Virtual Auto Insurance Agency Insurify Raises $23M; Will Expand Into Home, Renters, Life
Digital auto insurance comparison agency Insurify announced it is expanding into home, renters and life insurance comparison.
To help drive its expansion, the Cambridge, Mass.-based company said it has raised $23 million in Series A funding, led by MTech Capital and Viola FinTech, with participation from Nationwide, Hearst Ventures, and MassMutual Ventures.
Insurify uses machine learning to make buying coverage easy. Insurify said it has sold more than $10 billion in coverage since it began two years ago with a feature that allowed drivers to text a photo of their license plate to generate price quotes.
The site asks users to answer only a few questions and promises to return quotes within two minutes. While it offers price comparisons, it also weighs reviews, customer service and benefits and recommends the insurers that the platform says are the best match for the consumer. The platform has collected more than 100,000 reviews from customers.
Insurify is licensed and operating in all 50 states.
Among the insurance carriers it represents are Liberty Mutual, Travelers, Nationwide, MetLife, esurance, Elephant and Mercury.
Insurify said it has partnered with some insurance companies to offer exclusive prices that are not available through independent agent channels or direct on carriers’ sites.
Its direct partnerships and API integrations with most of the top 10 carriers in the U.S. and some regional carriers allows consumers to buy directly from Insurify online rather than being sent to different company websites to fill the same information again and again.
“Our mission is to make insurance shopping transparent, and to empower everyone to make insurance decisions on their own without the help of an agent, where incentives are rarely aligned. For the average American, saving a few hundred dollars a year is significant. We are changing people’s lives every day by helping them cut their monthly burden and also helping protect their families and loved ones,” said Snejina Zacharia, co-founder and CEO of Insurify.
The company also said it has hired Gene Shkolnik, former senior vice president of engineering at Kayak, as its chief technology officer.