Insurify

From Wikipedia, the free encyclopedia

Insurify is an American insurance comparison shopping website headquartered in Cambridge, Massachusetts. The website provides users with a tailored insurance shopping experience, complete with a list of customized insurance quotes from insurance providers to help drivers compare and buy the best car insurance policy. 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, and is the top-rated insurance comparison platform in America. [1]

History[]

Insurify was founded in 2013 by Snejina Zacharia, MIT Sloan fellow, and Giorgos Zacharia President of Kayak.com metasearch engine,[1] and Tod Kiryazov.

Insurify started offering its online insurance quote comparison marketplace in July 2015 in Texas, California, and Florida. The company established relationships with auto insurance carriers and brokers, allowing 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. [2] 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[3][4] including Liberty Mutual, Metlife,[5] The Travelers Companies, Safeco, The General and Nationwide Mutual Insurance Company.[6] Insurify is now licensed and accredited insurance agency in all 50 states.

Fundraising[]

In January 2015, company secured $2M of funding in a seed round led by Rationalwave Capital Partners and other angel investors. [7] The funding was used to officially launch its marketplace website.

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]

In September 2021, Insurify announced they had secured $100M in Series B funding led by Motive Partners, a New York and London-based private equity firm focused on financial technology investments. The new funding 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. [12]

Leadership[]

Founder and CEO Snejina Zacharia has over 20 years of experience in entrepreneurship, and has worked with several enterprise software and consumer internet companies. Before founding Insurify, Snejina was part of Gartner, where she established and grew three businesses, each of which earned millions in annual revenue across the U.S. and Europe/Middle East/Asia (EMEA). Snejina also holds an MBA from MIT Sloan School of Management.[citation needed]

Co-founder Giorgos Zacharia, the President of KAYAK, who holds a PhD in Computer Science from MIT and was an MIT Fulbright Scholar. Zacharia also co-founded two machine learning hedge funds, Stocknomics Ltd. and Emporics Capital Management, LLC.[citation needed]

Co-founder and CPO Tod Kiryazov, who has over 15 years experience in product management, is the former Director of Digital Strategy at Northeastern University, and holds an MBA from Northeastern University.

CTO is Gene Shkolnik, the former Senior Vice President of Engineering at KAYAK and former Head of Engineering at the Customer Technology Department in the MBTA.

Operations[]

Insurify is an auto and home insurance comparison 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.

Research Studies[]

Insurify's annual Insuring the American Driver Report is a comprehensive analysis of current the car insurance quoting landscape and industry trends. Insurify's data scientists analyzed over 40 million auto insurance premiums from Insurify's internal database to identify trends in quoting data, studying the rise and fall of insurance rates, how violations affect premiums, how elements of driver's profile may increase or decrease their car insurance rates, and more. [13] Insurify's research studies and reports have been featured in top publications such as CNBC,[14] Forbes,[15] Fortune,[16] USA Today,[17] and MarketWatch.[18] Additionally, Insurify frequently publishes new studies, or Insights, crediting their proprietary database of auto insurance quoting data.

Awards and Recognition[]

Insurify and its founders have been the recipient of dozens of entrepreneurship and financial and insurance technology industry awards.

2013

  • 2013 MIT $100K Competition SemiFinalist

2016

  • 2016 WebAwards Best Insurance Website [19]
  • 2016 ACORD Insurance Disruptor of the Year [20]

2017

  • 17 Startups to Watch in 2017 [21]
  • 2017 Webby Awards: Best Financial Site Second Place [22]

2018

  • 2018 Tech Leadership Award: Banking Technology Finalist [23]
  • 2018 ACORD's Top Ten Insurance Leaders [24]

2020

  • Forbes Fintech 50 [25]
  • EY Entrepreneur Of The Year [26]

2021

  • The Inc. 5000 Award [27]
  • Future 50 [28]
  • EY Entrepreneur Of The Year [29]
  • Stevie International Business Award [30]
  • JP Morgan Chase 50 Fastest [31]
  • Tech In Motion Timmy Awards [32]
  • Deloitte Technology Fast 500 [33]
  • WPO Women2Watch [34]

References[]

