While overall insurtechs saw less funding in 2023, many in the space persevered and found ways to continue to innovate and grow despite challenges. Guy Goldstein, CEO of Next Insurance, said the year ahead will also present economic challenges, making raising capital a top priority, particularly among early stage startups. "In 2023, we witnessed many companies struggling to find a working and sustainable business model that could generate revenue and support scalable growth," Goldstein said. "To avoid such pitfalls, and withstand another unpredictable year, companies must diligently work towards building a resilient and adaptable business model that ensures revenue generation, profitability, and sustainable long-term growth." According to Forbes, the insurtechs on the Fintech 50 2024 list are each using technology in novel ways in an effort to make insurance more accessible, more effective and lower in cost. The above slideshow reviews the five P&C insurtechs that were included on Forbes list for 2024. To be eligible, companies must have their headquarters or substantial operations in the U.S. and cannot be part of a public company. Related: |
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
