Over the past decade, the insurance sector has proven tough for new fintech businesses to crack. High costs and the intensifying effects of extreme weather and climate change have posed significant challenges. Yet, a handful of insurtech companies are making headway by utilizing technology to deliver faster, more efficient, and cost-effective insurance solutions. Four of these companies have distinguished themselves and earned a spot on the 2025 Fintech 50 list.
Kin Insurance, headquartered in Chicago, is featured on the list for the third consecutive year. Its innovative approach involves digital-first, direct-to-consumer sales, bypassing traditional insurance agents to keep expenses and rates low. Kin operates in 11 states, and in 2024, they expanded into three more, increasing their customer base to 160,000 policyholders, up from 115,000 the previous year. Revenue also experienced a significant surge, climbing 35% to $140 million. While Kin began selling policies in California in November 2024, the company reported a limited presence near wildfire-affected zones as of January 2025.
The life insurance sector saw substantial growth from Ethos, which expanded at a rapid pace over the past year. By the end of 2024, Ethos had reached 301,000 life insurance policyholders, considerably up from 193,000 a year earlier. The company uses predictive technology to provide term life insurance quotes in as little as 10 minutes, and for most people, there’s no need for a medical exam. Ethos doesn’t absorb any financial risks since it cooperates with carriers like Legal & General America, who cover the claims. Ethos also launched a “return of premium” (ROP) product last year, allowing policyholders to recover a portion of their unused premiums.
Ethos’ revenue saw a 60% rise to $256 million in 2024 and the company reported a profit based on generally accepted accounting principles (GAAP).
Cyber insurance is an area where startups are making a strong mark. Coalition, the primary startup offering cyber insurance and proactive monitoring tools, has over 90,000 policyholders. They collaborate with established carriers and reinsurers for underwriting, retaining roughly 10% of the financial risk. In 2024, Coalition continued its international expansion with a launch in Germany, with revenue exceeding $300 million. Another player in cyber insurance, At-Bay, serves over 53,000 small and midsize businesses, offering protection against cyber threats. Last year, At-Bay generated $155 million in revenue and expanded its security technology offerings. Their managed detection and response product, monitoring customers’ computers, grew substantially.
Here’s a look at the four insurance companies that made the Fintech 50 in 2025:
At-Bay
- Headquarters: San Francisco, California
- Description: Provides cybersecurity insurance to more than 53,000 small and midsize businesses to protect against everything from ransomware and social engineering attacks to privacy infractions. It retains 15% of the insurance risk, passing on the rest to big insurers.
- 2024 Developments: It pushed deeper into security technology with its managed detection and response product, which customers pay extra for and which monitors their physical computers and provides dedicated customer support for detecting threats.
- Funding: $292 million from Lightspeed Venture Partners, Khosla Ventures and Shlomo Kramer, among others.
- Latest valuation: $1.35 billion.
- Date of last valuation: October 2021.
- Financials: In 2024, it brought in about $155 million in revenue, up from $129 million in 2023.
- Leadership: Cofounders: CEO Rotem Iram, 44; chief risk officer Roman Itskovich, 42; Etai Hochman, 37; Tilli Kalisky, 47.
Coalition
- Headquarters: San Francisco, California
- Description: The largest startup offering cyber insurance and proactive monitoring tools with over 90,000 policyholders. It insures against incidents like cyberattacks, email scams, and accidental privacy violations. It partners with traditional carriers and reinsurers to write insurance, retaining about 10% of the financial risk.
- 2024 Developments: Continued its international expansion with its launch in Germany, and it grew its customer base for its managed detection and response product that helps customers monitor their own security to 85 companies.
- Funding: $770 million from Valor Equity Partners, Allianz X and T. Rowe Price, among others.
- Latest valuation: $5 billion.
- Date of last valuation: July 2022.
- Financials: In 2024, revenue exceeded $300 million, and the total base of customers rose to 165,000.
- Leadership: Cofounders: CEO Joshua Motta, 41, and John Hering, 42.
Ethos
- Headquarters: Austin, Texas
- Description: Uses predictive technology to quote term life insurance rates incredibly quickly with a straightforward application process. No medical exam for most buyers. Ethos doesn’t shoulder any financial risk itself; it collaborates with established carriers.
- 2024 Developments: Reached 301,000 policyholders. It also launched a “return of premium” (ROP) product offering.
- Funding: $400 million from Sequoia, Accel and GV, among others.
- Latest valuation: $2.7 billion.
- Date of last valuation: July 2021.
- Financials: $256 million in net revenue in 2024. It also turned a profit in 2024 on a generally accepted accounting principles (GAAP) basis.
- Leadership: Cofounders: CEO Peter Colis, 35, and CTO Lingke Wang, 34.
Kin Insurance
- Headquarters: Chicago, Illinois
- Description: Sells home insurance policies digitally and directly to consumers to keep costs and rates low. Operates in 11 states. Kin is structured as a co-op owned by policyholders.
- 2024 Developments: Expanded into three new states and grew its customer base to 160,000 policyholders.
- Funding: $280 million from QED Investors, Hudson Structured Capital Management and August Capital, among others.
- Latest valuation: $1.1 billion.
- Date of last valuation: January 2024.
- Financials: In 2024, Kin revenue grew to $140 million.
- Leadership: Cofounders: CEO Sean Harper, 44, and Lucas Ward, 42.
These four innovative companies demonstrate the lasting impact of technology on the insurance industry, enhancing the value proposition for both businesses and individual consumers.
