The Spanish Insurtech Ecosystem 2026 and Insurance Sector Maturity

The Spanish Insurtech Ecosystem Report 2026, prepared by Santalucía Impulsa in collaboration with El Referente, offers an updated overview of innovation applied to insurance in Spain. The document analyzes the ecosystem based on economic, business, and investment data. It covers 107 companies, 2,357 jobs, and an aggregated turnover of 171,200,268 euros.

This figure helps to size up the sector, although the most useful insight comes from observing the quality of its growth. The Spanish insurtech ecosystem is moving towards a stage characterized by more defined models, more specialized companies, and a more direct relationship with the challenges of the insurance business. Maturity is now measured by the ability to create jobs, sustain revenue, integrate into the market, and provide impactful solutions.

Business Evolution Towards Consolidation

• The ecosystem is made up of 39 startups, 12 scaleups, and 56 SMEs, a composition that reflects varying degrees of maturity, where emerging projects coexist with companies that already have more consolidated structures.
• SMEs represent the largest share of the ecosystem, accounting for 1,892 jobs and a turnover of 133,189,397 euros, according to the report. This data highlights an increasingly solid business base, with companies capable of generating economic activity and adding value to the sector.
• New company creation peaked in 2021, with 21 new companies, while in 2025 the figure stood at 3. This evolution reflects a shift in stage, where the focus moves from creating new projects to consolidating them. In an increasingly demanding environment, commercial traction, adaptability to the insurance sector, and the sustainability of business models gain greater importance.

Specialization as a Driver of Insurance Value

The ecosystem's maturity can also be seen through specialization. The insurtech sector is no longer understood solely as a general digitalization layer for the insurance industry. The ability to solve specific problems in areas such as customer experience, operations, data, distribution, or new services is becoming increasingly important.

This approach is key for insurers. Innovation adds more value when integrated into real processes, allowing for improved efficiency, customer relationships, and decision-making.

Artificial Intelligence and Business Return

Artificial intelligence takes center stage in the report's conclusions. The document indicates that AI is consolidating as a strategic priority, although its economic impact remains limited in most companies. This gap between adoption and return will be one of the indicators for measuring the evolution of the insurtech ecosystem.

In insurance, AI can support processes related to data analysis, automation, customer service, and service personalization. Its application requires governance, quality data, and a clear vision of the value to be generated. It also necessitates a judicious consideration of the benefits and risks of using artificial intelligence, especially in a trust-based sector.

The competitive dimension is also gaining importance. The evolution of Spanish insurtech is occurring in a global context where countries and companies are accelerating AI adoption. For the insurance sector, this technological race opens up opportunities in efficiency, advanced analytics, and new services, provided that innovation is linked to clear objectives.

Madrid and Barcelona as key hubs

• Madrid solidifies its position as Spain's main insurtech hub, with 42 companies, 826 jobs, and a turnover of 69,410,758 euros, according to the report.
• Barcelona ranks second, with 17 companies, 269 jobs, and a turnover of 27,213,968 euros. The map also shows activity in other regions such as Valencia, Seville, Malaga, and A Coruña, reflecting a growing distribution of the ecosystem.
• The concentration of companies in these centers reinforces the role of major hubs as drivers for attracting talent, investment, and collaboration. At the same time, the presence of initiatives in other regions demonstrates the ecosystem's growth potential nationwide, provided these capabilities can connect with the strategic needs of the insurance sector.

A new era for Spanish insurtech

The Spanish insurtech ecosystem shows clear signs of progress. The report's data indicates a consolidated business base, a greater focus on impact, and a growing role for open innovation.

Structural challenges also persist. The report identifies 212 founders, with 195 men and 17 women. In percentage terms, this represents a distribution of 91% men and 9% women, indicating that gender diversity remains a challenge for the ecosystem.

Accumulated investment exceeds 231 million euros, distributed across 47 operations. The next step will be to transform this investment capacity, available talent, and technological adoption into sustainable, scalable, and useful solutions for the insurance sector.

The next stage will depend on specialization, collaboration, and the ability to generate measurable impact.