What are the most valuable InsurTech startups?

Top startups in the InsurTech Market ranked by valuation

Here is an updated table that ranks the top startups in the InsurTech Market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report covering the InsurTech Market.

The most valuable private InsurTech startups currently form a fairly clear top tier: Alan sits around $6 billion, Corgi and Coalition around $5 billion, Chapter around $3 billion, and Ledgebrook around $2.6 billion.

That top five also shows where investors are willing to place the biggest bets. There is no single winning InsurTech model. Alan sells health insurance, Corgi and Ledgebrook operate in commercial and specialty insurance, Coalition combines cyber insurance with cybersecurity, and Chapter helps seniors navigate Medicare.

Below them, the ranking drops quickly. Kin and Marshmallow sit around $2 billion, Cover Genius is valued at $1.9 billion, and companies such as CyberCube, Ominimo and Nirvana are in roughly the $1.5 billion to $2 billion zone. After that, valuations fall toward the $1 billion line.

Using the midpoint of valuation ranges where necessary, the ten largest names in our ranking are worth roughly $31 billion combined. The median company in the 100-company ranking is worth only a little over $300 million, so a lot of InsurTech value is concentrated near the top.

Rank	InsurTech startup	Current valuation
1	Alan	~$6.3B
2	Corgi	~$5.0B
3	Coalition	~$5.0B
4	Chapter	~$3.0B
5	Ledgebrook	~$2.6B
6	Kin	~$2.2B
7	Marshmallow	~$2.1B
8	Cover Genius	$1.9B
9	CyberCube	~$1.65B
10	Ominimo	~$1.6B
11	Nirvana Insurance	$1.5B
12	Curative	~$1.3B

Is Alan really the most valuable InsurTech startup today?

Alan has the strongest case for being the most valuable private InsurTech company today because its roughly €5 billion valuation is backed by a recent financing and a business already approaching $1 billion in annual recurring revenue.

TechCrunch reported that Alan's latest €100 million funding round valued the French health insurer at €5 billion. Currency movements can shift the dollar equivalent, which explains why a dollar ranking can place Alan closer to $6 billion than the roughly $5.8 billion conversion reported when the round was announced.

The operating numbers make the valuation easier to defend than a simple funding headline would suggest. Alan said it served about one million employees, freelancers and retirees and generated approximately €785 million in ARR in 2025, up 53% year over year. It has also reached operating profitability in France, although the group as a whole remains focused on growth rather than near-term profit.

That puts Alan in a different position from many earlier InsurTech unicorns. Its valuation is roughly seven to eight times recent ARR rather than being based mainly on a promise of future scale. The company is also expanding outside France into Belgium, Spain and Canada.

Corgi could overtake Alan if its current pace continues, but Alan still has the cleaner combination of a recent priced valuation, large recurring revenue and demonstrated operating scale.

How did Corgi become a roughly $5 billion InsurTech company so quickly?

Corgi's rise is one of the fastest valuation increases we have seen in modern InsurTech, going from a young Y Combinator startup to several billion dollars of value in little more than two years.

The sequence is unusually compressed. Corgi raised $160 million at a $1.3 billion valuation, followed only weeks later by another $106 million at $2.6 billion. TechCrunch subsequently reported that another extension had closed around a $4 billion valuation. Our current range around $5 billion reflects the stronger revenue trajectory and financing momentum that followed, although this part deserves more caution than the company's earlier directly disclosed valuations.

The speed is easier to understand when we look at the business Corgi says it is building. It sells commercial insurance to technology companies, including general liability, cyber coverage and technology or AI liability. Forbes reported annualized revenue around $100 million when Corgi first became a unicorn, while later reporting cited a possible year-end run rate approaching $450 million.

That is a huge increase in business volume, not just a financial repricing. Corgi has also moved into additional insurance lines and embedded distribution.

The catch is that insurance revenue cannot be judged like SaaS revenue. Claims, reserving, reinsurance and capital requirements matter a lot. Corgi is clearly one of the fastest-growing InsurTech companies today, but the highest end of its current valuation range still deserves more caution than Alan's directly priced figure.

