MEDICI Top 21 – InsurTech Awards: Bringing the Next Wave of Disruption

May 10, 2019

In recent years, InsurTech has been redefining the contours of the traditional insurance industry. The newer business models such as microinsurance, on-demand insurance, etc., are leading the insurance industry towards short-term insurance products instead of long-term products based on time, usage, and activity. This trend is primarily being driven by a focus on niche segments paving the way for innovative, tech-driven InsurTech players who can address these areas. The MEDICI Team has consistently kept up to date with the leading players in the insurance (InsurTech) space and has followed the latest trends in the industry.

Continuing the series of awards run by MEDICI and its partners, which have seen a tremendous success in cross-segment chapters (MEDICI Top 21 – AI Awards, MEDICI Top 21 – Blockchain Awards, MEDICI Top 21 – InsurTech Awards, and MEDICI Top 21 – RegTech Awards), MEDICI in partnership with EY conducted the Top 21 InsurTech program over a period of three months and is now proud to announce the world’s most innovative companies disrupting the traditional insurance space (download Global InsurTech Report 2019: MEDICI-EY Top 21) created by MEDICI in partnership with EY. With this program, we tried to identify the early-stage startups that will bring about the next wave of disruption in the insurance space. For this reason, only startups that were founded post-2015 with a maximum funding of $10 million were considered for this exercise.

Hundreds of companies were rigorously screened and evaluated by the MEDICI Team and hand-picked global partners, including EY, to identify seven leaders from each region: EMEA, APAC, and the Americas.

Evaluation criteria

The MEDICI team worked closely with our partner judges to create an evaluation framework that could be applied to rate companies across multiple InsurTech verticals and various stages of product development effectively.

The startups were identified from three different regions — EMEA, APAC, and Asia — and were evaluated in two phases.

In the first round of evaluation, more than 300 InsurTech startups were identified from the MEDICI platform. The first round was followed by elimination of startups that didn’t fit the pre-identified criteria, i.e., startups founded before 2016 and have raised funding of more than $10 million. In the second round of screening, we leveraged our proprietary MEDICI score to identify the top 100 startups.

Each company was rated on a scale of 1 to 5 across several major parameters to determine the winners of this year’s MEDICI Top 21 – InsurTech Awards. The startups were evaluated based on MEDICI’s unique evaluation framework (in cooperation with the EY Italy team), which encompasses three different modules: Product, Business Traction, and Funding.

These modules were further categorized into various submodules, such as:

A. Product-Related:

  1. Unique value proposition (technology/business model)

  2. Product-market fit

  3. Product development stage

B. Business Traction:

  1. No. of B2B/B2C customers

  2. Plan for scalability across geographies

  3. Partnerships with incumbents (including innovation programs and accelerators)

  4. No. of employees

C. Funding:

  1. Current funding status

  2. No. of funding amounts

  3. Institutional investors, if any

MEDICI Top 21 – InsurTech Awards: Winners

The Americas


In this age of widespread cyber risk, Zeguro is one company that stands out for the work it has been doing. Zeguro’s USP is its focus on making microinsurance an integral part of its client companies’ frameworks. In addition to simplifying cyber insurance, Zeguro helps companies ensure they remain compliant with data regulations and legally-binding obligations. Zeguro provides tailored cyber insurance products by leveraging the data it collects on each business while assessing their exposure to cyberthreats and their requirements. The cover is either supplied by Zeguro directly (through an MGA set up in the US) or by insurance partners (who have access to the data collected by Zeguro).


Jones empowers contractors to get on-demand liability insurance within a short period, thereby enabling contractors to overcome the hurdles of liability insurance. The company has been instrumental in supporting independent contractors, managers, builders, and even real-estate owners to obtain A-rated, carrier-backed liability insurance across the United States. It lets contractors enjoy the flexibility and freedom of pay-as-you-go schemes, with an easy-to-use interface. It offers automated insurance checkup and offers pay-as-you-go liability insurance for vendors, thereby enabling them to bid for construction jobs and projects.

Bold Penguin

Bold Penguin is an InsurTech innovator that focuses on improving the process of buying for all stakeholders. The company provides an easy tool or agents and streamlines underwriting for carriers, offering services to increase speed-to-bind for commercial insurance. It makes underwriting easier and quicker for more profit by partnering with top insurers and brokers. What powers Bold Penguin’s exchange is a recommendation engine that is continuously learning and making use of data to predict the optimum placement of insurance risks with a high degree of accuracy.


