2023: Insurtech In Review

The year 2022 was characterized by a pronounced move towards digital and embedded insurance solutions. Notable moments included Applied snapping up Tarmika, Ethos’s acquisition of Tomorrow, Travelers taking over Trov’s technological assets, Experian’s integration with Gabi, Hub’s acquisition of parts of Insureon, and GEICO’s strategic shift to limit phone sales across various states. Additionally, this was the year when State Farm invested in ADT, FOXO went public, and despite high expectations, Kin and Policygenius chose to stay private. Let’s not forget the noteworthy entry of Amazon and Lemonade into the UK insurance market.

2023 isn’t all that different.

Here’s a quick rundown.


In January, cyber MGAs realized their full-stack aspirations. Coalition, after purchasing Digital Affect Insurance Company from Munich Re, began rolling out new SMB cyber insurance programs across states under its new name, Coalition Insurance Company.

Similarly, At-Bay finalized acquiring At-Bay Specialty Insurance Company, a Delaware-based excess and surplus lines P&C insurer licensed in 44 states, from XL Insurance America.

Root started the year unraveling questionable 2022 marketing agreements made by former CMO BC Silver, who admitted to embezzling $10.2 million.

At GEICO, CTO Linda Apsley’s departure, officially for family reasons, has sparked speculation of an underlying push.

Assurant introduced APEX, their newest embedded insurance product, capitalizing on data showing a 32% boost in purchase interest when offered at checkout.

Duck Creek shifted from public to private following a $2.6 billion all-cash buyout by Vista Equity Partners.

In the life and health arena, digital life insurance startup Dayforward secured a $25 million funding round, led by AXA Venture Partners and supported by HSCM Ventures, Juxtapose, and Munich Re Ventures. The company also acquired Commercial Travelers Life Insurance Company from National Guardian Life Insurance Company.

Lastly, The Hartford parted ways with Putty, while Skyward Specialty began trading under the ticker SKWD as of January 13th.


Major moves included Mutual of Omaha Mortgage acquiring Keller Mortgage assets, AIG launching Private Client Select for affluent markets, and BNP Paribas Cardif partnering with Lemonade in France.

The Canadian insurance landscape saw the entrance of Securian Canada following the rebranding of Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company.

Notably, Assurance IQ, after a long streak of losses totaling $381 million, finally reported a $29 million profit. However, Prudential faced a setback with a significant goodwill impairment charge for Assurance IQ.

Finally, Smart Employee Benefits, a public health benefits and technology company, went private following its sale to the Co-operators.


Silicon Valley Bank closed on March 10, marking a notable banking event.

Swiss insurer Helvetia launched a direct customer contact service using OpenAI’s ChatGPT, a pioneering move in the industry.

TD introduced TD Insurance for Business in Canada, in partnership with AmTrust.

Hippo announced a $50 million stock repurchase program and has a current market cap significantly lower than its peak valuation.

AAA Northern California discontinued its House Manager service.

Insurify agreed to acquire Inspop USA and its subsidiary Compare.com, planning to maintain the Compare.com brand.

Most strikingly, Health IQ’s major investors wrote off their entire investment in the once highly-valued startup.


Policygenius merged with Zinnia, a move described as strategic but had adverse effects on its employees.

In another key event, flood insurance company TypTap withdrew its IPO plans.

Meanwhile, Swedish automotive startup Volta Trucks, on the brink of bankruptcy, appointed Qover to power its insurance offering, backed by Helvetia – a super-short-lived embedded insurance play.

In the technology domain, American Family launched Fixle, a mobile app designed for homeowners to manage home systems and appliances, with Evolv Inspection Solutions becoming its latest client.


Bivvy, the pet insurance brand by TruStage, has ceased operations.

Prudential has discontinued its separate reporting segment for Assurance IQ, now integrating it into the company’s “Corporate and Other” operations.

OnStar has ended its partnership with American Family, choosing instead to underwrite and issue policies through OnStar National Insurance Company.

Vivint has abandoned its MGA ambitions, selling its portfolio of 15,000 policies to Goosehead for $5.5 million

JAB has followed its usual strategy by acquiring a major part of Pumpkin Petcare.

Hub closed a $6.9 billion debt financing round and announced a total enterprise valuation of $23 billion, which represents “the largest enterprise value to date for a private insurance broker.” Wholesaler SageSure closed a $250 million PE round.


Vet care startup Fuzzy ceased operations.

Sensa Insurance Company began directing agents to find alternative coverage for its policyholders with different insurers.

MassMutual decided to discontinue the consumer-facing brands AgeUp and later Haven Life.

Meanwhile, classic car insurer Hagerty raised $105 million from strategic investors, following its $3 billion valuation in its 2021 public listing.