Is Coalition still worth about $5 billion?

Coalition can still reasonably be valued around $5 billion, but its $5 billion funding-round valuation is much older than the freshest numbers at the top of the InsurTech ranking.

Coalition reached that figure when a $250 million Series F increased its valuation from $3.5 billion to $5 billion. The company had already become one of the most prominent cyber-insurance startups by combining insurance coverage with cybersecurity monitoring and incident response.

The issue today is age rather than evidence quality. A completed financing at $5 billion is strong evidence of what investors paid at the time, but several years have passed since that round and private technology valuation conditions have changed a lot.

We therefore treat roughly $4.5 billion to $5.5 billion as more defensible than pretending the old $5 billion number remains exact. Coalition has a large installed business and operates in one of the better-funded areas of InsurTech, so there is little evidence for the kind of collapse seen at wefox. We also do not have a fresh priced round that would justify confidently pushing it well above $5 billion.

That is why Coalition and Corgi can currently sit beside each other in a ranking even though Corgi's valuation evidence is far newer.

Why is Chapter suddenly worth around $3 billion?

Chapter reached roughly $3 billion because its Medicare business has grown unusually quickly while becoming far more efficient, giving investors something closer to a scaled distribution platform than a conventional insurance broker.

Chapter raised $100 million in its latest Series E after having been valued at about $1.5 billion in its prior round. Reporting around the financing put the new valuation near $3 billion.

The commercial progression behind that jump is strong. Chapter crossed roughly $100 million of annual recurring revenue after reportedly tripling revenue during 2025. The company has built technology to compare Medicare plans and combines that software with licensed human advisors.

It is monetizing a very large existing market rather than waiting for a new insurance category to emerge. More than 35 million Americans are now enrolled in Medicare Advantage plans, creating a huge recurring decision point around plan selection, switching and benefits.

A $3 billion valuation on roughly $100 million of ARR still implies a rich multiple, around 30 times revenue. Investors are assuming a lot more growth. But the valuation increase came alongside a real change in business scale, which makes the jump easier to defend.

Why are Ledgebrook, Kin and Marshmallow all worth around $2 billion?

Ledgebrook, Kin and Marshmallow have reached roughly the same valuation through three very different insurance models.

Ledgebrook focuses on excess-and-surplus and specialty commercial insurance. Its recent financing records imply a valuation around $2.6 billion, putting a relatively young specialty MGA above many older consumer InsurTech brands.

Kin reached a $2 billion pre-money valuation in a completed Series E. More importantly, Kin said it had more than $600 million in premium in force at the time. By the second quarter of 2026, premium in force had risen above $700 million, while Kin Insurance reported continued profitability.

Marshmallow followed another path. It built motor insurance around customers who were often poorly served by traditional underwriting models, particularly migrants in the UK. When it raised $90 million, TechCrunch reported a valuation slightly above $2 billion, roughly one million insured drivers and a profitable annual revenue run rate around $500 million.

The common thread is scale. All three have moved beyond the stage where valuation depends mainly on a technology narrative.

How many InsurTech unicorns are there right now?

We can identify at least 17 private InsurTech companies with defensible valuations of $1 billion or more today, while another small group sits close enough to the threshold that the exact count depends on how current estimates are treated.

Within the 100-company ranking, 16 companies have either a point valuation of at least $1 billion or a range whose lower end reaches $1 billion. Thatch also sits exactly at $1 billion. Adding bolttech, which raised capital at a reported $2.1 billion valuation and fits the embedded-insurance infrastructure category, pushes the broader market count higher.

Reserv, InsuranceDekho and Clearcover sit near the line depending on which evidence gets the most weight. Clearcover, for example, has historically carried a $1 billion valuation, while some newer financing evidence is less transparent. Reserv and InsuranceDekho have current ranges that cross the threshold.

So the practical answer is the high teens, not dozens of solidly valued InsurTech unicorns.

Valuation tier	Approximate number of companies	What it tells us
$5B+	3	A very small elite
$2B–$5B	~5	Strong scale or very rapid growth required
$1B–$2B	~9–12	Main unicorn cluster
$500M–$1B	~15	Large pipeline below unicorn level
$250M–$500M	~30	Densest growth-stage group
Below $250M	~35	Long tail of younger companies

What kinds of InsurTech startups get the biggest valuations?

