(Image source: Insurify.)
Insurify (Cambridge, Mass.), an insurance comparison website has announced a partnership with Toyota Insurance Management Solutions (TIMS) to power its insurance platform with Insurify’s online insurance shopping technology. An Insurify statement characterizes the partnership as providing Toyota customers with a seamless way to compare and buy car insurance policies online, helping drivers get the best policy for the best price using Insurify’s data-driven recommendations and personalized purchase experience. The company says its white label TIMS product marks its first step into embedded insurance, an area the fast-growing company plans to firmly establish itself in.
According to J.D. Power’s 2020 U.S. Insurance Shopping Study, 90 percent of consumers are open to online auto insurance purchases, but often find the online purchase experience time-consuming and difficult. Insurify’s insurance comparison product seeks to address these shortcomings by integrating directly at the point of sale, removing the friction while also creating additional customer touchpoints for auto manufacturers that extend well beyond the purchase of the vehicle.
“We’re very excited to be able to help Toyota Insurance Management Solutions provide their customers with a cutting-edge insurance shopping and buying experience,” comments Snejina Zacharia, CEO and founder, Insurify. “As a full-service digital agent, Insurify is committed to helping people make the best decision about their insurance by providing them with the tools and information they need to feel empowered during the process. We’ve seen continued growth across auto, home, and life insurance verticals and are looking forward to working with additional partners as more people buy their insurance online.”
Insurify places the TIMS partnership within the context of its partnerships with companies in other industries, such as digital banks, car dealerships, and insurance carriers.
“TIMS is committed to enhancing the Toyota ownership experience by providing simple, convenient ways to shop for and purchase insurance for all Toyota models, new and old, as well as coverage for other vehicles,” comments Will Nicklas, COO, TIMS. “Partnering with Insurify allows us to connect our customers to our panel of trusted carriers through a modern, user-friendly platform, adding real value to our customers’ lives while maintaining the quality and integrity they expect from Toyota.”
Year of Rapid Growth
The TIMS partnership follows a year of rapid growth for Insurify, which reports that it has achieved consistent 2.5x year-over-year revenue growth since its launch in 2016. The company says it has facilitated the purchase of over $170 million in insurance premiums since launch and achieved a 3.5x increase in organic growth last year. Insurify has also doubled its repeat users in 2020 and is currently the highest-rated insurance comparison platform in the U.S., according to approximately 3,000 verified user reviews.
Toyota customers, select dealerships, and employees can access Insurify’s car insurance quotes comparison and purchase experience for new and used vehicles starting in March through toyotaims.com. The product will be available to users in Texas this week, followed by a national rollout.