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
- HQ: London
- Founded: 2005
- Acquired by Travelers in 2017 for $490M
- Traction:
– Raised: Unknown (Crunchbase)
– Employees: 800 (Pitchbook)
– Website visits (Aug 2022): 780,000 visits to .uk (SimilarWeb); 140,000 to .com (SimilarWeb)
– Number of articles: 37 (Crunchbase) - Social
Linkedin: 13,200 followers (848 employees)
Twitter: 31,000 followers
YouTube: 3.1M views, 3,700 subscribers
Instagram: 7,000 followers - TrustPilot: 4.2 (2,345 reviews)
- Founders: Brad Liebmann, Chris Slater, Deno Fischer, Jim Nelson, Ralph Arnold
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
- HQ: Denver, CO
- Founded: 2017
- Subsidiary of Pinnacol Assurance
- Traction:
– Raised: $10.1M (Crunchbase)
– Employees: 32 (Pitchbook)
– Website visits (Aug 2022): 4,000 visits from 4,000 uniques (SEMrush)
– Number of articles: 0 (Crunchbase) - Social
Linkedin: 630 followers (6 employees)
Twitter: 120 followers
YouTube: 1.2M views, 14 subscribers
Instagram: 123 followers - TrustPilot: No reviews
- Founder: Robert Norris
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)