  1. ^ a b c Landry, Lauren (28 January 2016). "Insurify Launches to Take the Hassle Out of Comparing Car Insurance Quotes". Boston Magazine. Retrieved 30 March 2016.
  2. ^ Hockenson, Lauren (28 January 2016). "Can AI find you the best car insurance deal? Insurify thinks so". The Next Web. Retrieved 9 October 2017.
  3. ^ Engel, Jeff (28 January 2016). "Insurify Races Into Car Insurance Search With Online & Texting Tools". Xconomy. Retrieved 9 October 2017.
  4. ^ Taves, Max. "Your next insurance agent will be a robot". CNET. Retrieved 9 October 2017.
  5. ^ Johnson, Khari (16 March 2017). "Insurify raises $4.6 million, launches auto insurance comparison bot". VentureBeat. Retrieved 9 October 2017.
  6. ^ Landry, Lauren (28 January 2016). "Insurify Launches to Take the Hassle Out of Comparing Car Insurance Quotes". Boston Magazine. Retrieved 30 March 2016.
  7. ^ "Insurify Launches with Intelligent Virtual Agent to Simplify Shopping for Car Insurance". www.businesswire.com. 2016-01-28. Retrieved 2022-01-13.
  8. ^ 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. ^ "Insurify Secures $100M in Series B financing led by Motive Partners". www.businesswire.com. 2021-09-01. Retrieved 2022-01-13.
  13. ^ "Insuring the American Driver, Trends in Costs & Coverage 2021".{{cite web}}: CS1 maint: url-status (link)
  14. ^ O'Brien, Sarah (2022-01-04). "Auto insurance is expected to cost 5% more in 2022. Here's where it's the most and least expensive". CNBC. Retrieved 2022-01-13.
  15. ^ Gorzelany, Jim. "Which Generation Has The Worst Drivers?". Forbes. Retrieved 2022-01-13.
  16. ^ "Auto insurance rates might be going up in 2022". Fortune. Retrieved 2022-01-13.
  17. ^ Brown, Dalvin. "Life in the fast lane: Subaru WRX owners have the most speeding tickets in the last year, Insurify study says". USA TODAY. Retrieved 2022-01-13.
  18. ^ Ascarelli, Silvia. "We love to ski but are struggling even with a $1 million house budget — what's an affordable ski town where we can retire?". MarketWatch. Retrieved 2022-01-13.
  19. ^ "Best Insurance Website Awards". www.webaward.org. Retrieved 2022-01-13.
  20. ^ "Insurify Snags the 2016 ACORD Startup Disruptor Award". www.businesswire.com. 2016-11-08. Retrieved 2022-01-13.
  21. ^ "Top Boston Tech Startups". www.bizjournals.com. Retrieved 2022-01-13.{{cite web}}: CS1 maint: url-status (link)
  22. ^ "NEW Webby Gallery + Index". NEW Webby Gallery + Index. Retrieved 2022-01-13.
  23. ^ December 2018, 17th (2018-12-17). "Banking Technology Awards 2018: and the winners are..." FinTech Futures. Retrieved 2022-01-13.
  24. ^ "ACORD Names Top Ten InsurTech Leaders of 2018". www.acord.org. Retrieved 2022-01-13.
  25. ^ Kauflin, Jeff. "Fintech 50 2020: The Newcomers". Forbes. Retrieved 2022-01-13.
  26. ^ "Entrepreneur Of The Year New England finalists". www.ey.com. Retrieved 2022-01-13.
  27. ^ "Introducing the Inc. 5000 Fastest-Growing Private Companies in America". Inc.com. Retrieved 2022-01-13.
  28. ^ "Future 50 - Americas". Insurtech Insights. Retrieved 2022-01-13.
  29. ^ "Entrepreneur Of The Year New England". www.ey.com. Retrieved 2022-01-13.
  30. ^ "Company / Organization Awards Winners | Stevie Awards". stevieawards.com. Retrieved 2022-01-13.
  31. ^ "WPO | 2021 50 Fastest List". www.women-presidents.com. Retrieved 2022-01-13.
  32. ^ "Tech in Motion Events - Application Gallery". timmyawards.secure-platform.com. Retrieved 2022-01-13.
  33. ^ "2021 Technology Fast 500 Award Winners". Deloitte United States. Retrieved 2022-01-13.
  34. ^ "WPO | 2021 50 Fastest List". www.women-presidents.com. Retrieved 2022-01-13.
Retrieved from ""