Five ‘insurtech’ startups that are reshaping the insurance industry with technology and innovation

By 2022, investment in ‘insurtech’ sector reached 7.9 billion dollars (7,000 million euros at the exchange rate) in a total of 470 operations, according to the report InsurTech Global Outlook 2023‘. The figures, though they are down compared to 2021, They represent the second best data in the history of the departmentIt has registered a positive evolution in the last seven years.

In total, more than 320 startups are connected to this sector in Spain, which has accumulated an investment of 30 million euros in more than 15 investment rounds between 2021 and 2022.III Map InsurtechProduced by Santalucia Impulsa. In Latin America, records Dealroom They indicate that 240 million dollars (213 million euros) will be invested in 2022, which is lower than in 2021, but higher than in previous years.

This growing interest has also led to the emergence of an ‘insertech’ sector that is already showing signs of maturing. Unicorns (companies with a valuation of more than $1 billion before going public) and offer solutions at different stages of the insurance value chain.

Butterfly, Chile’s ‘Insertek’ Unicorn

Butterfly A startup of Chilean origin that has built a digital platform Encourage healthy habits in your employees, such as walking or meditating. Specifically, the site promotes these practices by extending workers life insurance or offering virtual rewards they can exchange for social and environmental causes.

You walk 10,000 steps and build up a $10 life insurance premium 100 ‘good coins’ to plant trees, feed a child or provide drinking water,” he explained CEO and Co-Financer, Eduardo Della Maggiora. The company achieved unicorn status in 2022 after its closure 125 million dollar valuation round (111 million euros). Recently, Launched in SpainAfter purchasing the initial Flexoh.

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Life5, a new approach to life insurance

Formerly known as GetLife, this Spanish-born ‘insurtech’ specializing in life insurance It wants to reinvent the way traditional policies are sold. Specifically, this company offers ‘online’ recruitment service without pre-tests and medical examinations. Covers up to 700 diseases Thanks to its dynamic subscription technology.

“We have developed technology that allows us to perform a risk assessment of each of our users Adjusts the specific characteristics of each citizen Not just age and health limitations, but more data,” Its co-founder explained. Guillermo Allen. The company, which currently operates in Spain and France, recently closed its third round of funding 10 million euro was received with the intention of Strengthen your business model and encourage its international expansion.

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