The Midwest is home to a growing number of insurtech companies that have clustered around well-established insurance companies in cities such as Columbus. These companies have created amazing talent pools for insurtech startups looking to disrupt the industry.
Insurtech startups today are focused on creating better technology, convenience, speed, pricing, and mission-driven operations for the common good, to bring insurance technology into the modern age. If you’ve considered a job in insurtech or returning to the Midwest to join an insurtech startup, here are our top picks of insurtech companies in the Midwest you should check out.
Top Insurtech Startups in the Midwest to Know
1. Root
Could there be a cooler answer to antiquated insurance industry processes than Columbus’s Root, who raised $724 million in their 2020 IPO? Root is a car insurance company committed to rooting out bias in insurance. They are removing credit score from pricing by 2025 to eliminate potential discrimination from policy decisions, and they offer app-based car insurance that clients say is less expensive than Geico and Progressive. Root has been a huge player in the Columbus insurtech startup ecosystem, signaling to the country that the Midwest is the place to be when it comes to insurtech. Bonus—they’re hiring!
2. Clearcover
Clearcover is a Chicago- and Detroit-based insurtech company that has dramatically sped up the insurance claims process to anywhere from under a week to as little as 13 minutes. They offer digital proof of insurance, and won a 2020 Mobile Web Award. As an employer, Clearcover “believes in creating a supportive and inclusive environment where every employee feels welcome, no matter their personal or professional backgrounds.” They’re big on hiring people based on their strengths, and learning from mistakes rather than dwelling on weaknesses. Clearcover also empowers its employees (and community) by offering equity to everyone in the company.
3. Branch
Branch Insurance is another Columbus company on a mission to improve insurance for the common good. They raised $24 million in 2020, and are on the rise in the insurtech space. They’re already partnered with Rocket Mortgage and Quicken Loans, among others. Insurance quotes from Branch are nearly instantaneous, and allow you to bundle vehicle and home insurance. As a company, Branch is a purpose-driven insurtech startup where everyone has each other’s backs.
4. Bold Penguin
Bold Penguin was recently acquired by American Family Insurance but is still operating under its own name and business model within its parent company. Bold Penguin has created the world’s largest commercial insurance exchange to make underwriting small commercial insurance viable. They have a generous set of benefits and perks, and are hiring for remote jobs.
5. Beam
Beam Dental is one of the most unique insurtech companies you’ll find. You sync your Beam toothbrush to an app that tracks your brushing, and get better dental benefits through proof of dental self-care. This Columbus company scaled quickly, and recently raised $80 million in Series E funding. If you’d like to work for a distributed team with their hands in everything from toothbrush and app technology to dental insurance, Beam is a fantastic opportunity.
6. Matic
Matic moved from L.A. to Columbus to be part of the Midwest insurtech scene. Their tool matches users with instant quotes from top insurers for home and auto, and they also work with mortgage lenders and auto financiers to save users time shopping for the best loans. Matic offers equity to employees along with a host of other benefits.
7. Kin
Kin is another insurance company that offers direct to consumer rates, but it’s unique in that it focuses on home and condo insurance as well as natural disaster insurance for hurricanes, wildfires and floods. The company is based in Chicago and just raised $64 million.
8. Coterie
Coterie is in Cincinnati and focuses on offering liability insurance for business. They are developer-focused and offer integrations and a SaaS model. You might love working for this company as a developer as they are heavily tech-leveraged and focused on creating modern high-tech insurance solutions that cut out a lot of red tape in the insurance application process.
9. Battleface
Battleface is a travel insurance company based in the UK, now establishing its global headquarters in Columbus. They have a number of open positions to join their unique 24/7 adventure-hungry team that is venture backed for disrupting the travel insurance industry. They even offer special coverage for COVID-19 and travel medical during these uncertain times.
10. Groundspeed
Ann Arbor’s Groundspeed uses AI to disrupt insurance analytics. This is a great company to work for if you want to be on the forefront of making sure AI is used responsibly for insurance decision making and efficient processing. Groundspeed is used by Liberty Mutual, Travelers, The Hartford, and Berkley Healthcare. Groundspeed aims to solve one of the insurance industries most complex problems: “how to create value from unstructured information.”