The highest InsurTech valuations currently go to companies that control insurance economics or large distribution flows rather than companies selling narrow software tools.

Alan, Corgi, Coalition, Ledgebrook, Kin, Marshmallow, Ominimo and Nirvana all participate directly in insurance underwriting, brokerage, MGA activity or policy distribution. These businesses can capture economics tied to premium volumes that become very large if underwriting and distribution scale successfully.

Chapter and Thatch sit slightly outside that pattern, but both touch health-insurance purchasing and benefits flows. Cover Genius similarly earns its valuation from embedding protection into very large commercial distribution networks.

Pure software businesses can still become valuable. CyberCube is worth well above $1 billion on some current estimates, Federato is around three-quarters of a billion dollars, and Akur8 sits roughly around half a billion. Most insurance SaaS and workflow companies remain below the largest carriers, MGAs and distribution platforms.

Insurance software is easier to scale with less balance-sheet risk, but the available revenue pool per customer can be smaller. Investors are currently paying more for companies that combine technology with control over insurance premium economics when the underwriting performance looks credible.

Is AI actually pushing InsurTech valuations higher?

AI is clearly contributing to InsurTech valuations now, although investors are rewarding companies that connect AI to measurable insurance economics much more than companies that simply describe themselves as AI-native.

Corgi is the most obvious example. Its AI underwriting and quoting story sits alongside an extremely fast increase in annualized revenue and multiple successive funding rounds. Ominimo provides another strong case: the company uses data and machine learning to price motor risk and went from roughly $230 million to around $1.6 billion in little more than a year.

Nirvana uses telematics and AI for commercial trucking insurance and almost doubled its valuation from approximately $830 million to $1.5 billion between successive rounds. Pace reached a $375 million valuation after building AI agents for insurance back-office workflows. Outmarket recently reached roughly $335 million after gaining more than 300 insurance agencies as customers, including about a quarter of the top 100 agencies according to its founder.

Liberate is worth around $300 million and sells insurance-specific AI agents. FurtherAI, Sixfold, Qantev, Gradient AI and mea Platform all sit in the same broader theme.

AI gets investors interested. Underwriting results, customer adoption, premium volume and workflow automation decide how high the valuation can actually go.

Why are AI insurance software startups still worth less than insurers like Alan or Kin?

Most AI insurance software startups remain smaller because automating insurance work does not automatically give them access to the huge premium pools captured by insurers, MGAs and distributors.

Pace is valued around $375 million despite its rapid adoption. Liberate sits around $300 million. Outmarket is around $335 million. Federato, one of the more established AI underwriting software platforms, is closer to $750 million to $800 million.

Those are substantial valuations, but they remain far below Alan, Kin, Marshmallow or Coalition.

The economic model explains most of the difference. Software companies generally charge subscriptions or usage fees. A carrier, MGA or broker can earn revenue linked to billions of dollars of insurance premium. If underwriting economics hold up, that creates a much larger potential revenue base.

Software companies do have one big advantage: they can scale without taking direct insurance risk. A platform like Federato can therefore become a very strong business even if its headline valuation remains lower than a fast-growing carrier.

The gap probably narrows only when insurance AI platforms become system-of-record products with very large recurring revenue streams rather than point solutions attached to existing insurers.

Is cyber insurance still one of the hottest parts of InsurTech?

Cyber insurance remains one of InsurTech's most valuable categories, although the market has separated into a few very large leaders and a much longer tail.

Coalition remains the standout at roughly $5 billion. CyberCube, which provides cyber-risk modeling and analytics rather than insurance policies themselves, attracted an investment of more than $180 million from Spectrum Equity and is currently valued in roughly the $1.3 billion to $2 billion range in our work.

Below them, Cowbell sits around $375 million to $475 million, while Stoïk is closer to $160 million to $290 million. Elpha Secure is much smaller.

