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).
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Leading USA Digital Small Business Insurers
ranked by our FAB score (Fintech Attention Barometer*)
|Rank||Company||FAB Score||Review Date||Founding||HQ||Funding ($M)||Visits (5/21)|
|1||Next Insurance||229||26 Jun21||2016||SF||$831||500,000|
|3||Pie Insurance||77||26 Jun21||2017||DC||$306||51,000|
|9||Vouch Insurance||13||26 Jun21||2016||SF||$94||15,000|
|10||Cowbell Cyber||10||26 Jun21||2019||SF||$24||1,600|
|11||Simply Business (Travelers)||5||26 Jun21||2005||London||$0||110,000|
|12||Cake Insure (Pinnacol)||3||26 Jun21||2017||Denver||$10||1,400|
|13||Stable Insurance||3||26 Jun21||2018||NYC||$0||50|
Source: FintechLabs, Pitchbook, Crunchbase, Craft, SimilarWeb, SEMrush; 29 June 2021
*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.