(Image credit: Dollar Photo Club.)
PolicyGenius, a Brooklyn, N.Y.-based direct-to-consumer insurance broker, has closed a $15 million Series B funding round led by Revolution Ventures. Launched in July 2014, PolicyGenius facilitates the insurance discovery and purchase process for life, long-term disability, renters, and pet insurance. The broker provides what it characterizes as unbiased educational content, the most accurate online quoting engine, and a streamlined application process to help consumers find and purchase the coverage they need.
“The Internet has disrupted a number of industries, but most consumers still buy insurance the same way their grandparents did,” comments Steve Case, founder and partner, Revolution Ventures. “PolicyGenius is using online tools and data to give people more choice, control, and convenience when making such an important life decision. It’s precisely the kind of company we like to back at Revolution, and our team at Revolution Ventures is proud to be leading this investment round.”
PolicyGenius offers consumers an Insurance Checkup, which guides users through a five-minute questionnaire to develop a personalized review of all their insurance needs based on their financial and family situations. The platform gives users access to tailored advice through what PolicyGenius calls its unbiased and accurate insurance quoting platform. Consumers using the platform receive personalized quotes, powered by PolicyGenuis’ rules-based engine for underwriting and needs mapping, as well as side-by-side comparison of insurance policies from dozens of the country’s top insurance providers.
“We’re bringing transparency to the insurance industry and empowering consumers to make the right decisions for their needs,” comments Jennifer Fitzgerald, co-founder and CEO of PolicyGenius. “Millions of Americans are not being served by the current distribution model, so we’re changing that. By putting the power back in the consumer’s hands, with smart decision tools, unbiased advice and the most accurate insurance quotes in the industry, we’re driving down underinsurance nationwide—in turn helping to solve one of the biggest drivers of bankruptcy and hardship for Americans.”
Since launch, PolicyGenius has raised more than $21 million in venture capital funding and has experienced 20 percent month-over-month growth in sales, according to a company statement. PolicyGenius utilized its Series A funding to expand marketing efforts and target new channels, growing its user base by several hundred thousand. The company will use the new influx of Series B funding to expand product lines and accelerate its growth in the U.S. insurance market. Investors from previous investment rounds also participated in the current round, including Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures and MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual).