Insurtech PolicyGenius Raises $30M Series C Funding Round

PolicyGenius

You just have to love a name like PolicyGenius and maybe that’s just one of the reasons the company just got $30M from Norwest Ventures (congats to all). Ah, but the real reason for the Series C funding is probably not the name but their insurtech business allowing customers to compare insurance policies and quotes. PolicyGenius now covers all types of insurance even pet insurance. Hmmmmm, your pet can now probably be worth more than you with Key Pet Insurance.
(Bill Taylor/CEO)

From the PolicyGenius Website: “Every business starts with a simple question. For the PolicyGenius founders, that question was: “Why is buying insurance such a frustrating experience?”

Frustrating is an understatement. Navigating the world of insurance is confusing, stressful and a step backward in time (hello, fax machines). And even after they’ve bought a policy, people worry they might still be on the hook for something they missed…”

“Consumers increasingly are going online to search for insurance, and when they do, PolicyGenius wants to be right there to help them find the right policy. To expand its offerings and support more customers, the company raised a $30 million Series C funding round led by Norwest Venture Partners.

PolicyGenius has built a marketplace for consumers who want to evaluate multiple insurance carriers and policies all in one place. People searching for a policy can answer a series of questions and find multiple options available to them.

By working with various insurance providers, PolicyGenius has built a quoting engine and allows consumers to compare policies they are eligible for side-by-side. The company also has an “insurance checkup” tool to help customers discover and close gaps in their insurance coverage.

Starting with life insurance, PolicyGenius has gradually expanded its suite of options to include health insurance, renters’ insurance, long-term disability insurance and even pet insurance.

Since announcing a $15 million round of financing in January 2016, the company has grown monthly revenues by 7x and doubled its employee base. With its new round, PolicyGenius hopes to expand its product lines to include property and casualty policies, and also to build out relationships with its partners…”

Source: Techcrunch