE: HIPO) is a home-insurance group that runs its Hippo Homeowners program alongside Spinnaker, a fronting carrier. Contrary to a persistent rumor, Hippo was not taken private — it remains public on the NYSE. At its 2025 Investor Day on June 12, 2025, it set 2028 targets of more than $2 billion in gross written premium and more than $125 million in adjusted net income, and in the same announcement The Baldwin Group agreed to purchase Hippo's existing homebuilder distribution network for $100 million. As of August 2026 it is public and mid-transition on strategy.

NEXT Insurance built digital small-business commercial insurance, but as of August 2026 it is no longer independent — see the consolidation section below.

Which insurtechs sell cyber insurance?

Cyber is the segment where insurtechs have the clearest structural edge, because pricing cyber risk well requires continuous data on an insured's security posture. The catch for anyone reading a list: two of the best-known names raised their headline rounds years ago, one has already been acquired, and a second agreed to be acquired in August 2026.

Coalition is a cyber insurance MGA and cybersecurity provider that markets "Active Insurance." Its most recent primary-verifiable major round is a Series F: $250 million at a $5 billion valuation (up from $3.5 billion), co-led by Allianz X, closed in July 2022. As of August 2026 it is private and operating. That $5 billion figure is a 2022 valuation, not a current one, and no newer round or IPO is verifiable — so anyone quoting Coalition should date the number.

At-Bay positions itself as an "InsurSec" company, pairing cyber insurance with security tooling. Its latest primary-verifiable round is a Series D of $185 million at a $1.35 billion post-money valuation, co-led by Icon Ventures and Lightspeed Venture Partners, bringing total funding to $272 million, announced July 27, 2021. As of late August 2026, At-Bay is being acquired: Munich Re announced a definitive agreement on August 19, 2026 to acquire it at a $575 million enterprise value, with closing expected in Q1 2027, per the Munich Re newsroom. That $575 million is a reset down from the $1.35 billion 2021 valuation — and, like Corvus and NEXT, another specialist folding into an incumbent.

Corvus Insurance was a cyber insurance managing general underwriter built on proprietary technology. Travelers announced its acquisition of Corvus on November 3, 2023 for approximately $435 million and completed the deal on January 3, 2024, per Travelers and Insurance Journal. As of August 2026, Corvus operates as part of Travelers — a clean example of an incumbent carrier buying a specialist rather than building one.

Which insurtechs focus on small business and embedded insurance?

This segment splits in two: insurtechs writing cover for small businesses, and platforms that embed insurance directly into someone else's checkout flow. The embedded players have raised the freshest money in the whole landscape.

Pie Insurance is a workers'-comp and small-commercial insurtech that has been transitioning toward operating as a full-stack carrier. Its latest primary-verifiable round is a Series D of $315 million, led by Centerbridge Partners and Allianz X, bringing total capital raised to over $615 million, announced September 21, 2022. The valuation was never disclosed. As of August 2026 it is private and operating, with no newer round verifiable — so there is no public Pie valuation to quote.

bolttech is a fast-growing global insurtech providing embedded insurance programmes and complementary end-to-end services, founded in 2020 by Rob Schimek. It closed a Series C of $147 million at a $2.1 billion valuation, welcoming new strategic investors Sumitomo Corporation and Iberis Capital, announced June 4, 2025. As of August 2026 it is private and operating, and this is one of the fresher data points in the segment.

Cover Genius describes itself as the global infrastructure for embedded protection, placing insurance and protection at the point of sale for partners including Klarna, Booking.com, and Uber. It raised $100 million at a $1.9 billion valuation, backed by Vista Credit Partners (a subsidiary of Vista Equity Partners), announced July 14, 2026. In its disclosure it cited growing revenue 50% year over year, crossing $3 billion in cumulative gross written sales, and extending its reach to 240 million policies in 2025. In early August 2026 it also acquired Berlin bancassurance insurtech Friendsurance to expand its DACH banking distribution. As of August 2026 it is private and operating; this July 2026 raise supersedes its older Series E, so it is the figure to use.

Which insurtechs sell life and health insurance?

Life and health is where the biggest 2026 status changes landed: one company IPO'd, and another hit a €5.5 billion valuation. It is also where stale lists most often quote peak private valuations that no longer hold.

