In October 2021, Nerdwallet joined the list of insurtechs going public and announced that it filed for an IPO for a potential valuation of $5 billion. The company reached 21 million unique users per month in the first half of 2021, generating $181.6 million in revenue.
Despite climate change, the pandemic and the increasing frequency of catastrophic events impacting the stability of the insurance industry, insurtechs have enjoyed a fruitful year. But as companies find themselves fully loaded and in the fast lane to going public, will their futures be just as fleeting?
Willis Towers Watson reported a surge in global insurtech funding to $7.4 billion in the first half of 2021, exceeding investment in all of 2020 and every other previous year. In Q2 alone, the company saw 162 deals with more than $4.8 billion in investment behind them:
- 57 deals in Q2 2021 were early-stage deals, a 200% increase from Q2 2020
- 55% of startup deals involved insurtechs focused on distribution
- 73% of funding involved P&C relate companies
Some startups that had successful funding rounds in August include:
- DealerPolicy: $110 million, Series C
- Insurify: $100 million, Series B
- Jerry: $75 million, Series C
- High Definition Vehicle Insurance Group: $32.5 million, Series B
- Sayata: $17 million, Series A
- TrustLayer: $15.1 million, Series A
- DigiSure: $13.1 million
- Breeze: $10 million, Series A