The online distributor will use the funding to drive international growth and accelerate its CyberPolicy subsidiary’s momentum.
This round of financing also included CoverHound’s existing investors RRE Ventures, Blumberg Capital, Core Innovation Capital, Route 66 Ventures, and American Family Ventures.
The company reports that its rideshare insurance offering will available for Uber, Lyft and other rideshare drivers nationwide by the end of 2017.
While Google says it does not want to be a carrier, nor even an aggregator, it is poised to disrupt the insurance market by leveling the competitive playing field for smaller auto insurers who can access customers through the Google brand.
Google’s auto Insurance distribution play is interesting, but the bigger play may be for the company to be a provider of what makes the industry run, not just of the capabilities the industry uses to sell.
Keith Moore, CEO, CoverHound.
Investors will become even more pragmatic and disciplined, narrowing their focus to more mature InsurTechs displaying measurable traction and whose products and services are higher on the insurance industry’s adoption curve.
Google’s entrance has signaled that innovation and evolution is coming to insurance–these are exciting times, and the companies that will thrive are those that will embrace the opportunity to reinvent how to serve and engage their customers.