Online Insurance Broker Policygenius Raises $100M From AXA, Others

Online insurance marketplace Policygenius raised $100 million in new financing. The company plans to use the money for hiring, to grow and to broaden the consumer financial protection products it will unveil in 2020.

“With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said in prepared remarks.

The insurtech, an independent insurance broker based in New York City, raised the money, in part from existing investors AXA Venture partners, Mass Mutual Ventures, Transamerica Ventures, Norwest Venture Partners, Revolution Ventures and Susa Ventures. Global investment firm KKR led the Series D round.

Policygenius raised $30 million in a Series C round in early 2017. The company claims that since that time, it now pulls in $60 million in annual revenue.

Founded by Fitzgerald and Francois de Lame in New York in 2014, Policygenius has an online platform that helps people shop and compare insurance plans from a range of providers. It offers insurance products including homeowners, auto, renters, life and health insurance.

For homeowners, its carrier partners include Travelers, Progressive, Nationwide, Safeco, AIG, Hippo and MetLife. For auto insurance, it quotes Allstate and Liberty Mutual.

While the company initially focused on life insurance cover, it entered into property/casualty insurance last January, something the company said has grown to more than $10 million in revenue in less than a year.

Policygenius now has a second office in Durham, N.C. that it opened in 2019.

Source: Policygenius

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