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 Savings & Treasury Accounts (8) | 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 (US$M)** Visits
(Mar ’23)
1 1 Coalition 342 18 Apr ’23 2017 SF $770 72,000
2 3 Pie Insurance 254 18 Apr ’23 2017 DC $621 120,000
3 2 Next Insurance 251 18 Apr ’23 2016 SF $881 440,000
4 4 Newfront 118 18 Apr ’23 2017 SF 310 33,000
5 5 Embroker 72 18 Apr ’23 2015 SF $142 140,000
6 6 Cowbell Cyber 66 18 Apr ’23 2019 SF $123 15,000
7 7 Vouch Insurance 44 18 Apr ’23 2016 SF $160 16,000
8 8 INSHUR 42 18 Apr ’23 2016 NYC $50 140,000
9 9 Thimble 19 18 Apr ’23 2015 NYC $29 130,000
10 10 Insureon 17 18 Apr ’23 1997 Chicago $31 250,000
10 NEW Glow 17 18 Apr ’23 2018 SF $27 0
12 12 CoverWallet 11 18 Apr ’23 2015 NYC $28 66,000
13 14 Layr 8 18 Apr ’23 2016 Atlanta $16 12,000
14 11 Stable Insurance 5 18 Apr ’23 2018 NYC $3 0
15 16 Bizinsure 4 18 Apr ’23 2012 SF $7 47,000
16 15 Cake Insure (Pinnacol) 3 18 Apr ’23 2017 Denver $10 2,500
17 13 Simply Business (Travelers) 2 18 Apr ’23 2005 London $0 98,000
18 17 InsuranceBee 0 18 Apr ’23 2010 Boston $0 6,000

Source: FintechLabs, Pitchbook, Crunchbase, SimilarWeb, SEMrush; 18 April 2023
“Was” is rank on 25 Oct 2022

Profiles of Digital SMB Insurtech Startups

1. Coalition
FAB score: 342 (down 2 since Oct 2022)

  • 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: 500 (Pitchbook), up 11 since Oct 2022
    – Website visits (Mar 2023): 72,000 (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: 23,400 followers (534 employees)
    YouTube: 15,000 views, 990 subscribers
    TrustPilot: NA (no reviews)
    Articles: 649 (Crunchbase)

2. Pie Insurance
FAB score: 254 (up 7)

  • 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: 460 (Pitchbook), up 50 since Oct 2022
    – Insurance agency partners: 1,000+
    – Website visits (Mar 2023): 120,000 (SimilarWeb)
    – Number of articles: 54 (Crunchbase)
  • Social
    Linkedin: 14,000 followers (452 employees)
    YouTube: 3.5M views, up 300k since Oct 2022 (464 subscribers)
    Instagram: 2,400 followers
    TrustPilot: 4.6 (496 reviews)
  • Founders:
    – John Swigart, CEO (previously CMO at Esurance)
    – Dax Craig, President (previously co-founded Valen Analytics)

3. Next Insurance
FAB Score: 251 (down 19)

  • 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 (Mar 2023): 440,000 (SimilarWeb)
    – Employees: 800 (Pitchbook), up 60 since Oct 2022
    – Articles: 87 (Crunchbase)
  • Social
    – Linkedin: 34,000 followers (664 employees)
    – Trustpilot: 2.5 (Note: Only 5 reviews)
    – YouTube: 47M views, up 15M since Oct 2022; 5,260 subscribers

4. Newfront

FAB score: 118 (up 1)

  • HQ: San Francisco
  • Founded: 2017
  • Traction:
    – Raised: $310M (Crunchbase) including $200M in 2022
    – Employees: 850 (Pitchbook), up 78 since Oct 2022
    – Website visits (Mar 2023): 33,000 (SimilarWeb)
    – Number of articles: 19 (Crunchbase)
  • Social
    Linkedin: 14,200 followers (776 employees)
    YouTube: NA
    Instagram: 429 followers
    TrustPilot: NA
  • Founder: Spike Lipkin, CEO

