1、State of InsurtechGlobal|2022 recapGlobal data and analysis on dealmaking,funding,and exits by private market insurtech companiesGuess Less.Win More.CB Insights helps the worlds leading companies make smarter technology decisions with data,not opinion.Our Technology Insights Platform provides compan

2、ies with comprehensive data,expert insights,and work management tools that enable them to discover,understand,and make technology decisions.IIISign up for a free trial2State of InsurtechConnectGet introductions to the right technology products,services,and partners with one click.No research.No hass

3、le.PlatformBusiness Intelligence&AnalyticsMake your brand more searchable.Findable.Buyable.Partnerable.Investable.Complete a free Analyst Briefing Survey*and get in front of enterprise tech buyers,M&A teams,and investors.*Survey takers have increased their lead generation 3x on average.IIIApply here

4、4State of InsurtechWith CB Insights,Brown&Brown Insurance can track hundreds of startups all in one place.The rich datasets and real-time updates enable us to move quickly and confidently.View success story Jimmy SaldanaFormer Director of Strategic Innovation,Brown&Brown InsuranceDig Deeper.CB Insig

5、hts clients can find and track companies using our analyst-curated Expert Collections.6PaymentsBankingDigital LendingWealth TechInsurtechCapital Markets TechState of InsurtechOur Most Popular Research onInsurtech73 insurance trends to watch in Q422The Future of Auto Insurance:How technology is chang

6、ing every aspect of the$766B marketAnalyzing Munich Res growth strategy:How the reinsurance giant is investing in the future of risk3 ways tech is improving the customer experience in insurancePrioritizing 10 technologies accelerating customer engagement for insuranceP&C insurtech vendor benchmarksW

7、hat life insurers need to know about underwriting data platformsWhat life insurers need to know about genomic screening toolsMarket Trend Report:Optical character recognition for P&C insurance underwritersMarket Trend Report:Claims data enhancement for P&C insurersState of InsurtechYour rundown onin

8、surtech in 2022$8.4BInsurtech funding in 2022 fell over 50%After a record-breaking year in 2021($17.8B),insurtech funding plummeted to$8.4B in 2022.Q422 saw just$1B in funding,the lowest quarterly total since Q218.While funding was down,investors remained active in insurtech.The number of deals decl

9、ined only 17%compared to the prior year,with a total of 579 deals in 2022.See the data 8-90%Mega-round funding falls to just$153M in Q422Mega-round funding almost completely dried up at the end of the year it was down 90%QoQ as investors scaled back on insurtech funding more broadly.Clearcovers$153M

10、 deal was the only mega-round in Q422.This represented just 15%of all funding the lowest level since Q218.See the data 81M&A exits hit an all-time highInsurtech M&A exits rose 40%in 2022 to 81,up from 58 in 2021.Insurers,PE firms,and larger insurtechs have taken advantage of lower valuations to make

11、 these acquisitions.Notable examples included Lemonade acquiring Metromile,Antarctica Capital acquiring Descartes Labs,and Allianz X acquiring Simplesurance.See the data 65%Early-stage deal share at the highest level since 2019Early-stage deals represented nearly two-thirds of all insurtech deals in

12、 2022,the highest share since 2019.In fact,early-stage funding for life&health(L&H)insurtech grew slightly.Notable deals included Evens$15M seed round and Pebble Healths$12M seed round.See the data-67%P&C insurtechfunding falls to lowest total in yearsQuarterly P&C insurtechfunding reached just$630M

13、 in Q422 about a third of the previous quarters tally and the lowest quarterly total since Q218.Q422 was also the first quarter since Q120 that P&C insurtech funding didnt exceed$1B.See the data State of InsurtechTLDRContentsGlobal Trends10Investment Trends11Unicorns34Exit Trends40Investors45Collect

14、ion Spotlights49Life&Health Insurance50P&C Insurance61Geographic Trends72US73Asia81Europe889State of InsurtechGlobal Trends10Investment Trends11Insurtech funding is down over 50%from 2021,deals are down 17%12State of Insurtech|Global Trends|Investment Trends$4.9B$7.9B$8.5B$17.8BFunding$8.4B496541529

15、697Deals579200212022Funding falls sharply in Q422,reaching its lowest since Q21813State of Insurtech|Global Trends|Investment Trends$1.0B$0.6B$1.5B$1.8B$2.2B$1.6B$1.9B$2.2B$1.5B$1.7B$2.8B$2.5B$3.1B$5.5B$3.5B$5.8B$2.5B$2.5B$2.4BFunding$1.0B864917

16、3153147Deals106Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420021202214State of Insurtech|Global Trends|Investment TrendsUS$0.5B49 DealsEurope$0.2B30 DealsAsia$0.2B19 DealsCanada$5M3 DealsAfrica$2M2 DealsAustralia$71M2 DealsLatAm&Caribbean$10M1 DealThe US leads in funding and deals,followed by

17、 Europe and AsiaEurope sees its largest quarterly deal share since Q21915State of Insurtech|Global Trends|Investment Trends49%43%52%46%52%47%50%47%60%45%45%48%51%41%43%41%47%46%44%US,46%23%26%16%21%20%18%23%25%15%21%20%20%19%25%26%25%16%16%24%Asia,18%20%21%18%23%20%29%16%20%16%17%27%20%23%22%19%25%2

