Policygenius, a platform where insurance can be purchased and managed digitally, has raised $125 million in a series E round of funding.
This brings the total capital raised to date by Policygenius to $276.1 million.
The round was participated by all the prime existing investors including the Norwest Venture Partner, KKR, AXA Venture Partner, MassMutual Venture, and Revolution Partner.
Some of the largest life insurance carriers and annuity in North America have also taken part in this funding round as fresh investors which includes Brighthouse Financial, iA Financial Group, Global Atlantic Financials, Pacific Life, and Lincoln Financial.
The participation of major existing investors along with the investment of these prime carriers demonstrate the support of the industry for the track record of the company and transformative vision.
About Policygenius
It is an insurance marketplace that sells policies. It operates as an insurance broker which offers insurance like life, rent, pet, or long-term disability insurance. Its specialty is online insurance checkup services.
It is a one-stop computerized platform that helps in comparing and purchasing insurance for customers.
Jennifer Fitzgerald and Francois de Lame established this platform in 2014. Its headquarters is in New York, United States.
The repercussions of the pandemic have proved the importance of insurance which acts as a security blanket at the time of calamities.
The sales of insurance policies have taken a boom when compared to the last 25 years.
Purpose of Fundraising
The marketplace has decided to use the fresh capital in the following ways-
- They want to invest this fresh capital for the growth of their main business of life, home, disability, and auto insurance.
- They also want to grow their recent offering of Policygenius Pro, a service for the advisors of finance, mortgage brokers, independent credit unions, etc.
- Policygenius Pro can help clients in finding, comparing, purchasing, and managing insurance policies with the help of advisors rather than the client doing it by themselves. Also provides leading-edge software.
The CEO and Cofounder of Policygenius, Jennifer Fitzgerald said in a statement, From the past 8 years, they have invested in the crucial areas of technology, product development, and operation, with the aim of delivering the best product for their customers, distribution partners, and carriers.
He further added they are excited to extend their so far vast range across the trillion-dollar market of insurance.
In 2020, it’s conducted the series D funding round in which it gathered $100 million from Norwest Venture Partners, Revolution, Susa Ventures, and others. This year was a pivotal year for Policygenius, as it has surged the urgency of having insurance.
A total of $40 billion new coverage of life insurance has been written by the startup in the last two years which is 70% more than what it had written in 2019. This shows the increased demand for Policygenius offerings.
It is maintaining to be the only tech-empowered distribution and brokerage platform that has flourishingly diverse and escalate life, home, and auto insurance.
Conclusion
It is a one way platform that compares, manages, and sells policies along with the digital services of understanding and applying for insurance. In a series E round of funding, it has secured $125 million capital from many of the existing investors as well as the new investors and carriers including Norwest Venture Partner, KKR, AXA Venture Partner, iA Financial Group, and Global Atlantic Financials. The marketplace aims to use the fresh capital in expanding its insurance business.
FAQ’s about Policygenius
Ans. $125M.
Ans. Jennifer Fitzgerald and Francois de Lame.
Ans. The marketplace aims to use the fresh capital in expanding their insurance business.
Ans. 2014
Ans. $276.1M