Ethos is a digital life-insurance platform, co-founded by Peter Colis and Lingke Wang, that underwrites term and whole life through a tech-driven process. Ethos is no longer a private startup: it completed a $200 million IPO and began trading on the Nasdaq Global Select Market on January 29, 2026 under the ticker LIFE at $19 per share, at a market value of roughly $1.2 billion, per Ethos IPO counsel Cooley. That was a down-round from its 2021 peak private valuation of $2.7 billion, so the ~$1.2 billion IPO figure is the current one. As of August 2026 it is a public company.

Ladder offers flexible term life insurance in minutes and describes itself as the first fully digital life insurance company in operation. Its latest primary-verifiable round is a $100 million Series D led by Thomvest Ventures and OMERS Growth Equity, announced October 4, 2021. As of August 2026 it is private and operating. Ladder's own announcement did not state a valuation, so the safe, defensible fact is the $100 million Series D from 2021 — nothing more.

Alan is a French digital health-insurance company operating in France, Belgium, Spain, and Canada. It raised a €480 million Series G led by Prosus at a €5.5 billion (roughly $6.3 billion) valuation, announced June 25, 2026, reporting more than 1.1 million members and annual recurring revenue crossing €800 million. As of August 2026 it is private and operating, and this June 2026 raise supersedes both the €100 million round at €5 billion announced March 11, 2026 and its mid-2024 round.

Sidecar Health is a US health-insurance disruptor built on upfront, transparent pricing for employer health benefits, founded in 2018. Its latest primary-verifiable round is a Series D of $165 million led by Koch Disruptive Technologies at a valuation of roughly $1.2 billion, announced June 26, 2024. As of August 2026 it is private and operating.

Which insurtechs build claims and AI infrastructure?

Not every insurtech wants to be an insurer. A large slice sells software to the carriers instead — and given that Gallagher Re found 95% of Q1 2026 funding flowed to AI-focused companies, this is the segment the money is chasing hardest.

Shift Technology is a French SaaS provider of AI-driven decision automation and optimization solutions for the global insurance industry, covering fraud detection, claims automation, and underwriting. Its latest primary-verifiable round is a Series D of $220 million at a valuation of more than $1 billion, led by Advent International, bringing total funding to $320 million, announced May 5, 2021. As of August 2026 it is private and operating; the round is a 2021 figure and should be dated as such.

Which insurtech companies got acquired?

Consolidation is the theme the stale lists miss, because it turns a "hot startup" into a line item inside a public carrier overnight. Two completed acquisitions define the current landscape, and a third was announced in August 2026.

NEXT Insurance was acquired by Munich Re's ERGO. ERGO announced the successful completion of the full acquisition on July 1, 2025, at a valuation of $2.6 billion for 100 percent of NEXT's shares, per the ERGO/Munich Re newsroom. The definitive agreement had been signed on March 20, 2025; the closing was July 1, 2025. So the correct framing as of August 2026 is that NEXT is owned by Munich Re/ERGO and the deal is done — not pending, not "being acquired."

Corvus Insurance was acquired by Travelers. Announced November 3, 2023 for approximately $435 million, the deal completed on January 3, 2024. As of August 2026, Corvus is part of Travelers.

At-Bay is being acquired by Munich Re. Munich Re announced a definitive agreement on August 19, 2026 to acquire the cyber insurtech at a $575 million enterprise value, with closing expected in Q1 2027, per the Munich Re newsroom — a price reset from At-Bay's $1.35 billion 2021 valuation, and the same acquirer that bought NEXT.

The pattern in all three deals is the same: a large, well-capitalized incumbent (Munich Re, Travelers) bought — or agreed to buy — a specialist insurtech to acquire a capability — SMB digital distribution, cyber underwriting technology, cyber coverage paired with security tooling — rather than build it internally. When you read a list that still shows NEXT or Corvus as independent venture-backed startups, that list has not been updated since 2023 or 2024.

What happened to the insurtechs that stumbled?

