Insurtech Rising: A pan-European overview of the hottest startups beyond the usual suspects

(Editor's note: this a guest post from Florian Graillot, co-founder and partner at, a European early-stage insurtech-focused fund launched in October 2017.)

The insurtech industry has been growing for years. Sometimes only considered as a vertical of the flourishing fintech space, it even reached a significant milestone a few weeks ago when Lemonade (US full-stack home insurtech startup) got listed.

In terms of investment, the first half of 2020 was still active despite the crisis, with $2.5 billion invested in insurtech worldwide (learn more). In Europe only, insurtech startups raised €360 million across 39 deals over that period of time (learn more).

Monitoring insurtech across every European local ecosystem

To keep an eye on that active market, and help corporates spot emerging trends or "augmented insurer" technologies, has developed its own automated scouting tool.

It now has an exhaustive view on the European insurtech scene: 3.000+ startups spotted so far, enriched with 70+ business tags around insurance.

Leveraging that tool, we are happy to share with you a truly European overview of that space: 3 insurtech startups per country, with a focus on every market outside of the three biggest ones (France, UK and Germany). That's a way for us to both display our unique capacity to scout insurance technologies everywhere in Europe, and most of all, the richness of that industry beyond the usual suspects.

Here are the insurtech startups displayed above, listed by country:

European insurtech companies are comprehensively after insurers

These startups are leveraging technology to revamp a €1.300B market (in 'Growth Written Premium' as of 2018, learn more). And interestingly, they are addressing every part of the insurance value chain : price & product, underwriting, distribution, claim. There is no pattern behind the geography: claim startups are everywhere in Europe, same for each part of the value chain. In terms of business model, one can find B2C and B2B insurtech players in almost every European market. And in terms of maturity, if there is a gap in size of the rounds between biggest countries and the smallest ones, it's highly related to the size of the VC industry itself. There is nothing specific to the insurtech space.

We hope that gives you a glimpse of what is going on in the European insurtech market, and that beyond the few startups that have raised huge rounds (e.g. Wefox, Alan, Fri:day, BoughtByMany and Shift Technology have all raised over €100m since inception) there are attractive local scenes to watch, if interested in technology applied to the insurance industry.

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