(Image source: Trellis Savvy homepage.)
Trellis, a San Francisco-based InsurTech aiming to change how businesses and consumers engage with insurance, has announced an investment from Amex Ventures (Palo Alto, Calif.). Trellis issued its Series A preferred stock in June 2021, led by QED Investors with participation from NYCA Partners and General Catalyst. This latest investment brings Trellis’ total funding to $17 million since inception.
The company describes its digital recommendation platform, Savvy, as the first end-to-end API solution enabling consumers to instantly compare and purchase car insurance within a partner’s app or website. “Using just their insurance login, consumers can compare their existing policy to prospective alternatives in a transparent, side-by-side manner,” a Trellis statement relates. “Consumers also have the ability to purchase a different plan and cancel their old one – all on the same streamlined platform. On average, consumers save over $700 per year on their car insurance using Savvy.”
Trellis characterizes its technology has helping partners integrate insurance as part of their holistic suite of financial offerings at a time when financial institutions, fintech apps, and neobanks all vying for the coveted position as their users’ financial “superapp” of choice, The company says it prides itself on creating an easier, more integrated insurance shopping experience for consumers; empowering consumer businesses to better understand, engage, and serve their customers; and setting a new standard for privacy and security.
Trellis reports that, during the past year, it has doubled its partnerships and currently counts as partners four of the five top digital-only banks and seven of the Top 50 mobile finance apps, including industry leaders such as Truebill and Albert. The company has also reports significant user growth, with 4 times the number of monthly users compared to a year ago. In total, more than 9 million users have visited Savvy, approximately 1 million user insurance accounts have been securely connected, and users have saved an estimated $60 million, the vendor says.
“We’re excited to back Trellis in their mission to simplify the insurance buying process and help consumers make important financial decisions,” comments Margaret Lim, Managing Director, Amex Ventures. “Trellis’ strong user growth momentum and partnership traction demonstrates that their value proposition is resonating.”
Maximizing Value for Partners Users’
“As anyone who drives a car knows, buying insurance can be a complex process that’s often disconnected from the rest of consumers’ financial lives,” says Daniel Demetri, Founder and CEO, Trellis. “As a result, people often overpay and choose coverage that doesn’t meet their needs. At Trellis, we’re on a mission to put consumers in the driver’s seat of this important financial decision. Simultaneously, we’re helping our partners maximize value for their users by offering a more engaging, holistic experience–and creating a powerful, cost-effective alternative distribution channel for insurance carriers.”
“Our significant user growth and successful partnerships with financial institutions, fintechs, and insurers demonstrate the acute need for an end-to-end, fully whitelabel solution,” Demetri adds. We’re excited to have Amex Ventures onboard supporting our mission.”