5. Embroker
FAB score: 72 (down 3)

  • HQ: SF
  • Founded: 2015
  • Traction:
    – Premiums written (gross): $20M Q1 2021
    – Raised: $142M (Crunchbase) including $100M in 2021
    – Employees: 194 (Pitchbook), unchanged from Oct 2022
    – Website visits (Mar 2023): 140,000 visits (SimilarWeb)
    – Number of articles: 40 (Crunchbase)
  • Social
    Linkedin: 8,700 followers (220 employees)
    YouTube: 10,600 views, 249 subscribers
    Instagram: 3,500 followers
  • TrustPilot: No reviews
  • Founders: Matt Miller, Sean X Cummings, Yotam Shacham

6. Cowbell Cyber
FAB score: 66 (up 2)

  • HQ: SF Bay Area (Pleasanton)
  • Founded: 2019
  • Traction:
    – Raised: $123M (Crunchbase) including $20M in 2021 & $100M in 2022 (August)
    – Employees: 251 (Pitchbook), up 66 since Oct 2022
    – Website visits (Mar 2023): 15,000 (SimilarWeb)
    – Number of articles: 800 (Crunchbase)
  • Social
    Linkedin: 7,100 followers (251 employees)
    YouTube: 4,200 views, 86 subscribers
  • TrustPilot: No reviews
  • Founders: Jack Kudale, Prab Reddy, Rajeev Gupta, Trent Cooksley

7. Vouch 
FAB score: 44 (up 1)

  • HQ: SF
  • Founded: 2018
  • Traction:
    – Raised: $160M (Crunchbase) including $60M in 2021
    – Employees: 150 (Pitchbook), down 40 since Oct 2022
    – Website visits (Mar 2023): 16,000 visits (SimilarWeb)
    – Number of articles: 9 (Crunchbase)
  • Social
    Linkedin: 8,800 followers (209 employees)
    Instagram: 900 followers
  • TrustPilot: No reviews
  • Founders: Sam Hodges, Travis Hedge

8. INSHUR
FAB score: 42 (up 12)

  • HQ: NYC
  • Founded: 2016
  • Traction:
    – Raised: $49.6 (Crunchbase) including $13M April 2023 and $25M in 2021
    – Employees: 121 (Pitchbook), down 3 from Oct 2022
    – Website visits (Mar 2023): 140,000 visits (SimilarWeb)
    – Number of articles: 15 (Crunchbase)
  • Social:
    Linkedin: 9,200 followers (121 employees)
    YouTube: 30,500 views, 126 subscribers
    Instagram: 218 followers
  • TrustPilot: 4.5 (4,200 reviews)
  • Founders: Dan Bratshpis, David Daiches, Mathew Donfrancesco, Matthew Tomlinson, Richard Anderson

9. Thimble (Acquired by Arch Insurance)
FAB score: 19 (down 2)

  • HQ: NYC
  • Founded: 2015
  • Traction:
    – Raised: $28.9M (Crunchbase)
    – Employees: 40 (Pitchbook), down 20 since Oct 2022
    – Website visits (Mar 2023): 130,000 visits (SimilarWeb)
    – Number of articles: 16 (Crunchbase)
  • Social
    Linkedin: 6,300 followers (38 employees)
    YouTube: 3.3M views, 123 subscribers
    Instagram: 1,300 followers
  • TrustPilot: 4.6 (1,250 reviews)
  • Founders: Eugene Hertz, Jay Bregman

10 (tie). Insureon
FAB score: 17 (down 2)

  • HQ: Chicago
  • Founded: 1997
  • Traction:
    – Raised: $31M (Crunchbase)
    – Employees: 128 (Pitchbook), down 5 from Oct 2022
    – Website visits (Mar 2023): 250,000 visits (SimilarWeb)
    – Number of articles: 45 (Crunchbase)
  • Social
    Linkedin: 4,200 followers (123 employees)
    YouTube: 20,000 views, 353 subscribers
    Instagram: 45 followers
  • TrustPilot: 4.0 (256 reviews)
  • Founders: Jim Cochran, Michael Cline, Ted Devine

10 (tie): Glow
Fab score: 3 (NEW)

  • HQ: SF
  • Founded: 2018
  • Products: Worker’s compensation
  • Traction:
    – Raised: $27M (Crunchbase), including 22.5M in Oct 2022
    – Employees: 37 (Pitchbook)
    – Website visits (Aug 2022): Under 5,000 (SimilarWeb)
    – Number of articles: 0 (Crunchbase)
  • Social
    Linkedin: 1,200 followers (32 employees)
    TrustPilot: No reviews
  • Founder: Samad Wahedi

