Category: Insurance

Insurance Providers for SMBs

At least 7 out of 10 small businesses (SMB) lack basic business insurance coverage in one or more critical areas. And lack of transparency, along with just plain bad customer experience, are big contributors to this insurance gap. Enter the digital insurance challengers aiming to fill the gaps through simple online/mobile interfaces. Here are the biggest players in the United States.

Below are the challenger SMB insurance companies currently active in the United States.

The FAB Score Ranking (Fintech Attention Barometer) is a proxy for the size of a private fintech company.

Updated June 2021
Learn MoreFAB Score*FoundedFunding ($M)
NEXT2302016$881Apply26 Jun '21SF770,000$500$3313640001810000177
Coalition1222017$520Apply26 Jun '21SF73,000$265$5046805839060
Pie Insurance802017$306Apply26 Jun '21Wash DC77,000$245$61251001073520
Simply Business (Travelers)632005$0Apply26 Jun '21London550,000$0$0
Embroker392015$142Apply26 Jun '21SF71,000$100$4218500282120109
Vouch322016$184Apply26 Jun '21SF14,000$0$944760226439
Inshur252016$37Apply26 Jun '21NYC100,000$0$121230068500746144
Insureon241997$31Apply26 Jun '21Chicago290,000$0$31152000412400157
Cover Wallet202015$28Apply26 Jun '21NYC130,000$0$28
Thimble182015$29Apply26 Jun '21NYC110,000$0$2930,3001568433
Cowbell Cyber102019$24Apply26 Jun '21SF1,000$20$317907512935
CAKE (Pinnacol)42017$10Apply26 Jun '21Denver, CO4,400$0$1063500116612
Stable Insurance32018UnknownApply26 Jun '21NYC1,100$0$015084910
Layr32016$6Apply26 Jun '21Atlanta, GA7,700$5$11530662146
BizInsure12012$7Apply26 Jun '21SF6,300$0$77710212511
InsuranceBee12010UnknownApplyBoston, MA6,100

Source: FintechLabs, 2 Dec 2021 from Crunchbase, SimilarWeb, SEMrush and other news sources

*FAB SCORE:  The FAB score, Fintech Attention Barometer, is a proxy for the overall size of a private company since they typically do not release traditional metrics (# customers, deposits, AUM, etc). The score is based on VC funding, website traffic, mobile downloads, and the number of employees. It's a work in progress, so expect changes in the formula.

Definition: To qualify, challengers don't necessarily need to underwrite/write policies themselves. Startups must focus on small-business insurance delivered digitally. We will include divisions of traditional insurance companies if they operate under a separate autonomous brand, such as Travelers Simply Business unit.  

FAB Score*FoundedFunding $M$152$296$75
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Company OverviewFAB Score*FoundedFunding $M
SMB Lenders: Kabbage Continues to Cook Under American Express Ownership36220082500Atlanta
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Last Updated: August 2021
CompanyFAB Score*FoundedFunding ($M)
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Updated June 2021
FAB Score*FoundedFunding ($M)
802017$306Wash DC
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