18、2%26%20%Europe,28%7%10%14%10%8%6%11%8%9%18%7%12%6%12%12%10%15%11%11%All Other Regions,8%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022VC firms make up nearly a third of all insurtech deals16State of Insurtech|Global Trends|Investment Trends35%36%34%35%32%33%30%32%32%35%35%36%40%34%32%3

19、4%32%31%31%VC,32%15%20%18%23%14%19%15%19%13%21%17%18%13%15%16%15%16%16%20%Other,15%9%11%7%8%7%7%9%6%7%8%10%12%9%11%12%14%11%Angel,13%12%9%12%10%14%11%13%11%11%10%12%11%10%9%11%12%9%11%CVC,10%7%5%6%5%9%8%6%10%8%7%7%8%8%Asset/Investment Management,9%8%11%10%13%13%12%12%8%12%9%11%9%10%7%13%11%7%8%9%Cor

20、p,9%6%7%6%7%8%6%6%7%6%8%Private Equity,7%10%8%9%8%11%7%15%15%5%7%8%5%6%9%6%8%Incubator/Accelerator,6%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Average and median deal sizes contract to 2020 levels17State of Insurtech|Global Trends|Investment Trends$13.8M$30.4M$17.7M201820202022Aver

21、age Deal Size$3.6M$7.0M$4.8M201820202022Median Deal SizeEurope is the only region to see median deal size growth in 202218State of Insurtech|Global Trends|Investment Trends$4.3M$11.3M$6.0M201820202022US$4.5M$6.0M$4.4M201820202022Asia$3.1M$4.0M$4.2M201820202022EuropeMedian deal size bumps up for ange

22、l investors as other groups fall19State of Insurtech|Global Trends|Investment Trends$6.0M$4.0M$4.2M201820202022Angel$24.0M$30.0M$14.0M201820202022Asset/Investment Management$11.0M$20.0M$14.8M201820202022CVC$7.6M$11.0M$9.8M201820202022Corp$4.4M$50.0M$34.0M201820202022Private Equity$8.0M$15.0M$10.1M20

23、1820202022VCAnnual insurtech mega-round funding hits its lowest since 201820State of Insurtech|Global Trends|Investment Trends$1.9B$3.6B$3.9B$10.3BFunding$3.4B8151851Deals20200212022Only 1 mega-round deal in Q422,the lowest since Q21821State of Insurtech|Global Trends|Investment Trends$0.

24、2B$0.6B$1.1B$1.0B$0.8B$0.8B$1.0B$0.6B$0.5B$1.8B$1.2B$1.2B$3.6B$1.6B$4.0B$0.8B$0.9B$1.5BFunding$0.2B9171114667Deals1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420021202222State of Insurtech|Global Trends|Investment TrendsUS$0.2B1 DealThe only insurtech mega-round is in the United St

25、atesQuarterly mega-round deals fall in every region23State of Insurtech|Global Trends|Investment Trends10242US,1313Asia,0212Europe,012All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Non-mega round funding share hits its highest since Q21824State of Insurtech|Global Tre

26、nds|Investment Trends17%40%63%44%49%42%46%38%28%63%45%41%65%46%70%32%39%63%Mega-rounds,15%83%100%60%37%56%51%58%54%62%72%37%55%59%35%54%30%68%61%37%Non-mega-rounds,85%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Global:Top equity deals in Q42225State of Insurtech|Global Trends|Investm

27、ent TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Clearcover$153MVenture Capital2022-11-25N/A OMERS VenturesUnited States15.1%2Vesttoo$80MSeries C2022-10-25$1.0BMouro Capital,Black River Ventures,Gramercy Ventures,Hanaco VenturesIsrael7.9%3Cover Genius$70

28、MSeries D2022-11-01N/ADawn Capital,G Squared,King River Capital,Atlas Merchant CapitalAustralia6.9%4Gold Kidney Health Plan$60MSeries A2022-12-27N/A Chicago Pacific FoundersUnited States5.9%4HealthJoy$60MSeries D2022-10-27N/AValspring Capital,Brandon Cruz,Clint Jones,Epic Ventures,Health Velocity Ca

29、pitalUnited States5.9%6CyberCube$50MSeries C2022-12-19N/AForgePoint Capital,Hudson Structured Capital Management,MTech Capital,Morgan StanleyUnited States4.9%7The Applied AI Company(AAICO)$42MSeries A2022-11-23N/AA.R.M.Holding,G42,Plug and Play Ventures,Bolur Capital,FreudsUnited Kingdom4.1%8Cobee$4

30、1MSeries B2022-11-22N/ANotion Capital,Octopus Ventures,Balderton Capital,Speedinvest,DILA CapitalSpain4.0%9Igloo$27MSeries B2022-11-28N/ABlueOrchard,Cathay Innovation,Womens World Banking,Finnish Fund for Industrial Cooperation,La MaisonSingapore2.7%10Bayzat$25MSeries C2022-12-23N/A DisruptAD,Ischyr

