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 ranked by our FAB score (Fintech Attention Barometer).

NEW: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: SMB online lenders (33) | SMB challenger banks (12) | SMB insurers (15) | SMB charge cards/expense management (16) | Billpay & invoicing (16)| Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21) | Equity crowdfunding (7)

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

Leading USA Digital Small Business Insurers
ranked by our FAB score (Fintech Attention Barometer*)

Rank Was Company FAB Score Reviewed Founded HQ Funding ($M) Visits
(Aug ’22)
1 2 Coalition 344 25 Oct ’22 2017 SF $770 88,000
2 1 Next Insurance 270 25 Oct ’22 2016 SF $881 590,000
3 3 Pie Insurance 247 25 Oct ’22 2017 DC $621 64,000
4 NEW Newfront 117 25 Oct ’22 2017 SF 310 19,000
5 4 Embroker 75 25 Oct ’22 2015 SF $142 160,000
6 11 Cowbell Cyber 64 25 Oct ’22 2019 SF $123 INA
7 6 Vouch Insurance 43 25 Oct ’22 2016 SF $160 11,000
8 7 INSHUR 30 25 Oct ’22 2016 NYC $37 100,000
9 10 Thimble 21 25 Oct ’22 2015 NYC $29 140,000
10 8 Insureon 19 25 Oct ’22 1997 Chicago $31 270,000
11 13 Stable Insurance 18 25 Oct ’22 2018 NYC $3 110,000
12 9 CoverWallet 13 25 Oct ’22 2015 NYC $28 81,000
13 5 Simply Business (Travelers) 8 25 Oct ’22 2005 London $0 140,000
14 14 Layr 7 25 Oct ’22 2016 Atlanta $16 2,200
15 12 Cake Insure (Pinnacol) 4 25 Oct ’22 2017 Denver $10 4,000
16 15 Bizinsure 1 25 Oct ’22 2012 SF $7 29,000
17 16 InsuranceBee 0 25 Oct ’22 2010 Boston $0 6,100

Source: FintechLabs, Pitchbook, Crunchbase, SimilarWeb, SEMrush; 25 Oct 2022
*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 are calling it the FAB score, standing for Fintech Attention Barometer. It’s a work in progress, so expect changes in the formula.

Profiles of Digital SMB Insurtech Startups

1. Coalition
FAB score: 344

  • HQ: San Francisco, California
  • Founded: 2017
  • Traction:
    – Valuation: $5.0B (based on July 2022 round)
    – Raised: $770M (Crunchbase) including $250M in 2022 and $380M in 2021
    – Employees: 489 (Pitchbook)
    – Website visits (Aug 2022): 88,000 (SimilarWeb)
    – $325M run rate (gross written premiums), up 9-fold over 2020 (TechCrunch, Sep 2021)
    – $500M combined annual run rate after acquiring Attune with a combined customer base of 130,000 (InsurTechInsights, Oct 2021)
  • Social
    Linkedin: 19,700 followers (509 employees)
    Twitter: 1,100 followers
    YouTube: 14,000 views, 970 subscribers
    TrustPilot: NA (no reviews)
    Articles: 648 (Crunchbase)

2. Next Insurance
FAB Score: 270

  • Founded: 2016
  • HQ: SF
  • Traction
    – Valuation: $4B (based on March 2021 round)
    – Raised: $881M (Crunchbase) including $250M in 2021
    – American Express invested in the B-round (July 2018)
    – Website visits (Aug 2022): 590,000 (SimilarWeb)
    – Employees: 740 (Pitchbook)
    – Articles: 83 (Crunchbase)
  • Social
    – Linkedin: 31,100 followers (692 employees)
    – Twitter: 9,800 followers
    – Trustpilot: 2.8 (3 reviews)
    – YouTube: 32M views; 5,200 subscribers

