Insurify Mlbased 100M Series Partnersann Azevedotechcrunch

Insurify Mlbased 100M Series Partnersann Azevedotechcrunch

The time and effort required to switch insurance providers is a major deterrent for many people.

I’m Willing to Stake a lot of Money that it is.

Insurify, a company with the stated mission of “making it easier for customers to acquire better prices on house, vehicle, and life insurance,” has just announced the successful completion of a $100 million Series B investment round that was “oversubscribed” and led by Motive Partners.

Other investors, including newcomers Viola Growth and Fort Ross Ventures, joined the round alongside existing backers Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, and Moneta VC.

Insurify Mlbased 100M Series Partnersann Azevedotechcrunch

Insurify, headquartered in Cambridge, MA, has already raised a total of $128 million since its founding in 2013. In this case, the company did not share the valuation at which the funding was received.

When we last left Insurify,

the company was already well on its way to becoming a major player. New and recurring revenue, for instance, have increased by “6x” since the company closed its Series A funding in the 2019 fourth quarter.

Snejina Zacharia, co-founder and CEO of Insurify, claims a CAGR (compound annual growth rate) of 151% for the company’s first three years in business. She also noted the “2.5x” year-over-year revenue rise the company had experienced.

To Digitise and Customise the Insurance Shopping Process,

Insurify has developed a virtual insurance adviser based on machine learning that connects with more than 100 providers. Although there are other insurtech companies out there, none that we’re aware of are combining auto, home, and life insurance.

Like Jerry, which has collected funding twice this year and is mostly concerned with auto insurance (but also offers homeowners’ coverage).

The Zebra, which transformed into a unicorn in 2016, was once a website offering a quick and easy way to compare prices on auto insurance.

Homeowners insurance was added over time, with plans to expand into other lines of coverage like renters and life insurance. However, it, too, is mostly concerned with vehicles.

Zacharia stated that since Insurify’s Series A funding, the company has launched its first two embedded insurance products through partnerships with Toyota Insurance Management Solutions and Nationwide, and expanded its home insurance marketplace to provide users with a “instant” purchase experience (the latter of which also participated in the Series B funding round).

Insurify hired away most of SkyScanner’s engineering team last year when layoffs were necessary, and the company now has an office in Sofia, Bulgaria.

The former Gartner executive Zacharia was motivated to launch the business following a minor vehicle accident she experienced while pursuing an MBA at MIT. Zacharia was annoyed by the “complicated and onerous” process of searching for a new vehicle insurer after the accident raised her premium.

She collaborated on the creation of Insurify with KAYAK’s Chief Product Officer Tod Kiryazov and her husband, KAYAK’s President Giorgos Zacharia.

According to TechCrunch, Zacharia explained that the company’s goal was to create “the most trusted virtual insurance agent in the market,” which would enable clients to “search, compare, and buy totally digitally” from any device.

Artificial intelligence allows us to provide guidance on both network coverage and service provider choice.

Additionally, Insurify is a licenced agent that handles policy fulfilment and maintenance. The majority of the firm’s revenue comes from commission on new and renewing insurance policies sold.

It’s not a software as a service company, but it does offer subscription-based insurance with recurring revenue.

To that end, “our goal is to deliver an experience for the end consumer that allows them to service and manage all of their policies in one location, digitally,” Zacharia explained. The platform’s data-driven recommendations, we believe, have the potential to drastically streamline the purchasing process.

With this new funding,

Insurify can speed up its expansion goals and keep expanding its operations. It would also like to grow its current staff of 125.

In order to provide a more personalised and convenient experience for its clients, Kiryazov’s team is planning to incorporate API connectors to enable real-time direct quotations with enhanced personalisation.

We also hope to find ways to increase the product’s functionality and the number of insurance policies that are contained in it.

The business ultimately hopes to branch out into new markets, including the pet insurance industry.

Insurify Plans to use some of the Funding for Advertising, Particularly on television.

When asked about the company’s revenue sources, Zacharia noted that “about half” came from traffic that found their way to the site independently. For this reason, we plan to investigate inorganic expansion further.

Online sales are responsible for nearly all of the expansion in the U.S. vehicle insurance market, as pointed out by James “Jim” O’Neill, founding partner at Motive Partners, and Andy Rear, an industry partner.

From their email:

“The lesson from other markets who have gone through this change is that customers prefer variety, presented as a simple menu of goods and pricing from different insurers and a quick online purchasing experience.”

“Even a gradual shift to online represents a significant opportunity for Insurify in the U.S. auto sector, which is enormous.”

The two investors were impressed by the startup’s efforts to create a business model “that works for clients, insurers, and white-label partners” during their research.


Founder and general partner of Viola Growth, Harel Beit-On, predicts that the quantum jump in e-commerce brought about by COVID-19 will totally revolutionise the shopping experience across practically all industries, including insurance.

She argued that the insurance industry needed to catch up to consumer expectations for a smooth buying process.

Our fintech fund recently made an investment in Insurify, and since then we’ve seen the firm expand rapidly, win over new customers, and establish itself as a household name.


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