Insurify - Company of the Year - Insurance

Company: Insurify, Cambridge, MA
Company Description: A virtual insurance agent and online insurance comparison platform, Insurify helps customers compare and purchase customized car, home, and life insurance quotes: side-by-side, in minutes, for free. Insurify’s goal is to serve as the primary destination for American insurance shopping. Insurify is a licensed insurance agency, and also operates an in-house customer service center.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Insurance - Medium-size

Nomination Title: Insurify

A virtual insurance agent and online insurance comparison platform, Insurify helps customers compare and purchase customized car, home, and life insurance quotes: side-by-side, in minutes, and for free. Insurify’s goal is to serve as the primary destination for American insurance shopping. Insurify is a licensed insurance agency, and also operates an in-house customer service center. Since Insurify's official 2016 launch, the company has seen rapid growth in users and policy purchases, with over $150B in insurance coverage purchased since its launch, 20x revenue growth in four years, and partnerships and integrations with top American insurance carriers.

One key innovation that distinguishes Insurify is its instant purchase ability––customers can instantly compare and purchase a variety of policies online. This ability is enabled through several key technologies: robotic transaction automation APIs, full buying process automation (through PCI compliant methods), and a proprietary analytics platform. Insurify adds value for insurance carriers by helping them attract unique customers based on their preferred risk appetite, bringing 30% better customer retention on average, customer acquisition at one-third of the traditional cost, and 5x higher sales conversion rates than the industry standard. Insurify helps customers save, too––Insurify customers save up to $996 yearly on their car insurance.

Insurify has seen 2.5X YoY growth in both revenue and customers from 2019 to 2020. In 2020, Insurify grew its team in Boston by over 150% and began working with a team of 15 former Skyscanner engineers and data scientists in Sofia, Bulgaria. Insurify announced a major white label partnership with Toyota in April of 2021, acquiring more customers through the embedded insurance market. In the first few months of 2021, Insurify has seen over 35% MoM growth in revenue.

In 2020, Insurify also raised $23 million in Series A funding, led by MTech Capital and Viola FinTech, with MassMutual Ventures, Nationwide Ventures, and Hearst Ventures also taking part. To date, Insurify has raised over $28 million in funding. https://techcrunch.com/2020/01/15/insurify-raises-23m-series-a-to-add-new-coverage-varietals-boost-its-marketing-efforts/

COVID-19 was a disruptive force across the insurance industry. The pandemic and the nationwide financial pressures it provoked led to many Americans seeking to cut household costs. This national emphasis on savings benefited Insurify; the company’s product appeals to budget-seekers and allows users to save up to $996 annually.

Americans spent more time at home and increased their screen time during the COVID-19 pandemic, accelerating the insurance industry’s transition to a primarily digital model. Additionally, since driving rates dramatically decreased over the course of the pandemic, many users began reevaluating their car insurance needs. Our product, useful before the COVID-19 pandemic, became invaluable after it, and societal changes brought on by the pandemic were likely a factor in Insurify’s more than doubling its annual revenue from 2019 to 2020.

Of the 250 million drivers in the United States, 46 million switch their car insurance annually, generating $22.5 billion in commissions yearly. The online insurance shopping sector has seen 300% growth over the past decade, but is still plagued with inefficiencies. Insurers spend $6 billion per year on advertising and still often don’t acquire customers at a profitable rate; their preferred marketing platforms, like cable television, aren’t personalized or optimized for insurance risk targeting. Insurify's sophisticated technology capabilities and patented AI algorithms offer the ability to create a new digital insurance distribution channel in the realms of organic search and online marketing as well as in customer experience and overall product.

Insurify is a digital agent and is compensated in commissions per sale, plus a renewal percentage of the policy premium / recurring revenue. This applies to home, auto and life insurance verticals, with planned expansions into health insurance. To provide the most comprehensive comparison experience, Insurify also offers CPC partnerships. Insurify uses its patented AI technology to build white-label products for major companies; embedded insurance point of sale partnerships with big-name insurance carriers, OEMs and digital banks are a big part of Insurify's plans to further penetrate the embedded insurance market in 2021. In addition, Insurify’s 2020 acquisition of an in-house customer service agency and team of former Skyscanner engineers and data scientists, whose experience with price comparison has allowed further acceleration of Insurify’s product development growth. These innovations and acquisitions set Insurify apart from competitors in the field.

Insurify (https://insurify.com/ )has been mentioned in Forbes, TIME, Business Insider, and the Wall Street Journal, among other prestigious publications. The company has won many awards, including:

2020 Forbes Fintech 50
2020 Tracxn Emerging Startup Auto ECommerce & Content Tech
2019 TDI LIVEFEST’s 2019 North America Startup InsurTech Award
2017 One of 17 Startups to Watch (Bostinno)
2017 Best Financial Site, Second Place (Webbys)
2016 Insurance Disruptor of the Year (ACORD - The Insurance Standards Organization)
2016 Best Insurance Website (WebAwards)

In addition, Insurify CEO Snejina Zacharia has personally been awarded the following:
2020 Ernst & Young Entrepreneur of the Year finalist
2018 Tech Leadership Award at Banking Technology Award Finalist
2018 ACORD’s “Top Ten Insurance Leaders”

Please find below links to Insurify’s site and social media, as well as a selection of Insurify media references. Please also find a PDF of Insurify's 2020 Annual Driver's Report attached.

Insurify Homepage https://insurify.com/
Insurify Video Explainer: https://youtu.be/TXq6hTLqPI8
Twitter - https://twitter.com/insurify
TikTok - https://www.tiktok.com/@insurifyco
Facebook - https://www.facebook.com/insurify
Instagram - https://www.instagram.com/insurifyco/
LinkedIn - https://www.linkedin.com/company/insurify/
YouTube - https://www.youtube.com/channel/UCm-jrCavyBXg_lvueXxBlFA

Media Mentions:
Toyota Partners With Insurify To Streamline Shopping For Coverage: https://www.forbes.com/sites/greggardner/2021/04/14/toyota-partners-with-insurify-to-streamline-shopping-for-coverage/?sh=1d6f885d1945
Insurify Seeded With $2M for Virtual Insurance Agent: https://www.wsj.com/articles/DJFVW00120160128ec1satyzf
Forbes Official Insurify Company Profile: https://www.forbes.com/companies/insurify/?sh=747e42c672c3
The Future Of Insurance: Fintech 50 2020: https://www.forbes.com/sites/ashleaebeling/2020/02/12/the-future-of-insurance-fintech-50-2020/?sh=4db45b2c21a3
Insurify raises $23M Series A to add new coverage varietals, boost its marketing efforts:
https://techcrunch.com/2020/01/15/insurify-raises-23m-series-a-to-add-new-coverage-varietals-boost-its-marketing-efforts/
Your next insurance agent will be a robot: https://www.cnet.com/news/your-next-insurance-agent-will-be-a-robot/
Insurify raises $4.6 million, launches auto insurance comparison bot: https://venturebeat.com/2017/03/16/insurify-raises-4-6-million-launches-auto-insurance-comparison-bot/