As female founders in the insurtech space, we’ve experienced firsthand the uphill battle women face when trying to secure funding for their ventures. Over the past decade, the numbers have shown some improvement, but the progress has been painfully slow. In 2012, women received only 2.3% of total venture capital funding for startups in the United States; a decade later, that number had barely increased to 2.7%, according to PitchBook.
This funding gap is not just a statistic—it represents countless unrealized innovations, ideas, and businesses that could have transformed industries. As authors of Momentum: Makers and Builders, we aim to highlight the systemic challenges contributing to this disparity while celebrating the resilience of female founders who are breaking through barriers.
We wrote Momentum because we believe that women and other underrepresented leaders are at the forefront of a quiet revolution in insurance technology. This book is more than a chronicle of challenges—it’s a celebration of those who dare to redefine the status quo. We hope it serves as both an inspiration and a call to action for a more inclusive entrepreneurial ecosystem.
Why Momentum: Makers and Builders?
In the highly regulated and risk-averse insurance industry, women are often underrepresented in leadership and innovation roles. When we met at a pitch event in Hartford, Connecticut, in 2018, we were among the very few female founders in a sea of male entrepreneurs.
That moment was transformative for both of us. It wasn’t just about seeing another woman in the room; it was about finding someone who truly understood the shared challenges we faced—late nights, relentless doubt, and the constant need to prove our worth. This connection became the foundation of our commitment to supporting other women in the insurtech space.
We believe representation matters. When women see other women succeed, it sparks a chain reaction of inspiration and empowerment. Momentum was written to amplify those stories, to shine a light on the builders and makers who are driving change despite the odds stacked against them.
The Persistent Funding Gap
The venture capital ecosystem remains deeply inequitable. Investors continue to favor mixed-gender teams, perceiving them as less risky than all-female teams. In 2023, hybrid teams raised $24.1 billion in funding, while all-female teams secured just $1.4 billion (TechCrunch). These disparities reflect biases in how investors assess women’s leadership capabilities and ideas.
The situation is even starker in insurtech, where only 2% of venture capital funding is allocated to the sector. Of that, women-led insurtech startups received just $450 million in 2022 compared to $3.2 billion raised by male-led ventures. Yet, female founders in insurtech are leveraging emerging technologies like AI and blockchain to address critical industry challenges, from risk evaluation to claims management.
Inspiring Success Stories
Despite these barriers, women are creating success stories that inspire us and others. Companies like Canva, founded by Melanie Perkins, and ClassPass, founded by Payal Kadakia, showcase the impact of female visionaries. Even in insurtech, women are making strides, though the road remains steep.
These stories fuel our belief in the power of momentum. Each breakthrough, each funding round, and each IPO led by a female founder is a step toward greater equity. These successes remind us why we mus
t keep pushing forward—not just for ourselves but for the women who will come after us.
The Momentum We Need
Closing the female founder funding gap requires a multifaceted approach. It means increasing representation of women in CEO and venture partner roles, addressing biases in risk assessment, and creating funding programs that prioritize equity. Policymakers and private stakeholders alike must step up to ensure that all innovators have the opportunity to thrive.
We wrote Momentum to honor the women who are casting ripples of change across the entrepreneurial landscape. As Toni Morrison said, “If there’s a book that you want to read, but it hasn’t been written yet, then you must write it.” This book is our contribution to the movement—a celebration of courage, creativity, and community.
The momentum we create today will shape the future we envision. Together, we can build an entrepreneurial ecosystem where every idea, regardless of the founder’s gender, has the chance to succeed.
About Bobbie Shrivastav
As the Co-Founder and COO of Benekiva, I bring over 15 years of experience in driving innovation and operational excellence within the insurance and technology industries. My journey began with a clear vision to revolutionize and optimize documents and documentation in the industry, leading to the creation of Benekiva—a platform dedicated to transforming the life insurance industry through modern technology.
Throughout my career, I have been passionate about leveraging technology to solve complex problems and improve customer experiences. At Benekiva, I oversee the operational strategy, ensuring that our solutions not only meet but exceed the evolving needs of our clients. My expertise in digital transformation, process optimization, and customer-centric design has been instrumental in our company’s growth and success.
Beyond my professional endeavors, I am dedicated to mentoring and supporting women in technology, advocating for diversity and inclusion in the workplace. I co-host the "Insurance Sync" podcast with my collaborative partner and fellow claims transformation influencer Laurel Jordan, where we discuss industry trends, innovations, and share stories, case studies, and insights to inspire and educate others.
I am committed to fostering a culture of innovation, collaboration, and continuous improvement both in my company and in my communities. I believe in empowering my team to think creatively and drive impactful change. As a leader, I strive to inspire others to achieve their full potential and make meaningful contributions to the industry. I am particularly passionate about advancing and developing women in insurance, especially in the insurtech space, providing mentorship and opportunities for growth. You can find me frequently speaking at industry conferences, sharing insights on digital transformation, customer experience, and the future of insurtech.
The future of technology in the insurance industry is bright—and I’m driven by the opportunity to create solutions that make a real difference. Let’s connect and explore how we can collaborate to drive innovation and transformation.
Dr. Renu Joseph
Dr. Renu Ann Joseph is a seasoned entrepreneur, economist, and data scientist with over twenty years of hands-on and strategic experience in various continents. She is the founder of Luminant Analytics, an insurtech focused on data-driven pricing in U.S. trucking insurance, and a center of excellence in Data Science & AI education and implementation. She also hosts the Innovation Odyssey Podcast, covering global tech entrepreneurship. She is currently raising money for a venture capital fund that invests in data economy startups, and is focused on changing the narrative for entrepreneurs when it comes to access to and benefit from capital.