12. CoverWallet (acquired by AON, Nov 2019)
FAB score: 11 (down 2)

  • HQ: NYC
  • Founded: 2015
  • Acquired by AON in Jan 2020
  • Traction:
    – Raised: $28.3M (Crunchbase)
    – Employees: 300 (Pitchbook), unchanged since Oct 2022
    – Website visits (Mar 2023): 60,000 visits (SimilarWeb)
    – Number of articles: 21 (Crunchbase)
  • Social
    Linkedin: 22,100 followers (427 employees)
    YouTube: 38,000 views, 68 subscribers
  • TrustPilot: 1.9 (13 reviews)
  • Founders: Inaki Berenguer, Rashmi Melgiri

13. Layr
FAB score: 8 (up 1)

  • HQ: Atlanta, Georgia
  • Founded: 2016
  • Traction:
    – Raised: $15.6 including $10M in 2022 (Crunchbase)
    – Employees: 45 (Pitchbook), up 7 from Oct 2022
    – Website visits (Mar 2023): 12,300 visits from 7,900 uniques (SEMrush)
    – Number of articles: 97 (Crunchbase)
  • Social
    Linkedin: 2,200 followers (44 employees)
    YouTube: 350 views, 15 subscribers
    Instagram: 86 followers
  • TrustPilot: No reviews
  • Founders: Andrew Egenes, Phillip Naples

14. Stable Insurance
FAB score: 5 (down 13)

  • HQ: NYC
  • Founded: 2018
  • Traction:
    – Raised: $3.3M including $3M in 2022 and $300k in 2021 (Crunchbase)
    – Employees: 12 (Pitchbook), down 5 from October 2022
    – Website visits (Mar 2023): INA (SEMrush)
    – Number of articles: 29 (Crunchbase)
  • Social
    Linkedin: 1,300 followers (4 employees)
  • TrustPilot: No reviews
  • Founders: Douglas Ver Mulm, Stephen Dekker

15. BizInsure
FAB score: 4 (up 3)

  • HQ: SF Bay Area (Oakland)
  • Founded: 2012
  • Traction:
    – Raised: $6.6M (Crunchbase)
    – Employees: 12 (Linkedin), up 1 from Oct 2022
    – Website visits (Mar 2023): 47,000 visits from 41,000 uniques (SEMrush)
    – Number of articles: 3 (Crunchbase)
  • Social
    Linkedin: 790 followers (12 employees)
    YouTube: 19,000 views, 3 subscribers
  • TrustPilot: No reviews
  • Founder: Greg Morris

16. Cake Insure (Pinnacol)
FAB score: 3 (down 1)

  • HQ: Denver, CO
  • Founded: 2017
  • Subsidiary of Pinnacol Assurance
  • Traction:
    – Raised: $10.1M (Crunchbase)
    – Employees: 32 (Pitchbook), unchanged since Oct 2022
    – Website visits (Aug 2022): 2,500 visits from 2,500 uniques (SEMrush)
    – Number of articles: 0 (Crunchbase)
  • Social
    Linkedin: 650 followers (6 employees)
    YouTube: 1.2M views, 14 subscribers
    Instagram: 123 followers
  • TrustPilot: No reviews
  • Founder: Robert Norris

17. Simply Business (acquired by Travelers in 2017)
FAB score: 2 (down 6)

18. InsuranceBee
FAB score: 0 (unchanged)

  • HQ: Maynard, MA
  • Founded: 2010
  • Traction:
    – Premiums written (gross): $20M Q1 2021
    – Raised: Unkown (Crunchbase)
    – Employees: 11 (Linkedin), up 1 from Oct 2022
    – Website visits (Oct 2021): 6,000 visits from 4,100 uniques (SEMrush)
    – Number of articles: 1 (Crunchbase)
  • Social
    Linkedin: 185 followers (11 employees)
  • FeeFo: 4.7 (44 reviews in past year) (No reviews on TrustPilot)

 

Notes:
* 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.
**Funding: Includes equity and debt funding per Crunchbase.

Disclaimer:
Our business model depends on revenue from referrals and sponsors. When you see a referral link in the URL, we may earn a fee when a new account is started (thanks!). This can improve visibility on our website, but does not impact the company’s FAB score.