Insurify, an AI-powered insurance comparison platform that helps consumers save time and money on their insurance coverage, announced that it is expanding into the home, renters, and life insurance comparison.
The company also announced that it has raised $23 million in a Series A funding round to help drive its expansion.
MTech Capital and Viola FinTech co-led the funding round with participation from Nationwide, Hearst Ventures, and MassMutual Ventures.
Insurify aims to fix the broken insurance distribution system by building a smart virtual insurance recommendation tool. Insurify delivers value to both the customer and the insurance company by removing marketing and agency costs, protecting personal information, and empowering large and small insurance companies by providing access to new customers they might not otherwise reach.
The company has doubled revenue year-over-year since it launched in 2013, with 125,000 policies closed worth over $10 billion of insurance coverage.
“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.
Snejina is a first-generation American and mother of two. Only 1% of CEOs in the insurance industry are women, and Snejina is one of them.
Kevin McLoughlin, Partner and Co-founder of MTech Capital said: “Across different products and markets, price comparison sites have empowered consumers by driving price transparency and significant cost savings. We believe the distribution of auto insurance in the US is at an inflection point as consumers are increasingly purchasing it online, and that Insurify is positioned to be the industry leader that helps buyers find savings.”
Image Credit: Insurify