Wavestone is proud to present the 3rd edition of its Insurtechs radar! This 2023 analysis lists almost 140 Insurtechs and offers a global vision of the major trends in a market undergoing a revolution, highlighting how Insurtechs are renewing and transforming themselves to anticipate the future of insurance.


2022 will have been marked by a substantial reduction in raised funds. Amounts declined by around 50% compared to 2021, from €14.5 billion to €7.3 billion. A real shift is taking place in 2023, where innovative ideas are no longer enough, and actors must now rely on robust, sustainable, and profitable business models.

Therefore, insurance offers evolved towards more personalization, especially pay-as-you-go insurance where “à la carte” insurance is gaining ground, giving customized solutions to policyholders’ needs.

The emergence of these offers has been facilitated by the widespread use of new technology like artificial intelligence and APIs, which are becoming increasingly popular with traditional insurers. Other innovative solutions, like IoT or blockchain, are more useful for specific offers like pay-as-you-go or parametric insurance.

This technological evolution benefits the service provider Insurtechs, which are growing in the insurance market. Other companies primarily requested those providers to optimize their processes and re-invent their business models.

In addition, Insurtechs are targeting new customers such as very small professional structures, as well as new products such as cyber-risk insurance and pet insurance. A particularly innovative model is parametric insurance which has already been introduced in the agricultural sector and the travel industry.

Finally, even though CSR is an emerging topic in the insurance sector, only a few Insurtechs offer a business model focused on sustainability and the full integration of CSR. Growing awareness of environmental and social issues is opening new prospects and opportunities for Insurtechs and their policyholders alike.

Radar methodology

We analyse Insurtechs that meet the following criteria:
– Fewer than 50 employees*
– Created after 2015*
– A service in France or a disruptive solution
– An insurance-specific offering or customers in the insurance sector
*Excluding scale-up and foreign start-ups

Insurtech Radar 2023 Pan

Some key figures




French Insurtechs


Billions € of funds raised reported by Insurtechs on the radar


of these Insurtechs are B2B or B2C businesses

Our favorites

Special thanks to the seven Insurtechs that caught our attention and with whom we were able to deepen our study:

Coup Coeur Assurtech
  • AKUR 8 – enables insurers to optimize their pricing
    Vera BUTTINGER, Marketing Director
    Mathilde STUNAULT, Marketing Manager
  • BIFROST – improves operational efficiency in reinsurance
    Guillaume BOUR, chief revenue officier and late founder
    Victor MOREAU, cofounder and CEO
  • FINRES – offers the possibility of modeling climatic risks
    Florent BAARSCH, founder and CEO
    Persa-Anna NAKOVA, in charge of development and public relations
  • KOALA Assurances – offers a parametric product for travel
    Léo TORDJMAN, cofounder and chief of staff
  • KOZOO – offers insurance for cats and dogs
    Alexandre KRIEF, cofounder and CEO
  • LILY facilite la vie – offers solutions to individual employee problems and works towards health prevention
    Magaly SIMEON, cofounder and CEO
  • WePROOV – offers to automate automobile claims handling
    Alexandre MEYER, cofounder and CEO

For their contribution to the construction of this radar, thanks also to Gonzague BLAUDIN DE THÉ, Omer CRÉON, Matthieu ENTREMONT, Séréna LAVIGNOLLE, Nicolas PILLOT, Natasha SELLIER, Louis ZMUDA-LEJEUNE.