3. Pie Insurance
FAB score: 247

  • HQ: Washington DC & Denver, CO
  • Founded: 2017 (first policy sold in 2018)
  • Traction:
    – Premiums written (gross): $100M lifetime (Dec 2021)
    – Raised: $621M (Crunchbase) including $118M in 2021 (co-led by Allianz Group) & $315M in Sep 2022
    – Employees: 410 (Pitchbook)
    – Insurance agency partners: 1,000+
    – Website visits (Aug 2022): 64,000 (SimilarWeb)
    – Number of articles: 48 (Crunchbase)
  • Social
    Linkedin: 11,100 followers (418 employees)
    Twitter: 882 followers
    YouTube: 3.2M views, 403 subscribers
    Instagram: 2,300 followers
    TrustPilot: 4.6 (438 reviews)
  • Founders:
    – John Swigart, CEO (previously CMO at Esurance)
    – Dax Craig, President (previously co-founded Valen Analytics)

4. Newfront

FAB score: 117

  • HQ: San Francisco
  • Founded: 2017
  • Traction:
    – Raised: $310M (Crunchbase) including $200M in 2022
    – Employees: 772 (Pitchbook)
    – Website visits (Aug 2022): 19,000 (SimilarWeb)
    – Number of articles: 16 (Crunchbase)
  • Social
    Linkedin: 12,700 followers (777 employees)
    YouTube: NA
    Instagram: 405 followers
    TrustPilot: NA
  • Founder: Spike Lipkin, CEO

5. Embroker
FAB score: 75

  • HQ: SF
  • Founded: 2015
  • Traction:
    – Premiums written (gross): $20M Q1 2021
    – Raised: $142M (Crunchbase) including $100M in 2021
    – Employees: 194 (Pitchbook)
    – Website visits (Oct 2021): 160,000 visits (SimilarWeb)
    – Number of articles: 36 (Crunchbase)
  • Social
    Linkedin: 7,400 followers (238 employees)
    Twitter: 3,300 followers
    YouTube: 10,000 views, 127 subscribers
    Instagram: 3,600 followers
  • TrustPilot: No reviews
  • Founders: Matt Miller, Sean X Cummings, Yotam Shacham

6. Cowbell Cyber
FAB score: 64

  • HQ: SF Bay Area (Pleasonton)
  • Founded: 2019
  • Traction:
    – Raised: $123M (Crunchbase) including $20M in 2021 & $100M in 2022 (August)
    – Employees: 185 (Pitchbook)
    – Website visits (Aug 2022): INA (SEMrush)
    – Number of articles: 692 (Crunchbase)
  • Social
    Linkedin: 5,300 followers (206 employees)
    Twitter: 410 followers
    YouTube: 2,800 views, 73 subscribers
  • TrustPilot: No reviews
  • Founders: Jack Kudale, Prab Reddy, Rajeev Gupta, Trent Cooksley

7. Vouch 
FAB score: 43

  • HQ: SF
  • Founded: 2018
  • Traction:
    – Raised: $160M (Crunchbase) including $60M in 2021
    – Employees: 190 (Pitchbook)
    – Website visits (Aug 2022): 11,000 visits from 7,900 unique visitors (SimilarWeb)
    – Number of articles: 8 (Crunchbase)
  • Social
    Linkedin: 7,600 followers (208 employees)
    Twitter: 760 followers
    Instagram: 900 followers
  • TrustPilot: No reviews
  • Founders: Sam Hodges, Travis Hedge

8. INSHUR
FAB score: 30

  • HQ: NYC
  • Founded: 2016
  • Traction:
    – Raised: $36.6 (Crunchbase) including $25M in 2021
    – Employees: 124 (Pitchbook)
    – Website visits (Aug 2022): 100,000 visits (SimilarWeb)
    – Number of articles: 15 (Crunchbase)
  • Social:
    Linkedin: 8,700 followers (120 employees)
    YouTube: 30,000 views, 119 subscribers
    Instagram: 202 followers
  • TrustPilot: 4.5 (2,958 reviews)
  • Founders: Dan Bratshpis, David Daiches, Mathew Donfrancesco, Matthew Tomlinson, Richard Anderson

9. Thimble
FAB score: 21

  • HQ: NYC
  • Founded: 2015
  • Traction:
    – Raised: $28.9M (Crunchbase)
    – Employees: 60 (Pitchbook)
    – Website visits (Aug 2022): 140,000 visits (SimilarWeb)
    – Number of articles: 16 (Crunchbase)
  • Social
    Linkedin: 6,100 followers (53 employees)
    Twitter: 820 followers
    YouTube: 4.3M views, 123 subscribers
    Instagram: 1,300 followers
  • TrustPilot: 4.6 (1,106 reviews)
  • Founders: Eugene Hertz, Jay Bregman

