Using the Policygenius online insurance marketplace, consumers can shop for various types of insurance such as life, home, auto, renters, and disability
US online insurance marketplace Policygenius has secured $100m funding commitment from global investment firm KKR and others in a Series D round.
KKR, which led the funding round, will make its investment in the insurtech company through its $2.2bn Next Generation Technology Fund II, which was closed earlier this month.
Norwest Venture Partners, AXA Venture Partners, Revolution Ventures, Susa Ventures, Transamerica Ventures, MassMutual Ventures, which are existing major investors in the insurtech company also took part in the funding round.
Policygenius to use the proceeds for hiring and product launches
The online insurance marketplace will use the proceeds from the funding round for hiring purpose and also for supporting its broader consumer financial protection products that are scheduled to be unveiled this year.
Launched in 2014, Policygenius helps its users in comparing and purchasing insurance online. The online insurance marketplace raised $30m in a Series C round in early 2017, which is said to have helped it grow its annual revenues by 10 times to $60m.
The insurtech company claims to have built integrations with the some of the major insurance carriers and industry-leading technology for quoting, underwriting, and fulfilment.
KKR’s Allan Jean-Baptiste said: “With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime.
“Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”
In December 2019, the insurtech company launched two tools – Coverage Calculator and the Pricing Widget to help people get the life insurance right they need. Last year, Policygenius also introduced a new offering for property and casualty insurance.
Using the online insurance marketplace, consumers can shop for various types of insurance such as life, home, auto, renters, and disability.
Policygenius CEO and co-founder Jennifer Fitzgerald said: “Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide. But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely.
“With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”