Insurify

Last updated
Insurify
FormerlyEnsurify
Industry Insurance, comparison insurance website
Founded2013;10 years ago (2013), Cambridge, Massachusetts, United States
FounderSnejina Zacharia, Giorgos Zacharia, Tod Kiryazov
Headquarters
Cambridge, Massachusetts
,
United States
Key people
Snejina Zacharia, Founder & CEO
Website insurify.com

Insurify is an American insurance comparison shopping website headquartered in Cambridge, Massachusetts. Partnering with insurance companies like Nationwide, Farmers, and Liberty Mutual, Insurify is licensed and operating in all 50 states. [1] The platform has collected more than 100,000 reviews from customers. [1]

Contents

History

Insurify was founded in 2013 by Snejina Zacharia, MIT Sloan fellow and Giorgos Zacharia, President of Kayak.com metasearch engine [2] and Tod Kiryazov, CPO, MBA.

In January 2015, company secured $2M of funding in a seed round led by Rationalwave Capital Partners and other angel investors. [3] The funding was used to officially launch its marketplace website. [4]

Insurify started offering its online insurance quote comparison marketplace publicly in July 2015 in Texas, California, and Florida. The company established relationships with auto insurance carriers and auto insurance brokers that allowed them to provide personalized insurance quotes based on a user's profile, vehicle, and driving history. By January 2016, Insurify had expanded coverage to 30 states. [5] The website lets users type in their zip code, answer questions about their car(s) and driving record and compare auto insurance quotes from major insurance carriers [6] [7] including Liberty Mutual, Metlife, [8] The Travelers Companies, Safeco, The General and Nationwide Mutual Insurance Company. [2] Insurify is officially accredited and operates in all 50 states. [1]

In October 2016, Insurify raised $4.6M of funding in a seed round, led by MassMutual Ventures and Nationwide Ventures [8] and also launched a Facebook Messenger chat bot, which allows users to compare and buy insurance directly from Facebook Messenger. [9] [10]

In January 2020, Insurify announced it raised $23M in Series A funding, led by MTech Capital and Viola FinTech, with support from Hearst Ventures, MassMutual Ventures, and Nationwide. [11]

Operations

Insurify is an auto and home insurance comparison insurance website that uses predictive modeling in order to make shopping for car insurance easier. Insurify is the operator of Evia (Expert Virtual Insurance Agent), which allows users to search for car insurance by texting a photo of their license plate. The company invented RateRank, a proprietary software that matches each driver's profile and risk levels to the best insurance carrier and coverage. [12]

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References

  1. 1 2 3 "Virtual Auto Insurance Agency Insurify Raises $23M; Will Expand Into Home, Renters, Life". Insurance Journal. 2020-01-16. Retrieved 2021-02-03.
  2. 1 2 Landry, Lauren (28 January 2016). "Insurify Launches to Take the Hassle Out of Comparing Car Insurance Quotes". Boston Magazine . Retrieved 30 March 2016.
  3. ↑ Kolodny, Lora (28 January 2016). "Insurify Raises $2 Million for Virtual Insurance Agent". The Wall Street Journal . Retrieved 22 March 2016.
  4. ↑ Buhr, Sarah. "MIT Spinout Insurify Raises $2 Million To Replace Human Insurance Agents With A Robot". TechCrunch . Retrieved 9 October 2017.
  5. ↑ Hockenson, Lauren (28 January 2016). "Can AI find you the best car insurance deal? Insurify thinks so". The Next Web. Retrieved 9 October 2017.
  6. ↑ Engel, Jeff (28 January 2016). "Insurify Races Into Car Insurance Search With Online & Texting Tools". Xconomy . Retrieved 9 October 2017.
  7. ↑ Taves, Max. "Your next insurance agent will be a robot". CNET . Retrieved 9 October 2017.
  8. 1 2 Johnson, Khari (16 March 2017). "Insurify raises $4.6 million, launches auto insurance comparison bot". VentureBeat . Retrieved 9 October 2017.
  9. ↑ Godfrey, Neale. "Who Knew That R2D2 Could Sell Insurance?". Forbes. Retrieved 2 November 2017.
  10. ↑ Khoury, Albert (19 March 2017). "You can now shop for car insurance by chatting with a bot on Facebook Messenger". Digital Trends . Retrieved 9 October 2017.
  11. ↑ "Insurify raises $23M Series A to add new coverage varietals, boost its marketing efforts". TechCrunch. Retrieved 2020-01-24.
  12. ↑ Henry, Alan. "Insurify Makes Comparing Car Insurance Companies Simple and Easy". Lifehacker . Retrieved 2 November 2017.
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