The category keeps attracting capital because cyber risk changes quickly, historical loss data is limited, and new technology creates new exposures faster than conventional insurance products can adapt. Autonomous AI systems are adding another layer of liability around cyber incidents, model behavior, intellectual property and corporate oversight.

The valuation gap inside cyber is huge, though. Coalition has built both security capabilities and an insurance business at significant scale. CyberCube has become infrastructure used by major carriers and brokers. Smaller competitors still need much larger premium volumes or much deeper integration before they get close.

Are health-insurance startups becoming the biggest part of InsurTech?

Health-related InsurTech has produced several of today's largest valuations, led by Alan and Chapter, but commercial P&C and specialty insurance remain equally important at the top of the market.

Alan is worth roughly $6 billion. Chapter is around $3 billion. Curative sits around $1.3 billion, while Thatch recently became a $1 billion company. Sidecar Health remains significant even after its valuation reset, and Connie Health, Yuzu Health, Plum, Onsurity and Stack Health add a large group of smaller companies.

Thatch is particularly interesting because it shows how quickly employer benefits infrastructure can grow. The company said revenue increased nearly sevenfold year over year and that more than 5,000 employers were using its platform when it raised $108 million at a $1 billion valuation.

The common thread is huge healthcare spending flows that remain administratively difficult. Alan simplifies employer health insurance. Chapter helps seniors navigate Medicare. Thatch helps companies offer individual health plans through ICHRA-style arrangements.

Health is therefore one of the strongest InsurTech valuation pools today, alongside specialty commercial insurance, cyber and digitally underwritten P&C.

Is Europe catching up with the US in InsurTech valuations?

Europe is producing several of the world's most valuable InsurTech startups, but the US still has a much deeper pipeline across the ranking.

Alan gives Europe the current valuation leader. Marshmallow is above $2 billion, Ominimo reached approximately $1.6 billion only two years after launch, and companies such as hyperexponential, Akur8, Stoïk, Qantev, Orus, Dalma and INSTANDA add depth below the unicorn level.

The US dominates the overall number of high-value companies. Corgi, Coalition, Chapter, Ledgebrook, Kin, CyberCube, Nirvana and Thatch alone account for a large share of the top 20. It also has much greater depth among the $200 million to $800 million companies.

Europe's recent performance is still striking because its strongest companies are emerging from several different markets. Alan comes from France, Marshmallow from the UK and Ominimo from Central and Eastern Europe.

Wefox is the reminder that Europe has produced giant InsurTech valuations before and some of them did not hold. Today's strongest European companies look more convincing when their valuations are backed by profitability, premium scale or recent funding rather than an old unicorn label.

Which InsurTech startups have increased their valuations the fastest?

Corgi, Ominimo, Chapter, Nirvana and Thatch stand out as some of the fastest recent InsurTech valuation risers, and several of those increases happened alongside unusually strong revenue growth.

Corgi's trajectory is the most extreme. Its disclosed valuation moved from $1.3 billion to $2.6 billion within weeks, followed by reporting around another roughly $4 billion financing. Ominimo moved from around $230 million to $1.6 billion in roughly fifteen months.

Chapter doubled from approximately $1.5 billion to around $3 billion in about a year as revenue passed $100 million. Nirvana climbed from $830 million to $1.5 billion in roughly nine months. Thatch went from a reported valuation around $410 million during its previous round to $1 billion while revenue increased almost sevenfold.

Different businesses, same pattern: when the operating metrics move fast, investors are still willing to reprice InsurTech very quickly.

Company	Earlier valuation	Newer valuation	Approximate increase
Ominimo	~$230M	$1.6B	~7x
Corgi	$1.3B	$4B+ reported/currently estimated higher	>3x
Thatch	~$410M	$1.0B	~2.4x
Chapter	$1.5B	~$3.0B	~2x
Nirvana Insurance	~$830M	$1.5B	~1.8x
Coterie Insurance	~$376M	~$559M	~1.5x
Honeycomb Insurance	~$140M previous mark	~$430M financing evidence	~3x

Does raising more money make an InsurTech startup more valuable?

Total funding has a surprisingly weak relationship with current InsurTech valuation once we look beyond the largest companies.

