Insurify is one of the highest-rated virtual insurance agent and comparison platforms in America. Living up to its expectation, the company recently secured $100M in Series B funding. This round of funding was led by Motive Partners, a specialist private equity firm focused specifically on financial technology investments. There was participation from the existing investors like MassMutual Ventures, Viola FinTech, Nationwide, Moneta VC, Hearst Ventures along with some new investors Viola Growth and Fort Ross Ventures.
The company was founded in 2013 by Snejina Zacharia, a former executive at Gartner. Ever since its inception, Insurify has been providing a tailor-made insurance purchasing experience. The AI-powered platform enables the customers to compare home, auto, or life insurance at a button click.
The story behind the creation of this company is interesting! Zacharia once crossed paths with an inefficient car insurance experience. She was left with two options only, either she could spend hours talking to an agent or indulge in spending time on lead generation websites that returned no quotes. Frustrated by the unprofessional online comparison experience, she decided to create a platform, Insurify.
As Zacharia had 2 options, we also created options for people who need money. For that, we have set up a broker company with a panel of reliable lenders who can check borrowers’ financial status and send out loan offers easily. Find more details here.
Earlier, after the Series A funding round, Insurify expanded its home insurance marketplace, with deeper carrier integrations that provided users with an instant purchase experience. It even launched two embedded insurance products through major partnerships with Toyota Insurance Management Solutions and Nationwide. Moreover, Insurify has achieved 260% employee growth and established an office in Sofia, Bulgaria. The consistent 2.5x revenue growth year-over-year despite the ongoing pandemic is evident of the potential that this company possesses.
To date, Insurify has raised a total of $128 million. The fresh investment will be used to expand the company’s operations and accelerate its growth initiatives in near future. Scaling and diversifying its product suite via integrations across all insurance verticals is a part of the potential growth initiative. Insurify even aims at pursuing more embedded insurance opportunities, diversifying the product functionality to deepen its relationship with the existing customers and acquiring new ones. Furthermore, strengthening brand awareness and hiring new talents are a part of the plans.