Twenty UK-based companies have been recognised in a global list celebrating the world's top 100 insurance technology businesses.

The 100 firms were chosen by a panel of analysts and industry experts who reviewed an analysis of thousands of InsurTech companies.

The analysis was conducted by specialist research firm FinTech Global.

The chosen businesses were recognised for their innovative use of technology to solve a significant industry problem or to generate cost savings or efficiency improvements across the insurance value chain.

"The most successful of these companies will a have huge impact on the insurance industry, which could potentially be measured in billions of pounds," said Richard Sachar, a director of FinTech Global.

"It's essential that established insurance companies are aware of which innovative companies are leveraging new technologies to disrupt the traditional insurance models.

"They need to identify prospective competitors or future partners."

Among the UK businesses which made it on the list is London-based tech start-up By Miles, which developed what it claimed to be the UK's first pay-as-you-drive insurance product.

The company recently launched a flexible, pay-as-you-drive insurance policy aimed at people who travel under 7,000 miles a year.

In July, the firm closed a £1 million funding round led by JamJar Investments, the venture capital fund of the innocent drinks founders and backer of brands including Graze and Deliveroo. 

Sheffield-based innovative telematics firm The Floow; Spixii, a provider of end-to-end integrated insurance chatbot solutions; and pet insurance platform Waggel were among the other British businesses to be feature on the InsurTech 100 list.