Wefox is the clearest example. It has raised roughly $1.8 billion across its history, more capital than almost every company in the ranking, yet its current estimated value is only around $450 million to $650 million after restructuring and asset sales.

Ominimo sits at the opposite extreme. It has raised only around $34 million in disclosed equity while reaching a $1.6 billion valuation. Its business was already profitable before its first institutional investment.

Honeycomb has raised under $100 million while financing evidence indicates a valuation around $430 million. Faye has raised roughly $100 million and is estimated around $500 million. Pace raised about $55 million before being valued at $375 million.

Insurance businesses often need capital for regulatory requirements, product expansion and growth, but capital efficiency is now part of the valuation story too. Simply having raised a huge amount of money does not impress investors the way it did during the previous funding boom.

Company	Approx. total funding	Current valuation	Valuation vs. funding
Ominimo	~$34M	$1.6B	~47x
Pace	~$55M	$375M	~7x
Faye	~$100M	~$500M	~5x
Honeycomb	~$95M	~$432M	~4.5x
Nirvana Insurance	~$268M	$1.5B	~5.6x
Corgi	~$400M+	~$5B estimate	~12x
wefox	~$1.8B	~$450M–$650M	<0.4x

What happened to wefox's $4.5 billion valuation?

Wefox shows why old private-market valuations cannot simply be carried forward forever. The company went from a $4.5 billion InsurTech unicorn to a business worth far less than $1 billion after losses, restructuring and asset sales.

Wefox raised $400 million at a $4.5 billion valuation during the previous InsurTech boom. Less than two years later, Sky News reported that management had warned investors about possible insolvency if the group could not restructure its loss-making operations.

The company subsequently sold businesses, including Italian operations and its Liechtenstein insurer, and raised €151 million through new equity and debt refinancing. Wefox now focuses more heavily on asset-light MGA activity and insurance distribution in a smaller number of markets.

The business did not disappear, but the economic entity investors were valuing at $4.5 billion changed substantially.

For the ranking, a recent $1.5 billion financing can be more informative than a famous $4 billion financing from several years ago. Private-company rankings get misleading very quickly when historical unicorn valuations are treated like permanent market capitalizations.

Which InsurTech valuations look the most uncertain right now?

The InsurTech valuations we would treat most cautiously are companies where the last clear valuation is old, where recent financing did not disclose the price, or where the estimate depends heavily on revenue multiples and comparable companies.

Coalition is a good example of a strong business with an aging valuation anchor. Its $5 billion figure came from a completed round, but the round is no longer recent enough to treat $5 billion as an exact current number.

CyberCube has very strong operating evidence and a large $180 million investment from Spectrum Equity, although its exact valuation was not publicly disclosed. A range is more defensible.

Openly, hyperexponential, Akur8, Vitesse, Neat and several companies in the $400 million to $900 million group also require broader estimation because their latest funding announcements do not always give us a direct valuation.

The uncertainty gets wider lower down the ranking. A $150 million-to-$250 million private startup can move a lot based on one financing round, one acquisition offer or a change in revenue growth.

We have much more confidence in a recent priced round such as Alan, Kin, Cover Genius, Nirvana or Thatch than in an equally precise-looking number built mainly from comparables.

Are newer InsurTech startups overtaking the companies from the 2021 boom?

Several of the fastest-rising InsurTech companies today are much younger than the unicorns that dominated the previous funding cycle, and some have already overtaken them.

Corgi was founded in 2024 and is already worth several billion dollars. Ominimo also launched in 2024 and reached a $1.6 billion valuation roughly two years later. Pace, founded in 2024, is already worth $375 million. Outmarket's latest round values it around $335 million after rapid expansion among insurance agencies.

Compare those companies with older names such as wefox, Zego, Branch and Sidecar Health. Each attracted substantial funding during the previous cycle, yet their current values are either below previous peaks or far below the newest InsurTech leaders.

Being young does not create a valuation advantage by itself. The newer companies were built around technologies and market conditions that did not exist in quite the same form five years ago. AI underwriting, agentic workflow automation, richer telematics and better insurance APIs let them attack narrower workflows with much smaller initial teams.

