Some of the most disruptive insurtechs leading change in the marketplace today, are led by female founders and CEOs. According to recent research reports, only 25% of startups report having a female founder while just over one-third, 37%, have at least one woman on their board of directors. However, over half, 53%, of startups have at least one woman in an executive position.
The latest data from Deloitte indicates that the average overall female representation in the technology industry sat at 33% in 2022. This was up 2% from 2019, and the ratio of men to women in technology is is currently still 3:1.
Furthermore, data from a study by Women Business Collaborative, three more women have become CEOs of Fortune 500 companies since September 2021, bringing the total from 41 to 44. This is an all time high, although, women make up just 8.8% of the Fortune 500 CEOs. Of this, only 1% are women of color.
From cutting edge, AI-driven solutions, to offerings that cater to demand by addressing the protection gap, we are seeing impressive growth and enthusiasm as the industry welcomes these newcomers into the wider ecosystem.
We’ve listed five swiftly scaling, female-led insurtechs that are taking the industry by storm in 2023
LUKANGO
Founded: 2021
CEO: Joanne Safo
Lukango is a female-led insurtech startup in the UK that raised £275,000 in its pre-seed round. They offer insurance services to micro businesses and sole professionals, leveraging data and smart algorithms to provide flexible coverage that can adapt as businesses grow. This year, Lukango is focussed on completing its technology build and launching its products in the market to a niche, underserved segment of customers.
INZMO
Founded: 2015
CEO: Meeri Savolainen
INZMO is a rapidly growing insuretech startup based in Berlin, and has made a name for itself by helping individuals protect their rental homes and belongings. Notably, the company has emerged as the leading insurtech offering zero-deposit solutions for European renters.
Having amassed a customer base of over 70,000 and experiencing a remarkable growth rate of over 400% in 2022, INZMO has garnered recognition and investments from various insurers across Europe. In 2017, the European Commission awarded the company as the best fintech company in the StartUp Europe Awards, and in 2019, they were honored with the Insurance Shaper of the Year accolade.
HOSTA.A.I
Founded: 2020
CEOs: Henriette Fleischmann
Based in Cambridge, Massachusetts, Hosta A.I. is a data solution provider enabling workflows for corporations who are aiming to digitise decision making related to onsite property assessment. The insurtech builds technology that enables its customers to leverage their data in a streamlined and frictionless manner. The company is 100% VC funding, and has raised a total of US$15.5 million to date.
Hosta.a.i’s target market are property insurance carriers, contractors, and data providers. Their solution allows for a huge variation of markets and they are focused on creating value for their users in the market.
CLARA Analytics
Founded: 2016
CEO: Heather Wilson
Based in Silicon Valley, California, CLARA Analytics is a leading casualty Claims Intelligence Platform for risk professionals and the AI Decision Support assistant for adjusters used at carriers, MGA/MGUs, reinsurers and self-insured organisations for loss cost and expense savings. The company’s product suite applies image recognition, natural language processing, and other AI-based techniques to unlock insights from medical notes, bills and other documents surrounding a claim. CLARA’s predictive insight gives adjusters augmented intelligence that helps them reduce claim costs and optimize outcomes for the carrier, customer and claimant.
VERTA
Founded: 2018
CEO: Manasi Vartak
Verta is based in Palo Alto, California, and specialises in developing software solutions for high-velocity data science, machine learning, and AI product teams. Their journey began with a focus on tackling the challenges associated with model management. Through extensive research conducted at MIT CSAIL and leveraging their expertise in building ModelDB, an open-source model management system implemented by numerous Fortune 500 companies, they created the Verta platform.
