June 23, 2021


Dedicated Forum to help removing adware, malware, spyware, ransomware, trojans, viruses and more!

From Automakers To Insurers, Who Is Partnering With Insurtech Companies — And Why?

From Automakers To Insurers, Who Is Partnering With Insurtech Companies — And Why?

Funding to insurtech companies hit yearly and quarterly highs in 2020 and Q1‘21, respectively, signaling the confidence investors have in the future of the insurance tech market. 

In 2020, business relationships involving insurtech companies also hit a record high, coming in at over 650 partnerships for the year.

live webinar: state of fintech

Get up to speed on the trends and funding data that matters most in our live webinar on May 19th at 2pm.

Below, we dig into why companies across industries are partnering with insurtechs at a rapid clip.

From Automakers To Insurers, Who Is Partnering With Insurtech Companies — And Why?

All the underlying data and emerging insurtech companies can be found in CB Insights’ Insurtech Expert Collection


  • Both insurers and non-insurance companies see insurtechs as strategic partners. Insurtech companies are playing key roles in digitizing the insurance industry, helping insurers improve their underwriting, claims, distribution, and product development efforts. On the other hand, non-insurance companies are also seeing value in partnering with insurtechs. Fintech companies like Acorns, gig economy platforms like Uber, and auto manufacturers like Ford have all partnered with insurtech companies to add insurance-related services and improve their core offerings. 
  • For insurers, partnerships provide a complement — or even an alternative — to investments. Some of the most active insurer investors — such as Axa, Munich Re, and American Family — are also among the insurers with the most formal business relationships with insurtech companies. However, Hiscox, one of the most active insurer partners in 2020 with 12 announced partnerships, has not been as active on the investing side. This highlights how partnerships can be an alternative way for insurers to participate in the insurtech market.
  • Consumer-facing insurtech companies are partnering with other tech providers to round out their product offerings. In many cases, the goal of these partnerships is to add value for customers via added services. For instance, auto insurtech Root provides additional benefits to policyholders via partnerships with road assistance app Agero and gas station location app GasBuddy. Home insurtech Hippo recently partnered with ADT and handdii to improve the security and home repair services it offers policyholders. As these insurtech companies look to aggressively grow their customer bases, expect them to continue partnering with companies that offer complementary digital services.
  • Software companies are building out insurtech ecosystems. Leading core insurance software vendors like Duck Creek, Guidewire, and Unqork are also among the most active in partnering with insurtechs. These companies are integrating with complementary insurtech products to create a stickier experience for customers by tying these products to their core suites. Horizontal software providers like Microsoft and Salesforce and more mature insurtech platforms like Bold Penguin and Snapsheet have also actively formed partnerships to build out their own insurance ecosystem capabilities.


  • Insurers will continue to rely on insurtech partners to digitize every aspect of their business. As insurers innovate their business and protect the franchise, they will continue to rely on insurtech startups as key partners, such as by licensing software to improve internal operations or by leveraging new digital distribution channels. And as insurtech companies mature and build increasingly innovative solutions, expect to see insurers double down on successful partnerships and explore new ones.

Insurance Tech Startups

Insurtech companies are impacting all parts of the value chain. Look for insurtech startups in the Collections tab.

Track insurance tech startups

The post From Automakers To Insurers, Who Is Partnering With Insurtech Companies — And Why? appeared first on CB Insights Research.