A new Global InsurTech Report from Gallagher Re, The role of AI in the four largest insurance business lines: Q3 – Commercial Insurance, says insurance technology (insurtech) funding globally is on the rise, coming in around the $1.1-billion mark (all figures in U.S. dollars) for 11 consecutive quarters.
They note that 74.8 per cent of funding in the third quarter of 2025 went to artificial intelligence (AI) companies. They also note that there was a general pivot among insurtech companies, away from competing with incumbents directly for customers (an incredibly cash-intensive business, they note), towards business models that enhance and enable existing insurers.
A more balanced approach
They say investor strategy has also shifted, this time away from massive high-risk bets on a few companies to a more balanced approach. “The underlying market is still very active, as shown by strong deal flow and early-stage funding volatility. This signals that while the appetite for pure venture risk is alive and well, funding for the growth-stage companies is maturing and becoming more selective,” they write.
The report also looks at where AI is currently being used in insurance and reinsurance. “Quickest impact (with ROI in mind) is in automating tasks previously undertaken by humans in the claims space,” they write. It later looks at AI usage in underwriting, as well.
In Canada, two companies are discussed, including Micruity and QuickFacts. Micruity is a data communications provider operating between insurers, record keepers, asset managers and plan sponsors. Founded in 2017, the company works for retirement income solutions providers, including those creating lifetime income products, those working on plan portability and on multi-insurers target date funds. Micruity raised $14.9-million in the third quarter of 2025, for a total of $29.1-million.
QuickFacts, meanwhile, is noted in the report for its strategic partnership forged during the quarter with brokerage firm, Westland Insurance. “Through this collaboration, QuickFacts’ comparisons platform has been introduced across some Westland locations to give brokers tools that simplify comparing carrier information, support consistent onboarding and improve client service,” they write.
