CB Insights has released the latest Insurtech 50 list of the world’s most promising or high-potential insurtech startups. The companies that have been selected are said to have a success probability among the international top 3% of private firms, indicated by a median CB Insights’ Mosaic score of 734 out of 1,000 (as of 9/30/2025). This benchmark is considered to be important because broader forces — like AI agent commercialization and extreme weather events — “influence the industry’s tech and underwriting considerations.”
The 2025 Insurtech 50 unveiled by CB Insights reportedly includes 27 insurers and intermediaries and 23 tech vendors, which have so far secured a total of $3.6B in funding. 60% of the so-called “winners” are described as being early-stage insurtechs, a 20-percentage point growth from the past year’s list.
Nearly three-quarters or around 75% of the selected firms were not in business at the start of the current decade, signaling the potential “opportunity for new entrants to shape the industry’s innovation landscape.”
As stated in the report from CB Insights, small and mid-sized businesses fuel growth opportunities for “most insurers and intermediaries.”
The companies selected for the list include 13 insurtechs in the commercial category and 6 in the health and benefits category, which are said to be mainly focused on small and mid-sized businesses.
Most commercial-focused insurtechs offer coverage for “specific SMB segments, like a16z-backed District Cover, which serves small businesses based in cities.”
Proactive risk management is also a key focus areas for some of these firms.
For example, CompScience uses computer vision technology to reduce the likelihood of “workplace injuries that could lead to workers’ compensation claims.”
Four of the insurtechs in the health and benefits category “are ICHRA (individual coverage health reimbursement arrangement) platforms: Stretch Dollar, Thatch, Venteur, and Zorro.”
ICHRA is an alternative to “traditional employer-selected health plans in the US, where employers instead allocate money for their employees to select their preferred qualified plan individually.”
These plans are particularly attractive to SMBs.
Chris Ellis, Founder and CEO of Thatch, emphasized the benefits for workers as well as employers.
Generally, the ICHRA platforms market has seen “favorable market development over the past year, with Mosaic scores (success probabilities) for market leaders steadily increasing.”
Many tech vendors build products for insurers seeking to launch various AI agents.
AI agents are a widespread focus among tech vendors, which are “loosely mapped across the insurance value chain — distribution, underwriting, operations, and claims.”
Examples of AI agent-focused companies include the following:
Quandri, which provides AI agents in order to support insurance agency renewals.
Sixfold, whose agents include an underwriting referral agent in October of this year.
PenguinAi, a platform for payers (and providers) founded “by the former Chief Data Officer of Kaiser Permanente and UnitedHealthcare.”
Elysian, a claims TPA with a focus “on AI agent orchestration.”
Workflow improvements to support decision-making “are the primary focus for agentic AI deployment among the winners.”
In the 12 months following publication, the 2024 Insurtech 50 winners posted accomplishments, including the following:
- 15 equity funding rounds.
- $422M in equity funding (i.e., 9% of global insurtech funding).
- 26% median headcount growth, directly resulting in 1,600+ new jobs.
- 4 exits — Accelerant, Bowtie, EvolutionIQ, and Next Insurance.
- 21-point increase in median Mosaic scores.