31、os New YorkUnited Arab Emirates2.5%10Yomoni$25MSeries A2022-10-06N/AApax France,Arkea,Christian Gueugnier,Didier Le MenestrelFrance2.4%Early-stage deal share is at its highest since 201926State of Insurtech|Global Trends|Investment Trends70%66%63%61%Early-stage,65%15%18%20%21%Mid-stage,17%8%11%9%13%

32、Late-stage,9%6%5%8%Other,9%200212022The US leads in early-stage deal share while Asia leads in mid-stage27State of Insurtech|Global Trends|Investment Trends44%29%25%100%14%50%25%35%14%25%8%7%25%Early-stageMid-stageLate-stageOtherUSAsiaEuropeAll Other RegionsMid-stage sees the largest decl

33、ine in median funding,losing 25%28State of Insurtech|Global Trends|Investment Trends$2.3M$3.7M$3.2M201820202022Early-stage$15.0M$33.3M$25.0M201820202022Mid-stage$13.0M$84.2M$70.0M201820202022Late-stageGlobal:Top seed/angel deals in Q42229State of Insurtech|Global Trends|Investment TrendsCompanyRound

34、 AmountRoundDateSelect InvestorsCountry1Even$15MSeed VC2022-11-10Founders Fund,Khosla Ventures,Kunal Shah,Lachy Groom,Nikesh AroraIndia2Pebble Health$12MSeed VC2022-12-07XYZ Ventures,Founders Co-opUnited States3Anzen$10MSeed VC2022-11-08Andreessen Horowitz,MS&AD Ventures,Tokio Marine HoldingsUnited

35、States3Neat$10MSeed VC2022-10-21Octopus Ventures,Founders Future,Mundi Ventures,NewAlphaFrance5medZERO$9MSeed VC2022-10-06Grand Ventures,True Ventures,Village GlobalUnited States6Alicia$8MSeed VC2022-12-14Randstad Innovation Fund,Volta Ventures,Achmea Innovation Fund Netherlands7Ramify$4MSeed2022-11

36、-14AG2R La Mondiale,New Fund,Herv SchrickeFrance7Vertical Insure$4MSeed VC2022-12-14Dundee Venture Capital,Rally VenturesUnited StatesGlobal:Top Series A deals in Q42230State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Gold Kidney Health Plan$60MSe

37、ries A2022-12-27Chicago Pacific FoundersUnited States2The Applied AI Company(AAICO)$42MSeries A2022-11-23A.R.M.Holding,G42,Plug and Play Ventures,Bolur Capital,FreudsUnited Kingdom3Yomoni$25MSeries A2022-10-06Apax France,Arkea,Christian Gueugnier,Didier Le MenestrelFrance4Elpha Secure$20MSeries A202

38、2-10-06Canapi Ventures,Axis Capital Partners,Eos Venture Partners,Fermat Capital Management,Hartford VenturesUnited States4Taktile$20MSeries A2022-11-22Index Ventures,Tiger Global ManagementGermany6Eye Security$18MSeries A2022-11-16Bessemer Venture PartnersNetherlands7Evertas$14MSeries A2022-12-12Po

39、lychain Capital,CMT Digital,HashKey Capital,Morgan Creek Digital,BloccelerateUnited States8omni:us$13MSeries A2022-11-15Wurttembergische VersicherungGermany9Send Technology$11MSeries A2022-11-15Breega Capital,Mercia TechnologiesUnited Kingdom10Aktivo$10MSeries A2022-12-15Adaptive Capital Partners,Se

40、eds Capital,HH VC Investments,Govin CapitalSingapore10QantEv$10MSeries A2022-10-25Omnes Capital,RAISE Ventures,Elaia PartnersFrance10Roots Automation$10MSeries A2022-11-01MissionOG,Vestigo Ventures,CRV,Liberty Mutual Strategic VenturesUnited StatesGlobal:Top Series B deals in Q42231State of Insurtec

41、h|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Cobee$41MSeries B2022-11-22Notion Capital,Octopus Ventures,Balderton Capital,Speedinvest,DILA CapitalSpain2Igloo$27MSeries B2022-11-28BlueOrchard,Cathay Innovation,Womens World Banking,Finnish Fund for Industrial Co

42、operation,La MaisonSingapore3GoCo.io$15MSeries B2022-11-01ATX Venture PartnersUnited States4Validic$12MSeries B2022-11-14Kaiser Permanente Ventures,Greycroft,SJF Ventures,Arkin Bioventures,Gore Range CapitalUnited States5Hedvig$8MSeries B2022-11-16Anthemis,Cherry Ventures,CommerzVentures,Obvious Ven

43、tures,Holta InvestSweden6Emerging Therapy Solutions$3MSeries B2022-12-20Telegraph Hill PartnersUnited States7Sasuke Financial Lab$2MSeries B2022-11-08N/AJapanGlobal:Top Series C deals in Q42232State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Vestt

44、oo$80MSeries C2022-10-25Mouro Capital,Black River Ventures,Gramercy Ventures,Hanaco Ventures Israel2CyberCube$50MSeries C2022-12-19ForgePoint Capital,Hudson Structured Capital Management,MTech Capital,Morgan StanleyUnited States3Bayzat$25MSeries C2022-12-23DisruptAD,Ischyros New YorkUnited Arab Emir

