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TOP 10 Innovative Insurtechs of 2022

4 minutes 42 seconds read

Amidst rapidly growing inflation in India, catastrophic war situations in Ukraine and Russia, and an economic crisis in Sri Lanka, the outset of 2022 has been witnessing uncertainties, risks, and financial crises worldwide. Financial stability has become a global priority now. And the key focus has now shifted to insure everything around whether it’s people, pets, or things.

With this emerging customer demand for insurance solutions comes the challenge of providing an exceptional customer experience. AXA Insurance launched a multiplayer online game to spread awareness about the need for insurance. More than 600,000 players visited the AXA office in real life within five months of the launch.

According to Mantra Labs’ latest findings, insurance surpassed other industries by 15 times when it came to an increase in CX maturity.

The State of CX in Insurance, 2022
Source: The State of CX in Insurance

The insurtech industry is at the cusp of exponential growth garnering massive investment deals and leveraging technology like never before. Recently, Amulet secured $6 million in its latest funding round to provide insurance coverage in the Web 3.0 world. The first Rust-based decentralized finance (DeFi) insurance protocol will utilize Solana’s PoS network to offer insurance service and stable returns. According to Gallagher’s report, 143 deals were recorded worldwide in the first quarter of 2022. Keeping innovation and customers at the center, here’s a look at the top 10 innovative insurtechs of today (in no particular order) –

ManyPets

ManyPets (formerly known as Bought by Many) is the first pet insurer in the UK to offer online form-free claims. Launched in 2012, the firm introduced its own branded policies backed by Munich Re’s Great Lakes Insurance. ManyPets built its policies using a customer-led model, which leverages anonymized search data and customer reviews to identify shared customer needs unserved by competitors. The current offering includes tailor-made insurance solutions like lifetime and accident coverage for cats and dogs.

DINGHY

Dinghy is a London-based pay-by-the-second insurance provider that customizes coverage for freelancers and businesses. Using online and mobile-first solutions, customers may switch their policies on and off as needed without any upfront premiums, interest, credit checks, or fees. Dinghy also introduced ‘Freelance Assist’ where freelance legal professionals receive the flexible coverage of Dinghy with online resources and advice.

Root Insurance Co

Root is a US-based insurtech that offers insurance solutions to drivers in case of collisions as well as comprehensive protection and medical payments, personal injury protection, and more. At first, drivers need to download the mobile-app and perform test driving for a couple of weeks. Once the driver passes the driving test, they are offered a premium based on their driving score generated during the test drive which differentiates the company from traditional car insurance.

Riskwolf

Riskwolf is a Switzerland-based insurtech that enables insurers to build and operate parametric coverage for digital risks using real-time data and dynamic risk modeling. This prevents loss of income from internet disruptions due to bad weather, natural disasters, or accidental cable cuts. Riskwolf enables telecommunication, internet service, e-commerce, and other digital platform providers to raise real-time insurance claims by detecting connectivity problems and automating the payment process.

Fitsense

Fitsense is an Australian insurtech that enables health & life insurers to customize products and services by using the app and device data. The platform captures health data from multiple wearable devices and health-tracking apps and then combines it to generate unique scores for its customers. These scores are then used to create personalized insurance policies to suit individual needs in real-time which helps insurance firms to minimize claims and increase revenue streams. 

SHIFT TECHNOLOGY

Shift Technology is a Paris-based tech firm focused on creating AI-native solutions for insurance companies. The insurtech enables insurers to defeat fraud, cyber-attacks, or hacks, and automate claims. 

Hippo Insurance

Hippo is a US-based insurtech that provides property & casualty insurance, which covers the policy holder’s home and belongings as well as liabilities from accidents that occur on the protected property. The company leverages public data, satellite images, and smart home devices like water-leak sensors to accelerate the application process and reduce claims. Hippo claims a customer quote time of just 60 seconds and offers a complimentary smart home monitoring system to eligible customers combined with a discount. 

NEOSURANCE

Neosurance, headquartered in Milan, provides insurers with customer insights and a profiling platform. A push notification is delivered to the user’s smartphone along with a 7-second insurance policy sign-up. This enables the insurer to send the right insurance offer whenever the customer needs it. 

Coincover

Coincover provides corporate and consumer protection for NFTs through an insurance-backed solution. The company protects its partners’ wallets and the NFTs they possess from hacking, phishing, and other illegal activity, while also providing an insurance-backed guarantee if something goes wrong. Their offering also includes a disaster recovery service, which is a backup key recovery service that allows NFTs to be recovered in the event of lost passwords.

LIVWELL

LivWell Asia is a blockchain-based gamified insurtech and health engagement application. The insurtech aims to make insurance accessible to millennials by making it rewarding and activity-based. Its offering includes low-cost bite-size health and term insurance in India and Vietnam aimed toward Gen-Z. 

