Who among us hasn’t switched insurance companies because we don’t want to deal with the hassle of switching?
A lot, I’d wager.
This morning, Insurify, a company that aims to help individuals obtain better rates on life, auto, and home insurance, announced it had closed 100 million dollars through an “oversubscribed” Series B financing round, led by Motive Partners.
Existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, and Moneta VC also put money in the round, as did new investors Viola Growth and Fort Ross Ventures. The new funding round means that Cambridge, Massachusetts-based Insurify has received an amount worth $128 million since it was founded in 2013. Insurify has not disclosed the amount at which funds were raised.
Since the last time we covered Insurify, the company has seen significant growth. In particular, the company has seen its latest and recurring revenues increase by “6x” since it concluded its Series A financing in the fourth quarter of 2019. According to Snejina Zacharia, cofounder and CEO of Insurify, the company has grown at a CAGR (compound annual growth rate) of 151% over the last three years.Insurify has also witnessed steady “2.5x” annual growth in revenue, according to her.
Insurify has developed a machine-learning-based virtual insurance agent that works with more than 100 insurance companies to streamline and personalise the insurance shopping experience. There are other companies within the insurance tech space; however, none are currently working on auto, home, or life insurance. For instance, Jerry, which has raised capital twice in the last year, is primarily focused on auto insurance. However, it also has a home insurance product. The Zebra company, which was a unicorn in the year that passed, was initially a website that could help people find auto insurance using its real-time quote comparison tools. As time passed, it was able to provide homeowners insurance, with the intention of eventually expanding to life insurance for renters. However, it is still concentrated on automobiles.
Zacharia stated that, since the company’s Series A financing, it has increased its home insurance marketplace, bolstered its integration with carriers to give customers an “instant” purchasing experience, and also launched its first two integrated insurance products in partnership with Toyota Insurance Management Solutions and Nationwide (the latter was also part of the Series B financing round).
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