This is the section that separates a current list from a copied one, and it is worth getting exactly right. The headline case is wefox, and the honest version is more interesting than the doom version.

wefox restructured and survived — it did not collapse. The European insurtech completed a restructuring program: it sold its Italian entities (wefox MGA S.r.l. and wefox Services Italy S.r.l.) to J.C. Flowers & Co., a global private investment firm, in a move announced May 22, 2025 that marked the successful completion of the group's restructuring, and it divested its Liechtenstein business. It then raised €151 million — a €76 million capital raise plus €75 million in refinancing via Searchlight Capital Partners — announced July 10, 2025. wefox refocused on Austria, the Netherlands, and Switzerland and pivoted to an asset-light MGA and distribution model, stating it was on a clear path to achieving profitability in 2025. As of August 2026 it is operating but heavily downsized. Anyone writing that wefox "shut down" or "collapsed" is wrong; the accurate word is restructured.

Beyond wefox, the honest answer is restraint: the clearest 2024–2026 stories are the two acquisitions above, not a wave of dramatic shutdowns. If a list hands you a long roster of insurtech "failures" with confident detail, treat it skeptically — much of that is secondhand.

How much money is flowing into insurtech in 2026?

Funding is concentrating fast, and it is concentrating on AI. Global insurtech funding reached $1.63 billion in Q1 2026, maintaining momentum from late 2025, according to Gallagher Re's Global InsurTech Report for Q1 2026, published May 7, 2026. The same report found that a staggering 95% of Q1 funding flowed to AI-focused companies.

That $1.63 billion is a single-quarter figure, not an annual total — worth stating precisely, because it is the number stale posts most often distort into a vague "$1.6 billion in 2025." The concentration on AI lines up with the freshest raises in this list: Cover Genius's $100 million (July 2026), Alan's €100 million (March 2026), and bolttech's $147 million (June 2025) all sit at the data-and-automation end of insurance.

How do insurtech deals actually get done?

Behind every entry on this list is a diligence process, and it usually runs through a data room. When an MGA owner sells a book of business, when a carrier and an insurtech strike a distribution partnership, or when a founder raises a round, the counterparties need to review the same confidential material: loss triangles, policy and claims files, carrier and reinsurance agreements, financials, and cap tables. That review happens in a virtual data room so the seller can share sensitive files, control access, and see who actually read what before a term sheet or a treaty moves.

If you are on the deal side of insurtech rather than the market-map side, two neighboring guides go deeper: the MGA data room walk-through covers what a managing general agent should assemble for a book sale or carrier onboarding, and the roundup of the best insurance M&A advisors covers who runs these agency and brokerage transactions.

On the tooling itself, I run Peony precisely because these rooms should be cheap to open and honest to read. Our pricing puts the Business tier at $30 per admin per month and the Data Room tier at $52 per admin per month, and — the part that matters for diligence — page-level analytics plus link expiry and revoke are included on every tier, including the free plan. That means an insurtech founder or an MGA seller can spin up a room, invite an underwriter or a buyer, and know exactly which pages of the loss data got read, without paying for a per-seat enterprise contract to get basic tracking. With 6,800+ customers, most of what we have learned is that the deals that close are the ones where the seller could see engagement early and answer the right questions fast. The free tier is the natural place to start.

Frequently asked questions

what is an insurtech company

An insurtech company applies technology — data, machine learning, automation, and digital distribution — to the insurance value chain, whether by writing policies directly (a full-stack carrier), acting as a managing general agent, or selling software and infrastructure to incumbent insurers. The term spans full-stack carriers like Lemonade and Root, cyber specialists like Coalition and At-Bay, embedded-insurance platforms like bolttech and Cover Genius, digital life and health players like Ethos and Alan, and AI claims-and-fraud infrastructure like Shift Technology. Some are public companies; many remain private and venture-backed.

what are the biggest insurtech companies

By public-market presence, Lemonade (NYSE: LMND), Root (NASDAQ: ROOT), Hippo (NYSE: HIPO), and Ethos (Nasdaq: LIFE, public since January 29, 2026) are among the most prominent. By private valuation, Alan reached a €5.5 billion valuation on its €480 million Series G led by Prosus, announced June 25, 2026, Coalition was valued at $5 billion on its July 2022 Series F, bolttech at $2.1 billion on its June 2025 Series C, and Cover Genius at $1.9 billion on its $100 million raise announced July 14, 2026. Size depends on whether you rank by market cap, premium, or last private valuation.

