The Future Of Insurance: Fintech 50 2023

From startups protecting against cyber attacks to a new home insurer aiming to hold down costs with a digital-first approach, six insurtech businesses made our Fintech 50.

Over the past year, some insurtech companies have faced an even tougher road than those in other beleaguered categories of fintech—witness the now-public stocks of Fintech 50 alumni Lemonade, Hippo and Root, which are down 75% to 99% from their peaks. Yet six private insurtech companies made our Fintech 50 for 2023, with each taking its own novel approach to biting off a tiny piece of the $1.4 trillion U.S. insurance market.

Cyber insurance startup At-Bay made its Fintech 50 debut this year. Founded by a former captain in the Israeli Military Intelligence, it provides insurance and consulting services to mitigate security risks for small and medium-sized businesses. It reached $79 million in revenue in 2022, up from $40 million the year before. Its larger cyber insurance competitor Coalition also made the Fintech 50 (its third straight year on our honor roll). Coalition doubled its number of cyber customers in 2022 to 60,000 as it refocused on its mainstay business. (In January 2023, Coalition sold Attune, a small business commercial insurance company it had acquired just 15 months prior.)