September 11, 2024
Polly has been awarded CNBC's World's Top 150 Insurtech Companies of 2024.
The insurance industry is finding itself in the midst of major disruption, with a slew of companies — ranging from richly-valued firms to young startups — seeking to disrupt the market with innovative, tech-based solutions.
This wave of innovation is what is today referred to as insurtech, short for insurance technology. An offshoot from fintech, this nascent but fast-growing field aims to replace some of the manual processes traditionally attached to insurance that are seen as cumbersome — such as processing claims, comparing quotes and underwriting — with digital technology.
To assess the companies shaping the future of the insurance industry, CNBC, together with the market research firm Statista, has compiled The World’s Top Insurance Companies 2024 report. The report lists the top 150 insurtech companies globally, and includes firms from a variety of market categories, from digital insurers to claim and fraud management services. Each segment table is unranked, and the companies are listed in alphabetical order.
Global adoption of insurtech is growing. But the space hasn’t been without its challenges. In the first quarter of 2024, total venture capital investment in insurtech startups slumped 18% year-over-year to $900 million, marking the lowest level in nearly six years, according to CB Insights.
In this environment, insurtechs are increasingly prioritizing short-term profitability over a growth-at-all-costs mindset, which ruled the sector in 2020 and 2021. A key theme this year has been the growing adoption of AI — from rule-based algorithms and machine learning to next-generation large language models.
Look for Polly in the Digital Brokerage & Comparsion Platforms section.
Article Originally on CNBC
Author: Ryan Browne
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