Who Applies: A Global Pool

About seven in ten applicants were based in the United States. The other three in ten came from 24 countries on six continents.

Canada and the United Kingdom sent the most applications after the US. Europe was the largest region outside North America.

International applicants arrived further along

Applicants from outside the US were more likely to have revenue, though they had not raised more to get there. One reading: many international founders prove their product at home before they look to the US.

They come for US carriers

More than a third of international applicants said outright that they want to enter or expand in the US market. Four in five mentioned carriers or insurers in their reasons for applying.

And they get selected

International applicants were selected at nearly the same rate as US applicants. The 2026 cohort includes 13 companies from nine countries outside the US: Australia, Bermuda, Canada, Ireland, the Netherlands, New Zealand, Türkiye, the United Kingdom and Uruguay.

Who Applies: Early, and Raising

The typical applicant was early: $100,000 or less in annual recurring revenue (ARR) and $100,000 or less in outside funding. About four in ten had no recurring revenue yet.

1. 39%
   Pre-revenueNo recurring revenue yet
2. 28%
   EarlyUp to $250,000 in ARR
3. 22%
   Scaling$250,000 to $1.5 million in ARR
4. 11%
   Growth$1.5 million or more in ARR

Averages flatter the pool

Using the midpoint of each reported range, applicants averaged about $650,000 in ARR and $1.25 million raised. A small group of larger companies pulls those averages up, so the median is the better guide to a typical applicant.

Funding is thin, and almost everyone is raising

Nearly four in ten applicants had raised no outside capital. About three in ten had raised $1 million or more, and about one in seven had raised $3 million or more.

Nearly three-quarters are raising now or plan to within six months. Fewer than one in ten said they have no plans to raise.

What Applicants Are Building

Most applicants build for property and casualty, and most target underwriting or claims. Most also work across lines: fewer than four in ten focus on a single line of business.

P&C leads, but life and health are well represented

About six in ten applicants support commercial P&C, and nearly half support personal P&C. Health (30%) and life (27%) follow, then benefits (17%) and annuities (7%).

Underwriting and claims are the crowded middle

Half of applicants place themselves in underwriting technology or data, and four in ten in claims technology. About a third work in loss control and risk technology, and about three in ten each in distribution technology and core systems. A quarter are themselves brokers, MGAs or carriers. Regulatory technology and medical each drew about one in ten.

AI is now the default description

Half of applicants used AI to describe their company in a single sentence, and two-thirds mentioned it somewhere in their application. Nearly one in five described AI agents or agentic workflows that carry out work on their own. When almost everyone leads with AI, the useful questions for a buyer are where it is applied, how it is governed and what it changes in daily work.

Startups benchmark themselves against incumbents

Asked to name their closest competitors, applicants most often pointed to Verisk and Guidewire. Cytora, Duck Creek, Sixfold and Federato came next. Only a handful claimed no competitor at all; far more named rivals and then explained why none does quite what they do.

That list says a lot. Many startups see themselves competing with the systems and data carriers already pay for, not just with other startups.

New categories at the edges

A handful of applicants are building insurance for losses caused by AI systems. About ten each work on parametric cover and on cyber risk, and about a dozen on fraud detection and verification. Write-in answers ranged from pet and travel cover to fine art, political risk, surety and rent guarantees.

MGA ambitions extend across the applicant pool

More than a third of applicants applied to both InsurTech Match and our MGA Lab. Of those who shared a timeline, nearly half plan to launch an MGA in the US or Canada within 12 months, and a few are already in market.

What Founders Asked Us For

Founders asked for customers more than capital. About three in four mentioned carriers or insurers in their reasons for applying, and nearly half mentioned brokers. About a third talked about pilots or proofs of concept, and about half about relationships, visibility or credibility with the industry.

Investors came up in about one in four answers, and mentorship in about one in five. About one in seven mentioned reinsurers, capacity or paper.

These priorities fit a program built around buyer meetings. They do not make fundraising any less pressing: nearly three-quarters of applicants were raising or planned to within six months. Founders are seeking commercial relationships and capital at the same time.

How the 2026 Cohort Compares

Match selects companies based on fit with our carrier and broker partners’ appetites. Within this year’s applicant pool, companies with recurring revenue were more likely to be selected: about a third were selected, compared with 5% of pre-revenue applicants. Match is a program intended for Growth-Stage Insurtechs. Though pre-revenue startups are welcome to apply, we highly recommend early stage insurtechs check out our annual startup competition, which targets pre-revenue companies.

Among applicants with recurring revenue, selection rates were similar across revenue bands. Companies with up to $250,000 in ARR were selected at about the same rate as those above $1.5 million.

Nearly a quarter of the cohort had raised no outside capital, and every one of them already had revenue. Funding history alone does not capture whether a company fits a partner’s needs.

The cohort also leans toward claims and core systems, and toward P&C, life and annuities. Health and direct-to-consumer models are less represented than in the pool, which partly reflects where our partners are looking.

Meet the 2026 InsurTech Match Cohort

The 2026 cohort spans the full insurance value chain and ten countries. We grouped each company by its primary focus; many work across more than one area.

The international cohort

Thirteen cohort companies are based in nine countries outside the US.

• CanadaJasperVOCAL, MyChoice, Walnut
• United KingdomHyperbunker, NayaOne
• New ZealandSimfuni, The Tacit Intelligence Company
• AustraliaRaindrop
• BermudaParaHubXM
• IrelandKayna
• NetherlandsMavenBlue
• Türkiyetarla.io
• UruguayNudos

What This Year’s Match Applications Reveal

Six things stood out from this year’s applications.

1. 1

   International founders are seeking US buyers

   Nearly a third of applicants came from outside the US. They were more likely to have revenue, and more than a third explicitly wanted to enter or expand in the US market.

2. 2

   Carrier access topped applicants’ priorities

   About three in four mentioned carriers or insurers in their reasons for applying. This reflects the appeal of a program built around buyer meetings, alongside a continuing need for capital.

3. 3

   AI needs a more specific pitch

   Half of applicants used AI in their one-line description. For buyers, the more useful distinction is the workflow a product handles, how it is governed and what it changes in practice.

4. 4

   Specialist risks are drawing new approaches

   Alongside underwriting and claims tools, applicants are developing cover for AI-related losses, parametric agriculture products, verification tools and cyber resilience services.

5. 5

   MGA ambitions extend across the pool

   More than a third applied to both Match and MGA Lab. Among those who shared a launch timeline, nearly half planned to launch an MGA in the US or Canada within 12 months.

6. 6

   Partner fit drives selection

   Match selects for carrier and broker appetites. Applicants with recurring revenue had higher selection rates this year, but that pattern does not establish revenue as the reason they were chosen.