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.

Updated June 2021
Learn MoreFAB Score*FoundedFunding ($M)
ApplyNEXT2292016$831Next Feature Image26 Jun '21SF500,000$500$3313640001810000177
ApplyCoalition822017$31526 Jun '21SF61,000$265$5046805839060
ApplyPie Insurance772017$30626 Jun '21DC51,000$245$61251001073520
ApplyEmbroker392015$14226 Jun '21SF70,000$100$4218500282120109
ApplyCover Wallet262015$2826 Jun '21NYC170,000$0$28
ApplyThimble222015$2926 Jun '21NYC140,000$0$2930,3001568433
ApplyInshur152016$1226 Jun '21NYC73,000$0$121230068500746144
ApplyInsureon151997$3126 Jun '21Chicago220,000$0$31152000412400157
ApplyVouch132016$9426 Jun '21SF15,000$0$944760226439
ApplyCowbell Cyber102019$2426 Jun '21SF1,600$20$317907512935
ApplySimply Business52005$026 Jun '21London110,000$0$0
ApplyCAKE32017$1026 Jun '21Denver1,400$0$1063500116612
ApplyStable Insurance32018$026 Jun '21NYC50$0$015084910
ApplyLayr32016$626 Jun '21Atlanta2,800$5$11530662146
ApplyBizInsure12012$726 Jun '21SF14,300$0$77710212511

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

*FAB SCORE: As nerds do, we are developing a proprietary score measuring the adoption of private digital financial services companies that do not release traditional metrics (# customers, deposits, AUM, etc). We call it the FAB score, standing for Fintech Attention Barometer. 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
novo logo black copy 01 Artboard 1158SF2017$152
Rho logo 01 Artboard 167NYC2018$120
novo logo black 2114NYC2016$46
C07C58ED-33D7-4C89-BF8C-9B10A2B2846B65NYC2018$80
Nearside logo25SF2018$19
See Full List

FAB Score*FoundedFunding $M
Clearco logo3962015$682MToronto
Fundera Logo62201318.9NYC
SmartBiz133200937SF
Nav106201299Utah
BlueVine1872013768SF
See Full List

Last Updated: August 2021
FAB Score*FoundedFunding ($M)
Divvy1472016$418Utah
Rho logo682018$120NYC
992019$188NYC
Brex6002017$1,457SF
Ramp3372019$610NYC
See Full List

Updated June 2021
FAB Score*FoundedFunding ($M)
2292016$831SF
822017$315SF
772017$306DC
392015$142SF
262015$28NYC
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