- Insurify, an AI-powered insurance comparison platform that makes it easier for people to save hundreds-to-thousands of dollars per year on car insurance, announced it raised $23 million in funding
Insurify — an AI-powered insurance comparison platform that makes it easier for people to save hundreds-to-thousands of dollars per year on car insurance — announced that after several successful pilot programs earlier this year, it is now expanding into home, renters, and life insurance comparison. And to help drive this expansion, Insurify also announced that it raised $23 million in Series A funding led by MTech Capital and Viola FinTech with participation from Nationwide, Hearst Ventures, and MassMutual Ventures. Plus the company also announced that it hired KAYAK’s former SVP of Engineering Gene Shkolnik as its CTO.
There are 8 in 10 Americans who live paycheck to paycheck with insurance being one of the top monthly expenses. Consumers are looking for ways to save, but shopping for car insurance is a confusing and painful process especially for the economically disadvantaged.
Insurify uses machine learning to make buying coverage easy for everyone and it saves customers an average of $489 per policy on their car insurance. Now Insurify is expanding to help people navigate the stressful world of home, renters, and life insurance as well.
And Insurify — which was co-founded by husband-and-wife Snejina Zacharia and Giorgos Zacharia along with Tod Kiryazov — doubled revenue year-over-year consistently since it launched with 125,000 policies closed worth over $10 billion of insurance coverage. The mission of the founders is to fix the broken insurance distribution system by building the smart virtual insurance agent of the future.
“Our mission is to make insurance shopping transparent, and to empower everyone to make insurance decisions on their own without the help of an agent, where incentives are rarely aligned. For the average American, saving a few hundred dollars a year is significant. We are changing people’s lives every day by helping them cut their monthly burden and also helping protect their families and loved ones,” said Snejina Zacharia.
Insurify is delivering value to both the customer and the insurance company by removing marketing and agency costs by, protecting the information of its users, and empowering both large and small insurance companies by providing access to new customers.
“Across different products and markets, price comparison sites have empowered consumers by driving price transparency and significant cost savings. We believe the distribution of auto insurance in the US is at an inflection point as consumers are increasingly purchasing it online, and that Insurify is positioned to be the industry leader that helps buyers find savings. Snejina is a talented leader who has built an outstanding team. MTech Capital is very excited to become a shareholder,” said MTech Capital partner and co-founder Kevin McLoughlin.
How does it work? You simply go to Insurify.com, answer a few quick questions about yourself and your needs, and within two minutes Insurify will present you with bindable insurance quotes from numerous top national and regional companies, tailor-fit to user preferences — which you can purchase right away online.
And it is easy to add family members, multiple cars, or customized coverages to get the highest coverage for the best price. Plus the intuitive user experience and AI-powered recommendation engine will walk you through complex decisions such as why you may want to go with an auto plan with more liability coverage if you own a home
“Founded only 2 years ago, Insurify marks our 4th investment in the insurtech space, which we’re very bullish about,” explained Prof. Daniel Tsiddon, Founder and General Partner at Viola Fintech. “We believe the insurance space is still suffering from high inefficiency and low penetration of automation and that Insurify’s solution provides a massive opportunity to make insurance purchasing simple, seamless, and cost effective for the consumer. With the founding team’s superior execution skills and with the new funding coupled with our global LP base of leading insurance companies, they are on the right track to fulfill their vision of disrupting the insurance space.”
