Insurify, a US-based virtual insurance agent and comparison platform, has closed USD100 million in Series B funding 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.
This is the most recent development for the fast-growing company, which has raised a total of USD128 million to date, has grown its new and recurring revenue by 6x since its Series A funding in Q4 of 2019, and has achieved a CAGR of 151 per cent for the last three years.
Insurify will use proceeds from the investment 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.
“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,” says Snejina Zacharia, founder and CEO of Insurify. “We’re very excited to partner with our investors to continue building a trusted brand loved by millions of customers and achieve our growth targets. The industry is accelerating its shift towards digital insurance brokerage, and Insurify is leading the charge.”
Insurify was founded in 2013, when CEO and founder Snejina Zacharia, formerly an executive at Gartner, was confronted by an inefficient car insurance shopping experience where she had only two options: either spend hours on the phone with an agent or spend hours on lead generation websites that returned no quotes. Frustrated by the lack of true online comparison experience, Zacharia decided to build the solution—Insurify, a virtual insurance agent with real-time quotes and the ability to buy insurance the way customers want, over the phone or online.
Insurify provides a tailored insurance purchasing experience where customers can instantly compare accurate auto, home, and life insurance quotes from both large and regional insurance companies through real-time integrations and AI-powered recommendations.
Since its Series A funding, 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 major partnerships with Toyota Insurance Management Solutions and Nationwide, the latter of which also participated in the funding round. In addition, the company has achieved 260 per cent employee growth and established an office in Sofia, Bulgaria, staffed by former members of SkyScanner’s engineering team. Insurify’s consistent 2.5x year-over-year revenue growth despite the effects of Covid-19 is a testament to the power of such a product to provide financial protection nationwide, enabling many customers to instantly cut costs during the pandemic.
James O’Neill, Founding Partner at Motive Partners, says: “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. We look forward to partnering closely with Snejina and the Insurify team, and leveraging Motive Partners’ resources in technology and innovation, to capitalize on this unique market opportunity.”
Key investors in this round were the Viola FinTech and Viola Growth funds from the Viola group. Viola FinTech also previously participated in Insurify’s Series A funding round. “We are excited to join our sister fund Viola FinTech and to deepen Viola Group’s involvement in the company and the space,” says Harel Beit On, founder and General Partner at Viola Growth. “We were super impressed by Insurify’s ability to deliver a frictionless purchasing experience that customers expect while tackling the unique challenges facing the modern industry. With comparison shopping only growing, Insurify’s embedded insurance products can improve efficiency, satisfaction, and market penetration in insurance.”