45、ates4bondIT$14MSeries C2022-12-06BNY Mellon,Fosun International,SixThirty,TalanxIsrael5Betterfly$10MSeries C2022-10-13N/AChileGlobal:Top Series D deals in Q42233State of Insurtech|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Cover Genius$70MSerie

46、s D2022-11-01N/ADawn Capital,G Squared,King River Capital,Atlas Merchant CapitalAustralia2HealthJoy$60MSeries D2022-10-27N/AValspring Capital,Brandon Cruz,Clint Jones,Epic Ventures,Health Velocity CapitalUnited StatesUnicorns34Insurtech sees 1 new unicorn in Q42235State of Insurtech|Global Trends|Un

47、icorns733New Unicorns,137404343Total Unicorns,44Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420021202236State of Insurtech|Global Trends|UnicornsAsia91 NewEurope80 NewLatAm&Caribbean10 NewAustralia10 NewUS250 NewThe US leads in total insurtech unicorns,followed by Asia and EuropeAsia sees the

48、only insurtech unicorn birth in Q42237State of Insurtech|Global Trends|Unicorns413US,03Asia,11Europe,01All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Global:Unicorn birth in Q42238State of Insurtech|Global Trends|UnicornsCompanyLatest Valuation Country1Vesttoo$1.0BIsr

49、aelGlobal:Top unicorns by valuation in Q42239State of Insurtech|Global Trends|UnicornsCompanyLatest Valuation Country1Devoted Health$12.6BUnited States2Gusto$10.0BUnited States3Chainalysis$8.6BUnited States4Coalition$5.0BUnited States5wefox$4.5BGermany6Digit Insurance$4.0BIndia6Next Insurance$4.0BUn

50、ited States8Alan$2.8BFrance9Ethos$2.7BUnited States10Hibob$2.5BIsraelExit Trends40Insurtech M&A exits hit a record high,growing 40%YoY41State of Insurtech|Global Trends|Exit Trends5IPO,158M&A,814SPAC,3200212022Q422 has the fewest M&A deals in 202242State of Insurtech|Global Trends|Exit Tr

51、ends21IPO,015262122M&A,12111SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022European insurtechs make up half of all exits in Q42243State of Insurtech|Global Trends|Exit Trends20%50%25%54%40%50%56%80%50%60%71%70%72%63%54%65%41%64%42%US,33%25%25%10%11%6%15%9%8%Asia,0%40%46%60%33%44%2

52、0%20%40%21%20%22%21%23%29%33%18%33%Europe,50%40%50%50%17%5%7%6%5%23%11%9%17%All Other Regions,17%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Global:M&A exits in Q42244State of Insurtech|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountry1Amenity AnalyticsN/A SymphonyUnited

53、 States1Beagle StreetN/A OneFamilyUnited Kingdom1Blue Bridge TechnologiesN/A everfieldLatvia1CognitiveScaleN/A TecnotreeUnited States1Global IQXN/A MajescoCanada1GoodvisitN/A Wave HDCUnited States1Innovation GroupN/A Allianz XUnited KingdomInvestors45Global:Top investors by company count in Q42246St

54、ate of Insurtech|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1Plug and Play Ventures4VCUnited States2ATX Venture Partners2VCUnited States2Astorya.vc2VCFrance2Grand Ventures2VCUnited States2Greenlight Re Innovations2CVCCayman Islands2Greycroft2VCUnited States2MS&AD Ventures2CVCU

55、nited States2N49P Ventures2VCCanada2New Fund2Private EquityFrance2Octopus Ventures2VCUnited Kingdom2SJF Ventures2VCUnited States2State Farm Ventures2CVCUnited States2Tokio Marine Holdings2OtherJapanGlobal:Top VCs by company count in Q42247State of Insurtech|Global Trends|InvestorsInvestorCompany Cou

56、nt Country1Plug and Play Ventures4United States2ATX Venture Partners2United States2Astorya.vc2France2Grand Ventures2United States2Greycroft2United States2N49P Ventures2Canada2Octopus Ventures2United Kingdom2SJF Ventures2United StatesGlobal:Top CVCs by company count in Q42248State of Insurtech|Global

57、 Trends|InvestorsInvestorCompany Count Country1Greenlight Re Innovations2Cayman Islands1MS&AD Ventures2United States1State Farm Ventures2United StatesCollection Spotlights49Life&Health Insurance50L&H insurtech funding falls 58%in 2022,deals are down 8%51State of Insurtech|Collection Spotlights|Life&

58、Health Insurance$2.2B$3.1B$3.1B$6.6BFunding$2.8B1Deals202020212022L&H insurtech funding drops by a third QoQ52State of Insurtech|Collection Spotlights|Life&Health Insurance$0.5B$0.2B$0.8B$0.7B$0.9B$0.5B$0.6B$1.1B$0.8B$0.6B$1.0B$0.7B$0.8B$1.4B$1.0B$3.4B$0.9B$0.9B$0.6BFunding$0.4

59、B404035364235447544951524553Deals35Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420021202253State of Insurtech|Collection Spotlights|Life&Health InsuranceUS$0.2B19 DealsEurope$0.1B7 DealsAsia$53M7 DealsLatAm&Caribbean$10M1 DealAfrica$2M1 DealThe US leads in L&H insurtech funding,foll