Not just another insurance platform, Inshur is an innovative company that provides mobile-first commercial auto insurance for professional drivers and fleets. With its mobile technology platform, analytics, and proprietary data, Inshur simplifies the process of TLC coverage for rideshare operators. Inshur’s mobile app enables TLC and rideshare drivers to compare & buy insurance products. The personal insurance assistant allows users to compare quotes by simply scanning their driving licenses.

Carpe Data

Carpe Data makes use of AI proprietary algorithms to leverage alternative and emerging data for insurance carriers globally. Insurers obtain useful insights into risks from the data that Carpe Data gathers and refines – this, in turn, enables them to enhance book assessment, underwriting, claims, and other aspects within insurance. Carpe Data is committed to providing next-generation data solutions to insurance firms. Its data sources cut across swathes of online content and social media.

Boost Insurance

Boost Insurance is an InsurTech development platform that supports product innovators and startups in the insurance sector. The B2B InsurTech development platform assists InsurTech startups to develop solutions for the property and casualty (P&C) industry and also supports all personal and commercial lines of business. It provides back-end infrastructure to digital platforms and emerging InsurTech startups through its trademarked ‘Boot InsurTech Platform.’ The company selects high-potential startups and platforms to serve as program sub-agents under the aegis of Boost. It supports them by handling their complete back-end function, letting them concentrate on the growth of their business.


Based in Quebec, Canada, Covera is a free-to-use digital insurance brokerage that helps individuals with insurance re-shopping. The company constantly strives to provide the best policies based on the user’s profile and makes sure that curated alternatives are offered before policy expiry. Covera’s platform is powered by AI that works in conjunction with experienced insurance brokers to provide the ideal policy for each individual. It takes away the hassle and effort of dealing with multiple variables that one has to contend with while choosing insurance.



Yolo is an InsurTech enabler and a digital broker which offers a full digital purchase experience for on-demand and highly customized insurance products from various Insurers partners. The platform has been rolled out on the web, mobile & app front-ends and is available also as a white label solution for partners integration. The key differentiator of the product is the data-driven approach of the platform for providing customer profiling capabilities. It is building a one-stop shop for offering flexible coverages in the areas of health, life or property/product. It further leverages specific AI algorithms to provide customized offers to address customer’s needs.


Neosurance offers one of the first instant insurance solutions in Italy where insurance can be purchased in 10 seconds with 3 touches. It offers a unique Push Model that can be plugged into existing communities which helps insurance companies sell insurance covers through push notifications directly delivered to the user’s smartphone. It leverages technologies like context-awareness, artificial intelligence, nudging, and habit creation to enable insurers to identify the specific needs of a particular customer, thereby enabling them to offer personalized insurance covers. Upon receiving the insurance cover, customers can simply activate it with a few taps on their screen.


RightIndem is a Software-as-a-Service platform that provides claims services for the auto insurance industry. The platform enables users to file their insurance claims with their insurance providers. It enables users to select areas of damage and upload relevant pictures & videos in order to provide an accurate representation of their vehicle’s damage. It leverages the functions of a smartphone to help insurance companies to pinpoint the location of the claim digitally and helping them locate their client and help them. It aims to speed up the claims process for automobile users via its online self-service platform. It has improved the turnaround of the claim settlement process by 3 times, i.e., to a period of 7 days compared to a mammoth 21 days. Rightindem is currently offering claims settlement solutions for both the auto and marine industry.


Neos provides smart home insurance cover to users with the help of IoT. It is a smart home technology which alerts users when there is a problem in their home. E.g., break-in, fire or water leak. It is a home insurance product which leans on sensor technology and wireless connectivity to reduce home-related risks. It has pooled together smart technology and 24/7 assistance with home insurance to create an always-on type of policy, which actively protects home and prevent the need for insurance claims. Neos also simplifies the process of providing insurance quotes as users don’t have to answer a large number of questions in order to provide their basic details. It refers to 261 different data sources to obtain the maximum possible information on potential customers.


Spixii has developed AI-powered insurance that can be accessed via both messaging platforms and mobile apps. It offers an automated insurance agent, i.e., a chatbot that asks simple questions to the customers in order to determine an insurance policy as per their needs.

The platform uses neuroeconomics and contextual data from multiple sources to interact with customers and sell insurance in more proactively. Spixii’s platform has adopted a hybrid approach as it leverages both AI to interpret human language and a structured workflow approach for automatically mapping a customer’s dialogue with an existing business process. Spixii offers a new and innovative way of insurance distribution that takes customer experience to a whole new level.


