NEW YORK, October 16, 2025 – CB Insights today named CoverForce to its fourth annual Insurtech 50 list of the world’s most promising private insurtech companies. The announcement coincided with a launch event at ITC Vegas.
"The 2025 Insurtech 50 is a barometer for insurance innovation," said Chris Sekerak, Senior Analyst at CB Insights. "Nearly three quarters of the winners were not in business at the start of this decade. These new entrants are shaping a competitive landscape where AI agents augment operations and customers gain more coverage choices."
“We’re honored to be recognized by CB Insights among the world’s most innovative insurtech companies,” said Cyrus Karai, Co-Founder and CEO of CoverForce. “This recognition reflects our mission to modernize commercial insurance distribution by giving every stakeholder – from agents to carriers – access to digital, API-driven capabilities. It’s exciting to see the industry rally around open connectivity and the future of digital insurance.”
Utilizing CB Insights’ Strategy Terminal, the 50 winners were selected based on several factors, including CB Insights’ datasets on deal activity, industry partnerships, investor strength, hiring momentum, and private company signals like Commercial Maturity and Mosaic Scores. We also reviewed Analyst Briefings submitted directly to us by startups, and leveraged Scouting Reports powered by CB Insights’ Team of Agents.
Since its founding, CoverForce has rapidly become the go-to infrastructure provider for commercial insurance distribution – powering thousands of agencies and partners nationwide. The company’s platform connects brokers, wholesalers, and carriers through a unified API network that enables instant quoting, binding, and policy issuance. CoverForce has integrated with more than 20 leading carriers and MGAs, supports over 10,000 agencies, and has processed hundreds of millions of dollars in quoted premium, helping customers reduce manual work, improve profitability, and accelerate growth across the insurance value chain.
Quick facts on the 2025 Insurtech 50:
- $3.6B in equity funding raised over time, including $0.6B in 2025 so far.
- 60% of the winners are early-stage insurtechs, up 20 percentage points from last year’s winners.
- 260+ business relationships since 2021, including with industry leaders like Amazon Web Services, Generali, and Sun Life.
- Success probabilities among the global top 3% of private companies, signaled by a median CB Insights’ Mosaic score of 734 out of 1,000.
*All figures as of September 30, 2025.
About CB Insights
Headquartered in New York City, CB Insights is the leading provider of AI for market intelligence. The company aggregates, validates, and analyzes hard-to-find private and public company data. Its powerful AI tells users what it all means to them personally. The world's smartest companies rely on CB Insights to focus on the right markets, stay ahead of competitors, and identify the right targets for sales, partnership, or acquisition. Visit www.cbinsights.com for more information.
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Jason Saltzman
Head of Insights, CB Insights
About CoverForce
CoverForce is a leading insurance technology company providing an easy-to-integrate API and platform that connects agencies, wholesalers, and corporate customers with top insurance carriers. Its software delivers instant quotes, one-click bind and pay, and streamlined underwriting. Headquartered in New York, CoverForce is backed by leading investors and trusted by thousands of users nationwide. The company continues to expand its reach by offering customized enterprise software for agencies and robust APIs that drive transformative change in the insurance ecosystem. For more information, visit www.coverforce.com.
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