60、owed by Europe and AsiaThe US makes up over half of all L&H insurtech deals in Q42254State of Insurtech|Collection Spotlights|Life&Health Insurance55%50%57%50%50%43%39%49%67%46%59%50%55%44%39%39%42%56%40%US,54%30%30%20%28%31%23%41%33%12%23%21%28%28%33%33%37%27%16%32%Asia,20%13%13%6%17%12%23%10%10%15

61、%11%18%8%9%15%22%16%12%18%25%Europe,20%8%17%6%7%11%10%8%6%20%15%9%7%6%8%19%11%All Other Regions,6%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Average L&H deal size is down 53%,the median is down 40%YoY55State of Insurtech|Collection Spotlights|Life&Health Insurance$21.0M$39.8M$18.6M2

62、01820202022Average Deal Size$5.0M$10.0M$6.0M201820202022Median Deal SizeEarly-stage deals make up 60%of L&H deal share56State of Insurtech|Collection Spotlights|Life&Health Insurance70%65%63%56%Early-stage,60%17%20%18%24%Mid-stage,20%9%12%10%14%Late-stage,12%9%5%Other,8%200212022Life&Heal

63、th Insurance:Top equity deals in Q42257State of Insurtech|Collection Spotlights|Life&Health InsuranceCompanyRound AmountRoundDateRound ValuationSelect InvestorsCountry%of Total Funding1HealthJoy$60MSeries D2022-10-27N/AValspring Capital,Brandon Cruz,Clint Jones,Epic Ventures,Health Velocity CapitalU

64、nited States18.7%2The Applied AI Company(AAICO)$42MSeries A2022-11-23N/A A.R.M.Holding,G42,Plug and Play Ventures,Bolur Capital,FreudsUnited Kingdom13.1%3Cobee$41MSeries B2022-11-22N/ANotion Capital,Octopus Ventures,Balderton Capital,Speedinvest,DILA CapitalSpain12.8%4Bayzat$25MSeries C2022-12-23N/A

65、 DisruptAD,Ischyros New YorkUnited Arab Emirates7.8%4Yomoni$25MSeries A2022-10-06N/A Apax France,Arkea,Christian Gueugnier,Didier Le MenestrelFrance7.7%6Even$15MSeed VC2022-11-10N/A Founders Fund,Khosla Ventures,Kunal Shah,Lachy Groom,Nikesh AroraIndia4.7%6GoCo.io$15MSeries B2022-11-01N/A ATX Ventur

66、e PartnersUnited States4.7%8Pebble Health$12MSeed VC2022-12-07N/A XYZ Ventures,Founders Co-opUnited States3.7%8Validic$12MSeries B2022-11-14$81MKaiser Permanente Ventures,Greycroft,SJF Ventures,Arkin Bioventures,Gore Range CapitalUnited States3.7%10Aktivo$10MSeries A2022-12-15N/A Adaptive Capital Pa

67、rtners,Seeds Capital,HH VC Investments,Govin Capital Singapore3.1%10Betterfly$10MSeries C2022-10-13N/A N/AChile3.1%10QantEv$10MSeries A2022-10-25N/A Omnes Capital,RAISE Ventures,Elaia PartnersFrance3.1%10Roots Automation$10MSeries A2022-11-01N/A MissionOG,Vestigo Ventures,CRV,Liberty Mutual Strategi

68、c VenturesUnited States3.1%Total L&H unicorns remains at 1258State of Insurtech|Collection Spotlights|Life&Health Insurance211New Unicorns,010111212Total Unicorns,12Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022L&H M&A exits reach a new high in 2022 after 200%growth YoY59State of Insur

69、tech|Collection Spotlights|Life&Health Insurance3IPO,19M&A,271SPAC,2200212022Q422 sees 6 M&A exits for L&H insurtech startups60State of Insurtech|Collection Spotlights|Life&Health Insurance1IPO,04678M&A,611SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022P&C Insurance61P&

70、C insurtech funding falls 49%in 2022,deals are down 20%62State of Insurtech|Collection Spotlights|P&C Insurance$2.7B$4.8B$5.3B$10.8BFunding$5.5B338377376486Deals388200212022P&C insurtech sees a 67%decrease in funding QoQ63State of Insurtech|Collection Spotlights|P&C Insurance$0.5B$0.4B$0.

71、8B$1.0B$1.3B$1.1B$1.3B$1.1B$0.7B$1.1B$1.8B$1.8B$2.2B$4.0B$2.4B$2.1B$1.6B$1.5B$1.8BFunding$0.6B9539Deals64Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420021202264State of Insurtech|Collection Spotlights|P&C InsuranceUS$0.3B27 DealsAsia$0.1B12 DealsEur

72、ope$0.1B22 DealsAustralia$70M1 DealCanada$4M2 DealsThe US leads in P&C insurtech funding,followed by Asia and EuropeEuropean P&C insurtech grows to over a third of all deals in Q42265State of Insurtech|Collection Spotlights|P&C Insurance47%39%50%44%53%49%55%46%57%44%39%46%50%40%45%40%47%42%47%US,42%

