phidea
← All tools

At-Bay vs Ethos Life — Underwriting workstation for US insurance, 2026.

At-Bay (3 named carriers) and Ethos Life (7 named carriers) both sit at the underwriting workstation layer. Zero customer overlap in the public roster — they are addressing different segments of the same stack layer.

Last verified 2026-04-22 · methodology

TL;DR

  • At-Bay has 3 publicly-named carrier deployments; Ethos Life has 7. Both at the underwriting workstation layer.
  • Zero customer overlap in the public roster. At-Bay and Ethos Life are addressing different carriers within the same stack layer.
  • Both classified ai-native on Phidea's generation axis.
  • Ownership contrast: At-Bay is independently held; Ethos Life is public (NASDAQ:LIFE).
  • Analyst coverage: 1 firm cover both, 2 only At-Bay, 2 only Ethos Life.
  • 1 news event in the last 12 months touching either tool — see the news section.

Customer overlap

BucketCount
Named on At-Bay only3
Named on Ethos Life only7
Named on both0
of which US-named on at least one side0

Only on At-Bay

  • At-Bay Specialty Insurance Company (US)
  • Markel Corporation (subsidiary) (US)
  • HSB Specialty Insurance Company (Munich Re) (US)

Only on Ethos Life

  • Legal & General America (Banner Life) (US)
  • Ameritas Life Insurance Corp. (US)
  • TruStage Financial Group (CMFG Life) (US)
  • North American Company for Life and Health Insurance (US)
  • Protective Life (US)
  • Liberty Mutual (US)
  • Aflac (US)

Counts derived from 10sourced carrier-deployment entries across both vendor cards. Aggregate-only statements (e.g. “16 of the top 20”) excluded.

Stack position

At-Bay
Generation
ai-native
Stack layer
Underwriting workstation
Founded
2016
Lines
commercial, specialty
Replaces
manual cyber underwriting, traditional mga submission review
Ethos Life
Generation
ai-native
Stack layer
Underwriting workstation
Founded
2016
Lines
life
Replaces
medical exam life underwriting, agent led life application intake

Ownership and corporate context

At-Bay
Type
independent

Source: At-Bay

Ethos Life
Type
public
Ticker
NASDAQ:LIFE

Source: GlobeNewswire

Carrier-segment specialization

At-Bay — geographic split

  • US
    3

Ethos Life — geographic split

  • US
    7

Analyst coverage differential

Both covered by
  • TechCrunch · At-Bay (2020: Cyber insurance startup At-Bay raises $34M Series C, adds M12 as a new investor) · Ethos Life (2026: How Sequoia-backed Ethos reached the public market while rivals fell short)
Only At-Bay cited by
  • Insurance Insider US (2025: At-Bay to exit the admitted cyber market, sunsetting its product offering)
  • Insurance Journal (2022: Cyber MGA At-Bay Acquires Tech-Solutions Provider Relay)
Only Ethos Life cited by
  • CB Insights (2021: Sequoia Capital-Backed Ethos Technologies Raises $200M To Provide Digital Life Insurance)
  • CNBC (2019: Ethos raises Series C funding round backed by Google, Goldman Sachs)

Recent news (last 12 months)

Sourced limitations

At-Bay
  • At-Bay is a US-only operator. Cyber policies are placed through At-Bay Specialty Insurance Company (E&S, 44 US states) or through a Markel subsidiary (admitted, 47 states). No UK, EU, or Canadian authorised entity is published. Internationally licensed brokers cannot bind At-Bay capacity directly.
    Source: At-Bay
  • In 2024–2025 At-Bay shuttered its Relay digital placement platform (acquired August 2022), laid off approximately 10% of staff including 25 Israeli R&D roles, and announced the sunset of its admitted cyber product — retrenching to E&S cyber and InsurSec. This signals that the combined 'insurance + MDR' thesis has not yet produced a scalable dual-sided P&L.
    Source: The Insurer / Cyber Risk Insurer
  • At-Bay's claims efficacy data (ransomware frequency, MDR containment times under 15 minutes) is self-reported from its own book via the annual InsurSec Report. Independent validation from Gartner, Forrester, Celent, or Advisen is not published in 2024–2025 cyber insurance quadrants.
    Source: At-Bay
Ethos Life
  • Ethos does not take insurance risk. Per its S-1 prospectus, the company operates a three-sided digital platform and earns commissions from partner carriers (Legal & General America / Banner Life, Ameritas, TruStage / CMFG, North American) on activated policies. Capacity, reserves, and loss absorption sit with the carriers — Ethos is an MGA-as-tech distributor, not a risk-bearing carrier.
    Source: SEC
  • Ethos priced its IPO at $19.00 on January 29, 2026 and closed day one at $16.85 (down ~11%) for a market cap near $1.1B — well below the $2.7B valuation from the 2021 SoftBank Vision Fund 2 round. The public-market markdown signals persistent insurtech multiple compression and limits future equity-funded growth.
    Source: TechCrunch
  • Ethos is not covered in publicly indexed Gartner, Forrester, or Celent life underwriting/workstation leader quadrants as of 2024–2025. Recognition is concentrated in tech and trade press (TechCrunch, CB Insights, CNBC). No independent analyst validation of the underwriting engine's loss-ratio performance is available — claims efficacy data stays inside carrier partner books.
    Source: CB Insights
  • The digital no-exam life insurance category has a graveyard. Haven Life (MassMutual's D2C unit) was wound down in 2023–2024 due to 'lack of consumer adoption' and high CAC. Ladder raised $100M Series D in 2021 and has not scaled to profitability at comparable pace. Ethos's survival advantage is real but the category's unit economics remain contested.
    Source: Insurance News Net

Limitations published on Phidea are sourced to the underlying citation and reflect what is publicly named — not an exhaustive list. Consult the vendor card for the full record.

Frequently asked

Do any carriers run both At-Bay and Ethos Life?
Not in Phidea's public roster. Across 10 sourced carrier-deployment entries on both vendor cards, zero carriers appear on both. The two tools are addressing different carriers within the same stack layer.
Who owns At-Bay and Ethos Life?
At-Bay is independently held. Ethos Life is public (NASDAQ:LIFE).
Which has more named US carriers?
Ethos Life has the larger publicly-named US roster: At-Bay 3, Ethos Life 7. Public-roster size is a coverage signal, not a quality signal — vendors with stronger NDAs may have larger actual US footprints than the public count shows.
Where are these tools positioned in the insurance stack?
Both sit at the underwriting workstation layer. At-Bay replaces manual cyber underwriting, traditional mga submission review; Ethos Life replaces medical exam life underwriting, agent led life application intake.

Adjacent reading