Wrisk offers on-demand flexible property & casualty insurance products and enables users to buy insurance for their furniture, vehicle, electronic items, etc., via their mobile app. The company has developed the ‘Wrisk Score’ which assesses personal risks by leveraging advanced data science and techniques for pricing an insurance policy. The score further acts like a credit score that helps users to understand personal risk, thereby helping them understand the different factors that affect their risk and the steps they can take to lower these risks, ultimately reducing their premiums. It offers a macro-insurance solution that encompasses multiple insurance covers under a single plan.

Coverfy is a smart mobile insurance broker that enables users to obtain new insurance policies, manage their existing policies, and get advice from insurance agents. It uses digital technology and semi-automatic algorithms to cover insurance needs and optimize a user’s insurance policies. The optimization algorithms constantly evaluate a customer’s existing insurance and present proposals in terms of prices and better coverage. Coverfy works with more than 30 insurance companies and has a client base of more than 103,000 users.



Niramai offers a novel breast cancer screening solution that leverages machine intelligence over thermography images to detect breast cancer at an earlier stage as compared to traditional tests. It offers a portable cancer screening tool that is powered by an artificial intelligence-led diagnostic platform and can be utilized for patented thermal image processing and machine learning algorithms in order to carry out breast cancer scanning accurately.


Riskcovry’s interactive platform provides a personalized experience to consumers – it breaks down the complexities of insurance and helps them understand its intricacies in the simplest way possible. Furthermore, the company improves the purchase experience of customers by helping them discover their risks and cover them with curated plans through the transparent insurance sales process. It offers a digital destination for India’s 65 million micro, small & medium business owners and enables them to secure their businesses & homes on a single platform.


AskArvi is a smart personal insurance assistant that helps users to buy insurance via a mobile-first chat. It has developed an artificial intelligence-powered virtual assistant that can provide policy recommendations to the users. Apart from recommendations, the AI-powered insurance marketplace also provides policy-related information to customers like features, coverage details, and an insurance claims settlement track. It offers a mobile chat feature that helps the buyer through the pre- and post-sale process, thereby providing them with an interactive and data-driven purchase experience. The company is currently working in the health (indemnity & fixed benefit plans), travel, and auto (bikes) insurance space.

Toffee Insurance

Toffee Insurance is a digital-only technology company that offers bite-sized insurance products to users. It differentiates itself from other insurance players by providing tailor-made insurance products for the millennials like backpacker and anti-dengue coverage. Furthermore, Toffee can analyze, predict, and customize offerings that can reduce risk for the young population It is licensed as a corporate agent by the IRDAI and works with over six major insurance providers like Apollo Munich, ICICI Prudential, HDFC Ergo, Future Generali, Tata AIG, and Religare for debundling insurance products and to develop innovative insurance products for youngsters.

Vouch Insurance

The private community-focussed car insurance platform offers no-claim rebate cashbacks for drivers by partnering with multiple insurance carriers. Customers can receive up to 15% of the cashback from their insurance carriers if they make no claims during the policy term. The platform pools together drivers with similar profiles and retains 15% of the driver premium as NCR (No Claim Rebate) at the inception of a policy. It also enables customers to create groups with family, friends & other safe drivers and further allows them to maximize their cashback offers.


Artivatic.ai is a technology platform that helps insurance & healthcare businesses to streamline and automate customer onboarding journey & profiling, document extraction & digitization, underwriting risk & claims management with data, AI, and ML. Artivatic.ai caters to the life, health, auto, and travel insurance spaces. It enables finance & insurance sector to have in-depth, multi-source, data-focused consumer risk profiling, credit risk scoring, recommendation & personalization, automated underwriting & decisions, health & disease prediction, claims processing, fraud detection, digital data-based risk scoring, and document digitization.


Inzurer is an insurance comparison, advisory, and sales service InsurTech startup. It also offers policy processing, automatic pricing, underwriting, and automated renewal & policy management services. It helps customers to search, compare, or use professional recommendations before making the purchase. It also provides automatic pricing, and underwriting, automatic detection on claims fraud, and automatic renewal with appropriate insurance product suggestions. Currently, it covers life & health, travel, home and car insurance schemes on the platform.

Download the Global InsurTech Report 2019: MEDICI-EY Top 21 created in partnership with EY, and receive:

  • A global view of InsurTech innovation

  • Macroeconomic scenario (demographic trends, emerging economies, digital & technology adoption, shift towards new risks, etc.)

  • Stakeholder & insurance sector (incumbents, reinsurance companies, clients, shifting risks, new players, regulations & associations, channels, etc.)

  • The InsurTech landscape (new products on sales, new trends in InsurTech, etc.)\ 21 by region + a more in-depth profile on each company to understand their game-changing solutions

Note: The APAC analysis doesn’t include InsurTech startups based out of China.