Data rooms for insurtech startups.
Insurtech investors check licensing, capacity and underwriting results. Prepare producer or MGA licences by state, program agreements with carriers, reinsurance terms, loss ratio data by cohort and line, rate and form filings, claims handling arrangements and any regulator correspondence.
Insurtech room
- 01 Corporate
- 02 Licences
- 03 Carrier agreements
- 04 Reinsurance
- 05 Underwriting results
- 06 Pricing and filings
- 07 Claims
How it works for a startup.
Most insurtechs start as agencies or managing general agents, writing policies on a carrier's paper under a program agreement. That agreement sets commissions, underwriting authority, profit sharing and termination rights. Losing a carrier can halt the business, so investors read those terms closely.
Underwriting performance drives value. Reviewers want loss ratios by line, state and policy cohort, with development over time, plus pricing changes and how claims are handled. A growing book with an untested loss history is a common concern.
Insurance is regulated by each state. Producer licences, rate and form filings, market conduct rules and data use rules for pricing all apply, and a company that becomes a carrier faces capital requirements and much heavier oversight.
Top 10 data rooms for this job.
Our five measures, re-weighted for insurtech. Places 11 to 17 are listed below the cards.
- Setup speed 18%
- Investor experience 16%
- Access control 28%
- Diligence tools 21%
- Startup pricing 18%
- 1 9.3/10First-rate
- $149 monthly
- 14-day free trial
- 8/12 feature checks
- Investor Q&A
- NDA e-signing
- Dynamic watermarks
- View-only and download control
- SOC 2 (hosting)
- 2 8.3/10Strong pick
- Quote only
- Free trial offered
- 9/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- GDPR
- 3 8.1/10Strong pick
- Quote only
- Demo, no trial
- 10/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- GDPR
- 4 8.1/10Strong pick
- Quote only
- Free trial offered
- 8/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- 5 8.0/10Strong pick
- Quote only
- Free trial offered
- 7/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- 6 7.9/10Strong pick
- $250 monthly
- Free trial offered
- 8/12 feature checks
- Investor Q&A
- NDA e-signing
- Dynamic watermarks
- View-only and download control
- SOC 2
- 7 7.7/10Good option
- $299 monthly
- Free trial offered
- 7/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- 8 7.7/10Good option
- Quote only
- Demo, no trial
- 8/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- GDPR
- 9 7.7/10Good option
- Quote only
- Demo, no trial
- 8/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- 10 7.7/10Good option
- $55 monthly
- Free trial offered
- 9/12 feature checks
- NDA e-signing
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- HIPAA
Show places 11 to 17
- DealRoom 7.5
- SmartRoom 7.5
- Onehub 7.1
- ShareVault 7.0
- Digify 6.8
- Venue by DFIN 6.7
- DocSend 6.4
Folder index.
A starting structure for this room. Rename folders to fit your company and keep the numbers.
Charter, cap table, agency or carrier subsidiaries, financing documents.
Producer and agency licences by state, MGA registrations.
Program and MGA agreements, underwriting authority, commissions, termination.
Reinsurance treaties and fronting arrangements.
Loss ratios by line, state and cohort, loss development triangles.
Rate and form filings, pricing models documentation.
Claims handling process, TPA agreements, complaints.
Market conduct exams, regulator letters, consent orders if any.
Partner and embedded distribution agreements.
Premium written, commission revenue, profit share, unit economics.
Need every file by stage? Use the startup data room checklist.
Must-have features.
| Provider | View-only and download control | Viewer activity log | Dynamic watermarks | Investor Q&A | Two-step login |
|---|---|---|---|---|---|
| Ellty | |||||
| iDeals | |||||
| Datasite | |||||
| Ansarada | |||||
| Firmex | |||||
| SecureDocs | |||||
| CapLinked | |||||
| Drooms | |||||
| Intralinks | |||||
| Citrix ShareFile |
- View-only and download control
- Set each file to view only, print or download, and change it later without resending anything.
- Viewer activity log
- Shows which investor opened which file, for how long and when, and exports the record.
- Dynamic watermarks
- Stamps the viewer email and the time across every page, so a forwarded screenshot points back to its source.
- Investor Q&A
- Funds and buyers ask questions against a file; you assign, answer and publish replies, and the thread stays on record.
- Two-step login
- Every login needs a one-time code or an app approval as well as the password.
Set up the room in 6 steps.
- 1
Show the capacity structure
Diagram which carrier and reinsurer back each line, and on what terms.
- 2
Share loss development
Provide loss triangles by cohort so reviewers can see how claims develop over time.
- 3
List licences by state
Show every state where you sell and the licence held there.
- 4
Collect filings
File rate and form filings and approvals by state and product.
- 5
Restrict regulatory folders
Keep exam reports and regulator letters view-only for named reviewers.
- 6
Answer underwriting questions in writing
Use Q&A so actuarial answers are consistent and recorded.
Common mistakes.
- One carrier relationship with short termination notice and no backup.
- Loss ratios shown only for mature cohorts.
- Selling in states without the right producer licence.
- Pricing data uses not reviewed against state rules.