Due Diligence Checklists › InsurTech › Series B
InsurTech Startup Investment Checklist: Series B Stage (2026)
This checklist covers 21 due diligence items for InsurTech startups at the Series B stage. Each item has been validated against institutional investor practice. DDR automates the majority of these checks from a single pitch deck PDF upload.
21 checklist items · 2 red flags automatically detected · See a sample DDR report
Series B Requirements
✓
$3M–$15M ARR with >100% YoY growth
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Proven sales motion: full quota-carrying team with attainment data
✓
Expansion into new segments or geographies underway
✓
Net Revenue Retention consistently above 110%
✓
Gross margin expansion visible in historical data
✓
Clear path to profitability or capital efficiency
InsurTech Sector
✓
Loss ratio by underwriting year reviewed and trending favorably
✓
Carrier paper relationship confirmed with signed agreement
✓
State insurance licenses verified
✓
Reinsurance program structure and counterparty credit reviewed
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Actuarial review of reserves completed
Deep Dive
✓
Loss ratio trend by cohort and underwriting year
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Carrier and reinsurance agreements reviewed
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State insurance licenses by line of business
✓
Actuarial reserve adequacy review
Regulatory
✓
Verify: State insurance licensing by line of business in all operating states
✓
Verify: Rate filing and approval requirements with state DOI
✓
Verify: Reinsurance capital requirements and solvency ratios
OSINT Signals
✓
Check: State insurance department license lookup
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Check: AM Best rating (for carriers)
✓
Check: NAIC complaint ratio database
DDR AUTOMATES THIS CHECKLIST
Upload an InsurTech startup pitch deck and DDR automatically completes 15+ of these 21 checklist items — sourcing data from 13 OSINT signals, benchmarking against 2 comparable companies, and detecting all 2 critical red flags.
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