The market is rotating. Some former unicorns remain strong, while much of the fastest valuation growth is going to a new generation.

Why can two InsurTech startups with similar valuations be completely different sizes?

InsurTech valuations are especially difficult to compare using revenue alone because a dollar of insurance premium, brokerage commission and SaaS revenue are economically very different.

Marshmallow reportedly had a profitable annual revenue run rate around $500 million when valued just above $2 billion. Alan reported roughly €785 million of ARR before reaching a €5 billion valuation. Chapter, meanwhile, reached approximately $3 billion with revenue a little above $100 million.

That would look strange if all three businesses were conventional software companies. They are not.

Alan is an insurer handling enormous healthcare flows. Marshmallow's revenue is tied to motor insurance economics. Chapter operates a Medicare distribution and advisory model with a far more asset-light cost structure. A dollar of Chapter's revenue can therefore deserve a higher multiple than a dollar of premium-heavy insurance revenue if investors expect better margins and faster scaling.

The same issue appears throughout the ranking. Cover Genius processes embedded protection across hundreds of millions of policies. CyberCube sells analytics. Federato sells underwriting software. Nirvana underwrites commercial trucking risk.

A valuation ranking tells us how much investors believe each company is worth. It is not a ranking of revenue size.

Which InsurTech startups could become the next unicorns?

Reserv, InsuranceDekho, Clearcover, Bestow, Federato and hyperexponential currently look like some of the clearest candidates to move above the $1 billion level, although their paths are very different.

Reserv is already estimated between roughly $900 million and $1.2 billion and is building AI-native claims administration. InsuranceDekho also sits around the line and has scale in India's insurance distribution market.

Clearcover has carried a historical $1 billion valuation and continues to raise capital, so its status depends heavily on how its newer financing is priced. Bestow sits around $850 million to $950 million based on recent share-price evidence and has reported very rapid revenue growth since shifting toward life-insurance infrastructure.

Federato is closer to $750 million to $800 million after a $100 million Series D led by Goldman Sachs Alternatives. Hyperexponential sits around $550 million to $750 million and sells pricing and underwriting software into commercial insurance.

The next layer is not far behind. Coterie is around $560 million, Faye around $500 million, Akur8 around $450 million to $600 million, and Counterpart around $400 million to $550 million.

InsurTech startup	Current valuation range	Main route to $1B
Reserv	$900M–$1.2B	Scale AI claims platform
InsuranceDekho	$900M–$1.1B	Larger distribution and potential listing
Clearcover	~$900M–$1.1B	Fresh pricing of carrier growth
Bestow	~$850M–$950M	Enterprise life-insurance software growth
Federato	~$730M–$800M	Large-carrier AI adoption
hyperexponential	~$550M–$750M	Commercial insurance software expansion
Coterie Insurance	~$530M–$560M	SMB commercial insurance growth
Akur8	~$450M–$600M	Global actuarial software expansion

Is InsurTech back in another valuation boom?

InsurTech is clearly in a new valuation upswing, but today's boom is narrower and more demanding than the one that produced many of the sector's 2021 unicorns.

The evidence is difficult to ignore. Corgi has been repriced multiple times in a matter of months. Ominimo increased roughly sevenfold from its first institutional valuation. Chapter doubled. Nirvana nearly doubled. Thatch more than doubled. Outmarket raised successive rounds only months apart. Cover Genius returned to a $1.9 billion valuation while reporting 50% annual revenue growth.

At the same time, capital is far from indiscriminate. Wefox remains the obvious warning. Sidecar Health is worth far less than its former peak. Zego is well below its previous unicorn valuation. Plenty of well-funded InsurTech startups remain worth only a few hundred million dollars.

The companies winning the largest valuations today generally show one of three things: very large existing insurance economics, extremely fast measurable growth, or software that is becoming deeply embedded in insurers' operations.

So yes, valuations are rising again. What has not returned is the old assumption that every fast-growing digital insurance company deserves a multibillion-dollar valuation. Investors are still paying aggressively for growth, but the money is concentrated in a much smaller group that can show real scale, strong underwriting economics or unusually clear AI-driven productivity.