The Rise of Insurtech: Four Companies Transforming the Insurance Industry

1. The Emerging Landscape of Insurtech

In recent years, the insurance industry has witnessed a significant transformation through the emergence of insurtech companies. These firms leverage technology to offer innovative solutions, enhance customer experiences, and reduce costs. Despite the challenges posed by high capital requirements and the increasing impact of climate change, four insurtech companies—At-Bay, Coalition, Ethos, and Kin—have made notable strides, earning their spots on the prestigious Fintech 50 list for 2025. Each company brings a unique approach to the market, whether through digital distribution, predictive technology, or cybersecurity solutions.

2. At-Bay: Pioneering Cybersecurity Insurance

At-Bay, headquartered in San Francisco, specializes in cybersecurity insurance, protecting over 53,000 small and midsize businesses against threats such as ransomware, social engineering, and privacy breaches. Instead of shouldering all the risk, At-Bay partners with traditional insurers, retaining only 15% of the risk. A key innovation is its managed detection and response product, which monitors clients’ systems and provides dedicated support. This service grew from fewer than 1,000 customers in 2023 to 7,500 by the end of 2024, generating $13 million in annualized revenue. At-Bay’s revenue reached $155 million in 2024, up from $129 million the previous year. The company is valued at $1.35 billion and is led by CEO Rotem Iram, a former Israeli Military Intelligence captain, alongside cofounders Roman Itskovich, Etai Hochman, and Tilli Kalisky.

3. Coalition: A Leader in Cyber Insurance and Risk Management

Coalition, also based in San Francisco, stands as the largest startup offering cyber insurance and proactive monitoring tools, serving over 90,000 policyholders. By collaborating with traditional carriers and reinsurers, Coalition retains about 10% of the financial risk. In 2024, the company expanded internationally into Germany and grew its customer base for its managed detection and response product to 85 companies. Coalition’s revenue exceeded $300 million in 2024, with a total customer base of 165,000. Valued at $5 billion, the company is led by CEO Joshua Motta, a former CIA analyst, and cofounder John Hering, who also founded Lookout. Coalition’s success underscores the growing importance of cybersecurity in the digital age.

4. Ethos: Revolutionizing Life Insurance with Predictive Technology

Ethos, based in Austin, Texas, is revolutionizing the life insurance sector by utilizing predictive technology to offer term life insurance quotes in as little as 10 minutes. The company eliminates the need for medical exams for most applicants by verifying self-reported data with medical records. Ethos does not assume any financial risk, instead partnering with carriers like Legal & General America. In 2024, Ethos sold 301,000 policies, a significant increase from 193,000 the previous year, and introduced a "return of premium" product. This product allows policyholders to recover up to 100% of unused premiums after 25 or 30 years. Ethos achieved a GAAP profit in 2024 with $256 million in revenue, up from $160 million in 2023. The company is valued at $2.7 billion and is led by CEO Peter Colis and CTO Lingke Wang.

5. Kin Insurance: Making Home Insurance More Accessible

Kin Insurance, headquartered in Chicago, is transforming the home insurance market by selling policies directly to consumers in 11 states, bypassing agents to keep costs low. The company is structured as a cooperative, with policyholders owning the business and Kin taking a 32% management fee. Reinsurance covers about 50% of the risk. In 2024, Kin expanded into three new states, growing its customer base to 160,000 policyholders and achieving $140 million in revenue, a 35% increase from 2023. Despite the challenges posed by wildfires in California, Kin remains committed to affordable and efficient home insurance solutions. The company is valued at $1.1 billion and is led by CEO Sean Harper and cofounder Lucas Ward.

6. The Future of Insurtech: Innovation and Growth

The success of At-Bay, Coalition, Ethos, and Kin highlights the transformative potential of insurtech in addressing traditional industry challenges. By leveraging technology to enhance efficiency, reduce costs, and improve customer experiences, these companies are paving the way for a more dynamic and responsive insurance industry. As the demand for digital solutions continues to grow, insurtech firms are well-positioned to lead the industry into a new era of innovation and growth.