Insurtech’s Next Act: From Risk Transfer to Risk Intelligence
Summary. Since 2024, insurtech focused on residential, commercial, and adjacent real-estate sectors has attracted $253 million across 34 companies, with a median round size of $4 million. The capital is not chasing generic distribution plays; it’s consolidating around underwriting-grade data, climate and catastrophe intelligence, and vertical products embedded directly in property workflows. Significantly, at least $140 million of disclosed funding (≥55% of the total) has gone to companies outside the U.S., driven by large rounds in Australia and Europe. This geographic rebalancing is shaping category leadership and regulatory know-how. What follows is a research-driven view of where the market is heading and why the next phase of value creation will be defined by insurers and property operators that treat risk analytics as core infrastructure rather than an add-on.
Since 2024, proptech-insurtech funding has been both sizable and diversified: $253 million has been invested across 34 companies at a $4 million median round. Capital is coalescing around three seams of value:
Property-underwriting capacity for hard-to-serve segments (manufactured homes, HOAs, high-cat zones)
Cyber and climate analytics that now sit inside carriers’ core risk engines, and software that compresses compliance
Distribution costs at the building, portfolio, and marketplace layers.
Within that universe, seven companies captured the largest single rounds and set the tone for category leadership:
Honey Insurance ($71 million - Series A)
Honeycomb ($36 million - Series B)
Stoïk ($27 million - Series B)
Tuio ($17 million - Series A)
Jones ($15 million - Series B)
Shepherd ($13.5 million - Series A)
CoverTree ($13 million - Series A)
Together, these rounds span home and condo-HOA property lines, commercial construction, cyber protection, and digital distribution, illustrating that the growth playbook in insurtech is no longer monoline; it’s line-of-business specific, data-advantaged, and increasingly global.
The “Risk-to-Resilience” Stack Becomes Investable Infrastructure
Insurtech in 2024 is shifting from simple risk transfer to risk measurement, mitigation, and monetization. Capital is clustering around platforms that sharpen underwriting and cut loss ratios by introducing new signals into pricing, eligibility, and claims.
The pattern spans three areas: Peril-specific models such as Delos Insurance in the U.S. (wildfire) and Mitiga Solutions in Spain (climate risk); Property-condition and exposure analytics such as ResiQuant in the U.S.; and Workflow automation that shortens the path from assessment to remediation. That focus explains eight-figure checks to data-heavy businesses: Honey Insurance in Australia ($71.3 million) to pair prevention hardware with pricing; Honeycomb in the U.S. ($36 million, Series B) for landlord and condo-association lines; Shepherd in the U.S. ($13.5 million, Series A) for tech-enabled commercial construction risk; CoverTree in the U.S. ($13 million, Series A) for manufactured-home underwriting; and the European household and cyber players Tuio in Spain ($16.7 million, Series A) and Stoïk in France ($27.2 million, Series B).
Globalization with Regional Specialization
The year’s funding is geographically diversified and non-trivial outside the U.S. Disclosed rounds in Australia and Europe alone account for at least ~$140.4 million, led by Australia’s $71.3 million Series A, France’s $27.2 million Series B in cyber insurance, Spain’s $16.7 million Series A in household lines, Germany’s $6.4 million financing in digital advisory, and a $5 million convertible in embedded insurance—before adding mid-single-million rounds across Spain, Bulgaria, and the Nordics. By contrast, U.S. financings we can attribute to 2024 total ~$76–78 million across property-adjacent A/B rounds and earlier seed checks, underscoring a clear rebalancing of innovation weight toward Europe and APAC. The strategic advantage outside the U.S. is regulatory intimacy: EU sustainability disclosure rules, UK building-safety reforms, and varied catastrophe regimes in Southern Europe demand localized actuarial and compliance models. The result is a set of regional champions building products that reflect national risk, distribution, and legal realities, not one-size-fits-all insurance.
Embedded & Vertical Insurance Moves from Distribution to Unit Economics
Embedded models are maturing from top-of-funnel partnerships into P&L-relevant programs. In 2024, funding favored carriers and MGAs built inside real-estate and construction workflows—manufactured housing, multifamily compliance, and contractor risk among them—backed by A/B rounds in the $13–36 million band. The common thread is distribution with data rights: when the insurer lives in property management or leasing software, it sees maintenance logs, inspection outcomes, and tenant history that improve severity and frequency predictions. That data advantage supports line expansion (e.g., from contents to liability) and more accurate pricing for underserved segments, converting embedded from a CAC trick to a sustainable margin. Investors are underwriting this shift by backing platforms that own the workflow and the book economics.
Where the Capital Is Actually Going & Why
Two attributes separate the 2024 winners from prior vintages. First, loss-ratio math: capital is rewarding teams that can tie model lift to claims outcomes and reinsurance capacity, not just distribution growth. Second, regulatory fluency: from cyber incident obligations to building-safety mandates and climate disclosures, the most durable businesses internalize compliance as a product capability. That is why the largest checks went to firms with sensor or model-driven prevention tied to pricing, or to regional carriers with deep regulatory scaffolding. With a $4 million median, seed and early A rounds remain active, but the signal is unmistakable: scale capital follows verifiable risk improvement.
The geography is instructive for strategy. Markets like Australia and Spain are using domestic need—catastrophe exposure, rental reforms, or household penetration gaps—to incubate products that can export to similar risk environments. Meanwhile, Germany’s financings show the pull of advisory-plus-automation in a system that values broker channels yet demands digital transparency. U.S. dollars are concentrating in multifamily, manufactured housing, and construction domains where property data are abundant and margins respond to underwriting discipline. For multinational carriers and reinsurers, the portfolio logic is clear: source analytics and product talent in Europe/APAC; scale distribution through U.S. real-estate software ecosystems where data density is highest.
Implications for Investors and Operators
The investable frontier is shifting from “insure the property” to “instrument the property, then insure it.” As climate volatility and secondary perils raise tail risk, carriers and MGAs that harness pre-bind intelligence (site, structure, and occupant signals) will command better capacity and economics. Expect more rounds where the milestone is not ARR alone but demonstrated loss-ratio improvement or ceded-premium efficiency. Given that ≥55% of tracked capital has flowed outside the U.S. since 2024, investors should anticipate cross-border M&A: U.S. distribution and balance-sheet strength acquiring European/Australian risk engines, and vice-versa.
Three execution plays stand out:
Own the data loop. Prevention devices, inspection tooling, and claims-adjacent AI that create proprietary datasets will price better and churn less.
Design for regulators. Build auditability—model lineage, feature governance, and fairness checks, into the product. In Europe, especially, this is a revenue enabler, not overhead.
Embed where risk originates. Property management, leasing, and contractor systems are the new underwriter’s workbench; winning products don’t sit alongside workflows, they are the workflow.
Insurtech for property is maturing into a risk-intelligence industry. With $253 million across 34 companies and a median of $4 million since 2024, the sector is past the hype cycle. The next outcome set will belong to those who treat underwriting models like core infrastructure, who localize for regulation and peril, and who embed where the property data—and the losses—actually live.