73、21%25%15%17%15%16%16%18%16%20%20%18%16%21%23%20%12%17%21%Asia,19%24%26%23%26%24%30%19%26%17%19%31%25%28%25%17%29%27%30%18%Europe,34%8%10%12%12%8%11%9%10%17%10%11%5%13%15%11%14%11%14%All Other Regions,5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Average P&C deal size is down 34%,the

74、median is down 31%66State of Insurtech|Collection Spotlights|P&C Insurance$10.8M$26.5M$17.6M201820202022Average Deal Size$3.0M$6.5M$4.5M201820202022Median Deal SizeEarly-stage deals make up two-thirds of P&C insurtech deal share67State of Insurtech|Collection Spotlights|P&C Insurance71%67%63%63%Earl

75、y-stage,66%14%17%21%20%Mid-stage,16%8%10%9%12%Late-stage,8%7%6%8%Other,10%200212022P&C Insurance:Top equity deals in Q42268State of Insurtech|Collection Spotlights|P&C InsuranceCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Clearcover$153MVenture Capi

76、tal2022-11-25N/A OMERS VenturesUnited States24.3%2Vesttoo$80MSeries C2022-10-25$1.0BMouro Capital,Black River Ventures,Gramercy Ventures,Hanaco VenturesIsrael12.7%3Cover Genius$70MSeries D2022-11-01N/ADawn Capital,G Squared,King River Capital,Atlas Merchant CapitalAustralia11.1%4CyberCube$50MSeries

77、C2022-12-19N/AForgePoint Capital,Hudson Structured Capital Management,MTech Capital,Morgan StanleyUnited States8.0%5Igloo$27MSeries B2022-11-28N/ABlueOrchard,Cathay Innovation,Womens World Banking,Finnish Fund for Industrial Cooperation,La MaisonSingapore4.3%6Elpha Secure$20MSeries A2022-10-06N/ACan

78、api Ventures,Axis Capital Partners,Eos Venture Partners,Fermat Capital Management,Hartford VenturesUnited States3.2%6Taktile$20MSeries A2022-11-22N/A Index Ventures,Tiger Global ManagementGermany3.2%8Eye Security$18MSeries A2022-11-16N/A Bessemer Venture PartnersNetherlands2.8%9Growers Edge$15MVentu

79、re Capital2022-10-31N/A Finistere Ventures,S2G VenturesUnited States2.4%10Evertas$14MSeries A2022-12-12N/APolychain Capital,CMT Digital,HashKey Capital,Morgan Creek Digital,BloccelerateUnited States2.2%10bondIT$14MSeries C2022-12-06N/A BNY Mellon,Fosun International,SixThirty,TalanxIsrael2.2%1 P&C i

80、nsurtech unicorn is born in Q42269State of Insurtech|Collection Spotlights|P&C Insurance422New Unicorns,126283030Total Unicorns,31Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022P&C M&A exits reach a new high in 2022 after 10%growth YoY70State of Insurtech|Collection Spotlights|P&C Insur

81、ance2IPO,049M&A,543SPAC,2020212022P&C M&A exits are at their lowest since Q22071State of Insurtech|Collection Spotlights|P&C Insurance2IPO,011201414M&A,61SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Geographic Trends72US Trends73US insurtech funding is down 60%in 2022

82、,at its lowest since 201874State of Insurtech|Geographic Trends|US Trends$3.5B$5.2B$5.5B$11.0BFunding$4.4B234265259305Deals264200212022US insurtech funding is down 55%QoQ,at its lowest since Q218 75State of Insurtech|Geographic Trends|US Trends$0.8B$0.2B$1.2B$1.3B$1.4B$1.0B$1.3B$1.5B$1.2B

83、$1.1B$1.5B$1.8B$2.2B$2.8B$1.9B$4.1B$1.2B$1.6B$1.1BFunding$0.5B655468056556890796868807065Deals49Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022US early-stage insurtech deal share ticks up by 3 percentage points in 202276State of Insurtech|Geographic Trends|US Trends66%63%61%5

84、3%Early-stage,56%16%20%23%27%Mid-stage,20%9%12%7%14%Late-stage,9%9%6%10%6%Other,16%200212022US:Top equity deals in Q42277State of Insurtech|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Clearcover$153MVenture Capital2022-11

85、-25N/A OMERS VenturesUnited States30.1%2Gold Kidney Health Plan$60MSeries A2022-12-27N/A Chicago Pacific FoundersUnited States11.8%2HealthJoy$60MSeries D2022-10-27N/AValspring Capital,Brandon Cruz,Clint Jones,Epic Ventures,Health Velocity CapitalUnited States11.8%4CyberCube$50MSeries C2022-12-19N/AF

86、orgePoint Capital,Hudson Structured Capital Management,MTech Capital,Morgan StanleyUnited States9.8%5Elpha Secure$20MSeries A2022-10-06N/ACanapi Ventures,Axis Capital Partners,Eos Venture Partners,Fermat Capital Management,Hartford VenturesUnited States3.9%6GoCo.io$15MSeries B2022-11-01N/A ATX Ventu

