MassMutual, Nationwide invest in 'virtual insurance agent' Insurify
Insurtech Insurify, which describes itself as a "virtual insurance agent", has secured a $100 million investment that saw participation from US insurers including MassMutual and Nationwide.
Insurify will use the funding to expand its operations and accelerate its growth initiatives. This includes further scaling and diversifying its product suite through expanding its direct quoting integrations across all insurance verticals, pursuing more embedded insurance opportunities, expanding product functionality to deepen its relationship with new and existing customers beyond the point of purchase, strengthening brand awareness, and increasing hiring efforts.
The Series B funding was led by Motive Partners, a specialist private equity firm focused on financial technology investments. The round included participation from existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC, as well as new investors Viola Growth and Fort Ross Ventures.
The company has raised a total of $128 million to date; grown its new and recurring revenue by 6x since its Series A funding in Q4 of 2019; and has achieved a CAGR of 151 percent for the last three years.
Insurify was founded in 2013 by Snejina Zacharia (pictured) to offer a tailored insurance purchasing experience where customers can instantly compare auto, home, and life insurance quotes from both large and regional insurance companies through real-time integrations and AI-powered recommendations.
Insurify has expanded its home insurance marketplace, deepened its carrier integrations to provide users an instant purchase experience, and launched its first two embedded insurance products through partnerships with Toyota Insurance Management Solutions and Nationwide.
“Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry. We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product,” said Zacharia, founder and CEO of Insurify. “The industry is accelerating its shift towards digital insurance brokerage, and Insurify is leading the charge.”
James O’Neill, founding partner at Motive Partners, commented: “Insurify is bringing cutting-edge digital distribution technology to the insurance market, a $2 trillion industry in the United States alone. Insurify is already growing rapidly and the new round of investment will allow the company to accelerate its investment in enriching their existing services and extending their reach to additional insurance products.”
Harel Beit On, founder and general partner at Viola Growth, added: “With comparison shopping only growing, Insurify’s embedded insurance products can improve efficiency, satisfaction, and market penetration in insurance.”
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