Businesses are heading to metaverse-based ecosystems where solutions based on blockchain technology are on the rise. Unique insurance solutions are clear evidence of rapidly evolving customer expectations. Hong Kong-based virtual insurer OneDegree teamed up with Munich Re to insure digital assets due to increased demand from Non-Fungible Token (NFT) holders seeking security against hacking and theft. With investments and advancements on the go, the future of insurance sure looks promising.

(Note: The insurtechs highlighted here are not rank-based and are not indicative of the ‘best’ insurtech products available today.)

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Why Netflix Broke Itself: Was It Success Rewritten Through Platform Engineering?

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Let’s take a trip back in time—2008. Netflix was nothing like the media juggernaut it is today. Back then, they were a DVD-rental-by-mail service trying to go digital. But here’s the kicker: they hit a major pitfall. The internet was booming, and people were binge-watching shows like never before, but Netflix’s infrastructure couldn’t handle the load. Their single, massive system—what techies call a “monolith”—was creaking under pressure. Slow load times and buffering wheels plagued the experience, a nightmare for any platform or app development company trying to scale

That’s when Netflix decided to do something wild—they broke their monolith into smaller pieces. It was microservices, the tech equivalent of turning one giant pizza into bite-sized slices. Instead of one colossal system doing everything from streaming to recommendations, each piece of Netflix’s architecture became a specialist—one service handled streaming, another handled recommendations, another managed user data, and so on.

But microservices alone weren’t enough. What if one slice of pizza burns? Would the rest of the meal be ruined? Netflix wasn’t about to let a burnt crust take down the whole operation. That’s when they introduced the Circuit Breaker Pattern—just like a home electrical circuit that prevents a total blackout when one fuse blows. Their famous Hystrix tool allowed services to fail without taking down the entire platform. 

Fast-forward to today: Netflix isn’t just serving you movie marathons, it’s a digital powerhouse, an icon in platform engineering; it’s deploying new code thousands of times per day without breaking a sweat. They handle 208 million subscribers streaming over 1 billion hours of content every week. Trends in Platform engineering transformed Netflix into an application dev platform with self-service capabilities, supporting app developers and fostering a culture of continuous deployment.

Did Netflix bring order to chaos?

Netflix didn’t just solve its own problem. They blazed the trail for a movement: platform engineering. Now, every company wants a piece of that action. What Netflix did was essentially build an internal platform that developers could innovate without dealing with infrastructure headaches, a dream scenario for any application developer or app development company seeking seamless workflows.

And it’s not just for the big players like Netflix anymore. Across industries, companies are using platform engineering to create Internal Developer Platforms (IDPs)—one-stop shops for mobile application developers to create, test, and deploy apps without waiting on traditional IT. According to Gartner, 80% of organizations will adopt platform engineering by 2025 because it makes everything faster and more efficient, a game-changer for any mobile app developer or development software firm.

All anybody has to do is to make sure the tools are actually connected and working together. To make the most of it. That’s where modern trends like self-service platforms and composable architectures come in. You build, you scale, you innovate.achieving what mobile app dev and web-based development needs And all without breaking a sweat.

Source: getport.io

Is Mantra Labs Redefining Platform Engineering?

We didn’t just learn from Netflix’s playbook; we’re writing our own chapters in platform engineering. One example of this? Our work with one of India’s leading private-sector general insurance companies.

Their existing DevOps system was like Netflix’s old monolith: complex, clunky, and slowing them down. Multiple teams, diverse workflows, and a lack of standardization were crippling their ability to innovate. Worse yet, they were stuck in a ticket-driven approach, which led to reactive fixes rather than proactive growth. Observability gaps meant they were often solving the wrong problems, without any real insight into what was happening under the hood.

That’s where Mantra Labs stepped in. Mantra Labs brought in the pillars of platform engineering:

Standardization: We unified their workflows, creating a single source of truth for teams across the board.

Customization:  Our tailored platform engineering approach addressed the unique demands of their various application development teams.

Traceability: With better observability tools, they could now track their workflows, giving them real-time insights into system health and potential bottlenecks—an essential feature for web and app development and agile software development.

We didn’t just slap a band-aid on the problem; we overhauled their entire infrastructure. By centralizing infrastructure management and removing the ticket-driven chaos, we gave them a self-service platform—where teams could deploy new code without waiting in line. The results? Faster workflows, better adoption of tools, and an infrastructure ready for future growth.

But we didn’t stop there. We solved the critical observability gaps—providing real-time data that helped the insurance giant avoid potential pitfalls before they happened. With our approach, they no longer had to “hope” that things would go right. They could see it happening in real-time which is a major advantage in cross-platform mobile application development and cloud-based web hosting.

The Future of Platform Engineering: What’s Next?

As we look forward, platform engineering will continue to drive innovation, enabling companies to build scalable, resilient systems that adapt to future challenges—whether it’s AI-driven automation or self-healing platforms.

If you’re ready to make the leap into platform engineering, Mantra Labs is here to guide you. Whether you’re aiming for smoother workflows, enhanced observability, or scalable infrastructure, we’ve got the tools and expertise to get you there.

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