10. Insureon
FAB score: 19

  • HQ: Chicago
  • Founded: 1997
  • Traction:
    – Raised: $31M (Crunchbase)
    – Employees: 133 (Pitchbook)
    – Website visits (Oct 2021): 270,000 visits (SimilarWeb)
    – Number of articles: 44 (Crunchbase)
  • Social
    Linkedin: 3,800 followers (132 employees)
    Twitter: 2,300 followers
    YouTube: 15,000 views, 333 subscribers
    Instagram: 46 followers
  • TrustPilot: 1.3 (237 reviews)
  • Founders: Jim Cochran, Michael Cline, Ted Devine

11. Stable Insurance
FAB score: 18

  • HQ: NYC
  • Founded: 2018
  • Traction:
    – Raised: $3.3M including $3M in 2022 and $300k in 2021 (Crunchbase)
    – Employees: 17 (Pitchbook)
    – Website visits (Sep 2022): 110,000 visits from 22,000 uniques (SEMrush)
    – Number of articles: 29 (Crunchbase)
  • Social
    Linkedin: 1,300 followers (17 employees)
    Twitter: 114 followers
  • TrustPilot: No reviews
  • Founders: Douglas Ver Mulm, Stephen Dekker

12. CoverWallet (acquired by AON, Nov 2019)
FAB score: 13

  • HQ: NYC
  • Founded: 2015
  • Acquired by AON in Jan 2020
  • Traction:
    – Raised: $28.3M (Crunchbase)
    – Employees: 300 (Pitchbook)
    – Website visits (Aug 2022): 81,000 visits (SimilarWeb)
    – Number of articles: 21 (Crunchbase)
  • Social
    Linkedin: 19,000 followers (425 employees)
    Twitter: 5,100 followers
    YouTube: 37,000 views, 66 subscribers
  • TrustPilot: 2.1 (10 reviews)
  • Founders: Inaki Berenguer, Rashmi Melgiri

13. Simply Business (Travelers)
FAB score: 8

14. Layr
FAB score: 7

  • HQ: Atlanta, Georgia
  • Founded: 2016
  • Traction:
    – Raised: $15.6 including $10M in 2022 (Crunchbase)
    – Employees: 38 (Pitchbook)
    – Website visits (Sep 2022): 2,200 visits from 2,200 uniques (SEMrush)
    – Number of articles: 97 (Crunchbase)
  • Social
    Linkedin: 2,000 followers (38 employees)
    Twitter: 260 followers
    YouTube: 270 views, 15 subscribers
    Instagram: 85 followers
  • TrustPilot: No reviews
  • Founders: Andrew Egenes, Phillip Naples

15. Cake Insure (Pinnacol)
FAB score: 4

16. BizInsure
FAB score: 1

  • HQ: SF Bay Area (Oakland)
  • Founded: 2012
  • Traction:
    – Raised: $6.6M (Crunchbase)
    – Employees: 8 (Linkedin)
    – Website visits (Sep 2022): 29,000 visits from 24,000 uniques (SEMrush)
    – Number of articles: 3 (Crunchbase)
  • Social
    Linkedin: 610 followers (11 employees)
    Twitter: 140 followers
    YouTube: 19,000 views, 3 subscribers
  • TrustPilot: No reviews
  • Founder: Greg Morris

17. InsuranceBee
FAB score: 0

  • HQ: Maynard, MA
  • Founded: 2010
  • Traction:
    – Premiums written (gross): $20M Q1 2021
    – Raised: Unkown (Crunchbase)
    – Employees: 8 (Linkedin)
    – Website visits (Oct 2021): 6,100 visits from 6,100 uniques (SimilarWeb)
    – Number of articles: 1 (Crunchbase)
  • Social
    Linkedin: 173 followers (10 employees)
    Twitter: 290 followers
  • FeeFo: 4.6 (57 reviews) (No reviews on TrustPilot)