Andrew described the competitive landscape at the time of the Series C raise in late 2018 as daunting. According to Andrew, competitors in the insurance carrier software market had been in the market for an average of approximately 27 years and had raised an average of approximately $100 million each, compared to Limelight Health's roughly $10 million raised at the time of the Series B. These figures were stated by Andrew as his characterization of the competitive set and are not independently confirmed figures for any specific competitor.
Andrew cited Guidewire as a reference point for the scale of incumbents in adjacent insurance software markets, noting that Guidewire's market capitalization was approximately $9 billion as of the 2022 interview. He used Guidewire's trajectory to illustrate the capital intensity and time required to compete at scale in the insurance technology market. No other competitors were named by Andrew in the transcript.