87、re PartnersUnited States2.9%6Growers Edge$15MVenture Capital2022-10-31N/A Finistere Ventures,S2G VenturesUnited States3.0%8Evertas$14MSeries A2022-12-12N/APolychain Capital,CMT Digital,HashKey Capital,Morgan Creek Digital,BloccelerateUnited States2.8%9Pebble Health$12MSeed VC2022-12-07N/A XYZ Ventur

88、es,Founders Co-opUnited States2.4%9Validic$12MSeries B2022-11-14$81MKaiser Permanente Ventures,Greycroft,SJF Ventures,Arkin Bioventures,Gore Range CapitalUnited States2.4%US insurtech M&A exits hit a new annual high,up slightly from 202178State of Insurtech|Geographic Trends|US Trends2IPO,037M&A,384

89、SPAC,2020212022Quarterly US insurtech exits are at their lowest since Q22079State of Insurtech|Geographic Trends|US TrendsIPO,01111149M&A,41SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022US:Top investors by company count in Q42280State of Insurtech|Geographic Trends|US

90、TrendsInvestorCompany Count Investor GroupCountry1Plug and Play Ventures4VCUnited States2ATX Venture Partners2VCUnited States2Grand Ventures2VCUnited States2Greycroft2VCUnited States2MS&AD Ventures2CVCUnited States2SJF Ventures2VCUnited States2State Farm Ventures2CVCUnited StatesAsia Trends81Asian i

91、nsurtech funding is down 50%,at its lowest since 201882State of Insurtech|Geographic Trends|Asia Trends$0.5B$1.6B$1.4B$2.6BFunding$1.3B5Deals202020212022Quarterly funding is down 68%for Asian insurtech83State of Insurtech|Geographic Trends|Asia Trends$81M$110M$143M$171M$459M$44

92、4M$467M$217M$162M$235M$600M$395M$328M$643M$698M$951M$145M$405M$585MFunding$189M334262026252934484142282536Deals19Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Late-stage deal share falls to just 9%,its lowest since 201984State of Insurtech|Geographic Trends|Asia Trends78%63%

93、60%61%Early-stage,63%17%26%19%24%Mid-stage,24%8%14%13%Late-stage,9%7%Other,4%200212022Asia:Top equity deals in Q42285State of Insurtech|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Vesttoo$80MSeries C2022-10-25$1.0BMouro

94、 Capital,Black River Ventures,Gramercy Ventures,Hanaco VenturesIsrael42.3%2Igloo$27MSeries B2022-11-28N/ABlueOrchard,Cathay Innovation,Womens World Banking,Finnish Fund for Industrial Cooperation,La MaisonSingapore14.3%3Bayzat$25MSeries C2022-12-23N/A DisruptAD,Ischyros New YorkUnited Arab Emirates1

95、3.2%4Even$15MSeed VC2022-11-10N/AFounders Fund,Khosla Ventures,Kunal Shah,Lachy Groom,Nikesh AroraIndia7.9%5bondIT$14MSeries C2022-12-06N/ABNY Mellon,Fosun International,SixThirty,TalanxIsrael7.4%6Aktivo$10MSeries A2022-12-15N/AAdaptive Capital Partners,Seeds Capital,HH VC Investments,Govin CapitalS

96、ingapore5.3%7Lumiq$6MSeries A2022-10-18N/AInfo Edge Ventures,Redstart Labs,Season Two VenturesIndia2.9%8Bomapp$3MCorporate Minority2022-10-19N/A AZ Financial ServicesSouth Korea1.8%8Insurance Samadhan$3MSeries A2022-12-21$13M IIFLIndia1.6%10BimaKavach$2MSeed VC2022-10-06N/AWaterBridge Ventures,Arali

97、 Ventures,Blume Ventures,Eximius VenturesIndia1.1%10Sasuke Financial Lab$2MSeries B2022-11-08N/A N/AJapan0.9%2022 sees a new record high of M&A exits for Asian insurtechs86State of Insurtech|Geographic Trends|Asia Trends2IPO,01M&A,7SPAC,2020212022No new exits in Q422 for Asian insurtechs8

98、7State of Insurtech|Geographic Trends|Asia Trends1IPO,0412M&A,01SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Europe Trends88European insurtech funding is down 33%,deals drop 10%89State of Insurtech|Geographic Trends|Europe Trends$0.6B$1.0B$1.3B$3.0BFunding$2.0B3Deals1

99、38200212022Quarterly funding hits its lowest since Q120,deals remain flat QoQ90State of Insurtech|Geographic Trends|Europe Trends$80M$215M$87M$257M$362M$166M$118M$375M$127M$246M$671M$273M$418M$1,809M$568M$243M$703M$434M$657MFunding$228M2727222241384030Deals30Q1Q2Q3Q4

100、Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Early-stage makes up 80%of all European insurtech deals,a new record91State of Insurtech|Geographic Trends|Europe Trends74%72%66%72%Early-stage,80%12%11%18%11%Mid-stage,7%10%11%11%12%Late-stage,10%6%Other,4%200212022Europe:Top equity dea

101、ls in Q42292State of Insurtech|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1The Applied AI Company(AAICO)$42MSeries A2022-11-23N/AA.R.M.Holding,G42,Plug and Play Ventures,Bolur Capital,FreudsUnited Kingdom18.4%2Cobee$41MSeries B2