which insurtech companies went public

Lemonade IPO'd in 2020 and trades as NYSE: LMND. Root went public in 2020 as NASDAQ: ROOT and reported its first full year of GAAP profitability in 2024. Hippo trades as NYSE: HIPO and, contrary to a common rumor, was not taken private. The most recent insurtech IPO is Ethos, the digital life-insurance platform, which began trading on the Nasdaq Global Select Market on January 29, 2026 under the ticker LIFE at $19 per share, raising $200 million at a market value of roughly $1.2 billion (per Ethos IPO counsel Cooley).

who acquired next insurance

ERGO Group, part of Munich Re, acquired NEXT Insurance. ERGO announced the successful completion of the full acquisition on July 1, 2025, at a valuation of $2.6 billion for 100 percent of NEXT Insurance's shares (per the ERGO/Munich Re newsroom). The definitive agreement had been signed by Munich Re and NEXT on March 20, 2025, and the deal closed a few months later. As of August 2026, NEXT is no longer an independent startup — it operates as part of ERGO within the Munich Re Group.

what happened to wefox

wefox did not shut down — it restructured and survived. It completed a restructuring program, selling its Italian entities (wefox MGA S.r.l. and wefox Services Italy S.r.l.) to J.C. Flowers & Co., announced May 22, 2025, and divesting its Liechtenstein business. It then raised €151 million — a €76 million capital raise plus €75 million in refinancing via Searchlight Capital Partners — announced July 10, 2025. wefox now focuses on Austria, the Netherlands, and Switzerland and has pivoted to an asset-light MGA and distribution model. As of August 2026 it is operating, but heavily downsized.

did corvus insurance get acquired

Yes. Travelers acquired Corvus Insurance, a cyber insurance managing general underwriter. Travelers announced the deal on November 3, 2023 for approximately $435 million, and completed the acquisition on January 3, 2024 (per Travelers and Insurance Journal). As of August 2026, Corvus operates as part of Travelers. Along with the NEXT Insurance acquisition by Munich Re (closed July 1, 2025), the Corvus deal is one of the clearest examples of insurtech consolidation, where incumbent carriers buy specialist platforms rather than build the capability in-house.

how much funding is going into insurtech

Global insurtech funding reached $1.63 billion in Q1 2026, maintaining momentum from late 2025, according to Gallagher Re's Global InsurTech Report for Q1 2026, published May 7, 2026. That report also found that a staggering 95% of Q1 funding flowed to AI-focused companies, which tracks with the recent raises: Cover Genius closed $100 million (announced July 14, 2026), Alan raised a €480 million Series G (announced June 25, 2026), and bolttech raised $147 million (announced June 4, 2025). The $1.63 billion figure is a single quarter, not a full-year total.

is ethos insurance a public company

Yes, as of 2026. Ethos, the digital life-insurance platform co-founded by Peter Colis and Lingke Wang, is no longer a private venture-backed startup. It completed a $200 million initial public offering and began trading on the Nasdaq Global Select Market on January 29, 2026 under the ticker LIFE at $19 per share, at a market value of roughly $1.2 billion (per Ethos IPO counsel Cooley). That IPO valuation was a down-round from Ethos's peak private valuation of $2.7 billion set in 2021, so cite the ~$1.2 billion IPO figure when describing its current size.

what is the difference between a full-stack insurtech and an MGA

A full-stack insurtech is a licensed insurance carrier: it underwrites and holds the risk on its own balance sheet, so it keeps the premium and pays the claims. Lemonade and Root are full-stack carriers. A managing general agent (MGA) sells and administers policies on behalf of a licensed carrier — handling distribution, underwriting authority, and often claims — but does not hold the underlying risk itself. Coalition operates as a cyber MGA, and wefox pivoted to an asset-light MGA model. Some companies, like Pie Insurance, start as MGAs and transition toward becoming full-stack carriers.

what do insurtech founders and MGA sellers use for fundraising and book-sale data rooms

Insurtech founders raising a round, and MGA owners selling a book of business, typically run diligence through a virtual data room so underwriters, reinsurers, and buyers can review loss triangles, policy files, carrier agreements, and financials with page-level tracking. I run Peony, a data room used by 6,800+ customers. Peony's Business tier is $30 per admin per month and Data Room is $52 per admin per month; page-level analytics and link expiry and revoke are free on every tier, including the free plan, so a founder can open a room, share it, and see exactly who read the loss data before a term sheet moves.