Insurify, an AI-powered insurance comparison platform that’s based in the U.S., announced on Wednesday it secured $23 million through its Series A funding round, which was led by MTech Capital and Viola FinTech, with participation from Nationwide, Hearst Ventures, and MassMutual Ventures.
Founded in 2013, Insurify stated its mission is to fix the broken insurance distribution system by building the smart virtual insurance agent of the future.
“Insurify delivers value to both the customer and the insurance company by removing marketing and agency costs, protecting personal information, and empowering both large and small insurance companies by providing access to new customers they might not otherwise reach.”
Insurify noted it has doubled revenue year-over-year consistently since it launched, with 125,000 policies closed worth over $10 billion of insurance coverage. Snejina Zacharia, Co-Founder and CEO of Insurify, also stated:
“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.”
The funds from the Series A will be used for the company to expand Home and Life Insurance