Sixth annual InsurTech100 list spotlights groundbreaking tech companies reshaping the insurance sector.
San Francisco, September 20, 2023 – Federato, the insurance industry’s first RiskOps underwriting platform, today announced that the company has been named to specialist research firm FinTech Global’s prestigious InsurTech100 list. The ranking celebrates the groundbreaking tech companies that are developing solutions to the insurance industry's most daunting challenges.
According to FinTech Global, this year’s battle to earn a spot amongst the world’s top 100 InsurTech visionaries was intense. A select group of analysts and seasoned industry specialists sifted through a comprehensive list of over 1,900 contenders. The chosen few were acknowledged for their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain. Experts predict the InsurTech sector is set to soar at a CAGR of 32.7%, estimating its worth to be $159bn by 2030.
“We’re entering a new wave of digitalisation and insurance firms need to be prepared,” commented FinTech Global's director, Richard Sachar. “The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionizing key areas like underwriting, pricing, distribution, and data analytics."
“The insurance industry continues to confront emerging risks across four key categories – natural catastrophe, cybersecurity, social inflation and economic inflation,” Will Ross, CEO and Co-founder of Federato told FinTech Global in a recent interview. “The only option insurance organizations have to confront those risks is to solve the challenges of underwriting and portfolio optimization.”
Federato’s RiskOps platform aligns portfolio strategy with underwriting action, empowering underwriters with real-time insights and tools to make better risk section decisions and more effectively manage their book of business.
Federato has seen rapid market traction and growth. Over the past year, Federato has tripled its customer base, doubled spend within existing customers, and entered new segments across both commercial and personal lines insurance. This momentum has been reflected in a growing list of industry accolades, including coveted spots on the 2023 CB Insights Insurtech 50 list of the world’s most promising insurtechs and the Business Insider List of the Hottest Up-and-Coming Fintechs. In June, the company announced that it raised $25M in Series B funding, led by Caffeinated Capital, with participation from Emergence Capital and Pear VC.
A full list of the InsurTech100 for 2023 and detailed information about each company is available to download for free at www.TheInsurTech100.com.
Federato’s industry-first RiskOps platform for P&C and Specialty insurance aligns portfolio strategy with underwriting action. Designed by underwriters for underwriters, Federato surfaces real-time risk and portfolio insights, enabling teams to triage business based on key criteria like appetite, underwriting guidelines, and winnability. The platform is being used today by a broad cross-section of the insurance industry from multi-billion-dollar insurance carriers to tech-savvy, high growth MGAs. Learn more at www.federato.ai.