102、022-11-22N/ANotion Capital,Octopus Ventures,Balderton Capital,Speedinvest,DILA CapitalSpain18.0%3Yomoni$25MSeries A2022-10-06N/A Apax France,Arkea,Christian Gueugnier,Didier Le Menestrel France10.8%4Taktile$20MSeries A2022-11-22N/A Index Ventures,Tiger Global ManagementGermany8.8%5Eye Security$18MSe

103、ries A2022-11-16N/A Bessemer Venture PartnersNetherlands7.7%6omni:us$13MSeries A2022-11-15N/A Wurttembergische VersicherungGermany5.5%7Send Technology$11MSeries A2022-11-15N/A Breega Capital,Mercia TechnologiesUnited Kingdom4.7%8Neat$10MSeed VC2022-10-21N/AOctopus Ventures,Founders Future,Mundi Vent

104、ures,NewAlphaFrance4.3%8QantEv$10MSeries A2022-10-25N/A Omnes Capital,RAISE Ventures,Elaia PartnersFrance4.3%10Alicia$8MSeed VC2022-12-14N/ARandstad Innovation Fund,Volta Ventures,Achmea Innovation FundNetherlands3.3%10Hedvig$8MSeries B2022-11-16N/AAnthemis,Cherry Ventures,CommerzVentures,Obvious Ve

105、ntures,Holta InvestSweden3.6%European insurtech M&A exits hit a new high in 2022,up 67%YoY93State of Insurtech|Geographic Trends|Europe Trends1IPO,115M&A,25SPAC,2020212022European insurtech M&A exits are down slightly QoQ94State of Insurtech|Geographic Trends|Europe Trends11IPO,04847M&A,6

106、1SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4200212022Europe:Top investors by company count in Q42295State of Insurtech|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Astorya.vc2VCFrance1New Fund2Private EquityFrance1Octopus Ventures2VCUnited KingdomReport Me

107、thodologyYou can download the underlying data found in this report here:https:/ you have questions about the definitions or methodological principles used,or if you feel that your firm has been underrepresented,please reach out to .What is included:Equity financings into private companies only.Fundi

108、ng rounds raised by public companies of any kind on any exchange(including Pink Sheets)are excluded from our numbers,even if they received investment from a venture firm.Only includes the investment made in the quarter for tranchedinvestments.If a company does a second closing of its Series B round

109、for$5M and previously had closed$2M in a prior quarter,only the$5M is reflected.Round numbers reflect what has closed,not what is intended.If a company indicates the closing of$5M out of a desired raise of$15M,our numbers reflect only the amount which has closed.Only verifiable fundings are included

110、.Fundings are verified via(1)various federal and state regulatory filings;(2)direct confirmation with firm or investor;(3)press release;or(4)credible media sources.Equity fundings to joint ventures and spinoffs/spinouts are included.Unicorn data includes private companies valued at$1B or more in the

111、 private markets globally,per the same 4 sources listed above and relied on for funding events,which include valuations disclosed in credible media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in Asia;Caribbean region figures

112、 included in Latin America,or“LatAm”;funding to Australia and Africa is included in global figures but not spotlighted in this report.Rounds to private companies that may be majority-or minority-owned subsidiaries of other private companies.Valuation data includes estimates to calibrate median and a

113、verage valuations based on current and previous quarter disclosed valuations gathered from the aforementioned four sources.The estimating method will control for the over-sampling of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources.Valuation d

114、ata reflects post-money valuations.Exits include IPOs,SPACs,publicly announced M&A deals,and other liquidity events;only first exits are counted.Headquarters are determined by publicly available sources including company-owned websites and profiles,legal filings,and press releases.All figures in the

115、 report are in USD.US financing trends follow the combined statistical area(CSA)methodology.Silicon Valley refers to the San Jose-San Francisco-Oakland CSA.What is excluded:No contingent funding.If a company receives a commitment for$20M subject to hitting certain milestones but first gets$8M,only t

116、he$8M is included in our data.No business development/R&D arrangements,whether transferable into equity now,later,or never.If a company signs a$300M R&D partnership with a larger corporation,this is not equity financing nor is it from venture capital firms.As a result,it is not included.No buyouts,c

117、onsolidations,or recapitalizations.All three of these transaction types are commonly employed by private equity firms and are tracked by CB Insights.However,they are excluded for the purposes of this report.No private placements.These investments,also known as PIPEs(Private Investment in Public Equi

118、ties),are not included even if made by a venture capital firm.No debt/loans of any kind(except convertible notes).Venture debt or any kind of debt/loan issued to emerging,startup companies,even if included as an additional part of an equity financing,is not included.If a company receives$3M with$2M

119、from venture investors and$1M in debt,only the$2M is included in these statistics.No non-equity government funding.Grants or loans by the federal government,state agencies,or public-private partnerships to emerging,startup companies are not included.No fundings to subsidiaries of a larger parent cor

120、poration unless that subsidiary is a private entity and meets other criteria for inclusion.Accelerators,incubators,business-plan competitions,economic-development entities are excluded from rankings of most active investors,even if making equity financings.Rankings for top investors are calculated according to“company count,”or the number of unique companies an investor funds in a quarter,and so excludes follow-on deals.96State of Insurtech