PitchBook data. With almost three months left in the year, these figures already exceed the $3.9 billion raised across the whole of last year and could exceed the record-breaking $4.2 billion raised in 2017.
And the startup's growing its revenue fast, too: The company was collecting premium payments from policyholders at an annual rate of $77 million, as of August, a 175% increase on the $28 million it collected last year. And this picture is similar when among its peers securing massive funding: Lemonade had sold more than 500,000 policies as of April 2019, more than double the 200,000 it sold as of June 2018, for instance.
Insurtechs are appealing to consumers by easing pain points like onboarding and claims processing — and by nabbing massive funding, they're in a prime position to scale and eat incumbents' market share. Next, Root, and Lemonade are prime examples of how insurtechs have leveraged technology to reduce their overheads and reduce pain points for customers when it comes to purchasing coverage.
Source: News Formal (newsformal.com)
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