Insurance Quantified acquired Groundspeed Analytics, a P&C data and analytics company.

McDermott’s second insurtech summit took place on June 15th.


Sun Life Financial announced plans to acquire the Canadian telemedicine platform Dialogue for approximately $365 million.

Duuo, operated by Co-operators, launched its first embedded insurance API, enabling partners to integrate insurance offerings into their digital platforms.

Toggle, a Farmers subsidiary, expanded into home insurance.

Amazon declared that it would discontinue its Amazon Halo service, a health and wellness product featuring a wearable device and AI-powered features, effective July 31, 2023.

Finally, Wejo Group, known for its connected car technology, made all of its employees redundant, and allegations have surfaced regarding Vesttoo’s misstated collateral.


Direct Auto Insurance acquired SafeAuto.

Paychex acquired business insurance startup Huckleberry.

Acturis, a UK-based electronic placement platform, took over Broker Buddha, enhancing its technological capabilities in the commercial insurance application and renewal processes.

Zurich Holding Company of America acquired SpearTip, specializing in cyber threat management.

Goodcover, known for renters insurance, branched into car insurance with the launch of Goodcover Auto.

IAG streamlined its operations by shutting down its 70-person innovation unit.

Vesttoo files for Chapter 11 bankruptcy protection in the US.


USI Insurance Services announced a new equity investment exceeding $1 billion from its existing shareholder, KKR.

In the startup arena, home insurance company Openly secured $100 million in Series D funding led by Eden Global Partners, bringing its total funding to approximately $238 million.

Vitality, a London-based insurer, decided to discontinue its car insurance program that had been operational since June 2021.

Caribou exited the insurance space.

Meanwhile, Zillow integrated renters insurance into its app and website, with Homesite underwriting the coverage.

In the realm of mobile technology, State Farm joined USAA and Progressive in implementing crash detection capabilities, powered by Cambridge Mobile Telematics, into their mobile apps.

Lastly, Health IQ filed for bankruptcy with plans for liquidation and London-based digital health firm Babylon sold most of its UK assets to eMed Healthcare UK, a subsidiary of US company eMed, following the cancellation of its merger with Swiss firm MindMaze. After going public in 2021 through a $4.2 billion SPAC merger with Alkuri Global Acquisition, Babylon faced significant struggles, leading to its stock becoming virtually worthless, with a market cap of just over $5,000 and a share price of $0.00020.


Dai-Ichi Life Holdings and group life insurance startup YuLife initiated a pilot program in Japan. Within this program, Dai-ichi Life is offering test users access to the YuLife app, which promotes employee well-being by incentivizing and rewarding healthy living activities.

Meanwhile, Blink by Chubb has narrowed its product range to personal cyber insurance, discontinuing its income protection coverage.

Howden Group Holdings announced the launch of Howden Ventures to accelerate insurance product development through an investment and risk incubator.

Additionally, financial services company SoFi has partnered with Experian for home and renters insurance coverage, moving on from its previous partnership with Lemonade.


Sam Altman experienced a brief firing before being rehired.

Coalition expanded into the Australian cyber insurance market.

Travelers agreed to purchase Corvus for ~$435 million.

JAB acquired Embrace Pet for $1.5 billion, while Next Insurance secured a $265 million investment from Allstate and Allianz X.

In a move echoing IAG, American Family closed its venture studio, Tenney 110.

AXA XL Risk Consulting introduced the WISE tool for assessing water risks.

Allianz pursued legal action against Revolut, demanding £10.4 million over a contract dispute involving travel insurance.

Mortgage firm Better.com launched Better Insurance in collaboration with Sure and Toggle.

Finally, WeWork, once valued at $47 billion, filed for bankruptcy, Hamilton began trading on the New York Stock Exchange under the ticker “HG” as of November 10, 2023, and the industry lost Charlie Munger.


Tesla Insurance is now facing legal action over allegations of inflated car insurance premiums.

The electric scooter startup Bird has filed for Chapter 11 bankruptcy.

Nearmap, a mapping technology company, announced its intention to acquire Betterview, a property intelligence platform.

Swiss Re has acquired Fathom, a UK-based firm specializing in analyzing water-related risks, especially in the context of current and future climate scenarios.

Japanese insurer Sumitomo Life Insurance has proposed a full acquisition of Singaporean life insurance company Singlife. The deal includes buying a 35.48% stake from TPG for SGD 1.6 billion (about $1.2 billion) and an offer to purchase shares from minority investors. This follows their September announcement to acquire Aviva’s stake in Singlife.

Aon announced plans to acquire NFP in a deal valued at around $13.4 billion, with payment in both cash ($7 billion) and Aon stock ($6.4 billion).

Both Aflac and Trupanion have announced their decision not to enter the Japanese market.