PolicyGenius raises $5.3 mln

PolicyGenius said Monday it raised $5.3 million in Series A funding co-led by Karlin Ventures and Susa Ventures. Other investors include AXA Strategic Ventures and Transamerica Ventures. Total funding comes to just over $6 million, the company said. Brooklyn, New York-based PolicyGenius provides an online platform for consumers to review coverage and confidently research and compare quotes for term life, long-term disability, renters and pet insurance.


NEW YORK–(BUSINESS WIRE)–PolicyGenius secured $5.3 million in its Series A funding round, reasserting the company as the champion for consumer insurance advice and shopping. The funding round, co-led by Karlin Ventures and Susa Ventures, includes support from previous investors in last year’s $750,000 seed round and brings the company’s total funding to just over $6 million.

PolicyGenius was launched in July 2014 by co-founders Jennifer Fitzgerald and Francois de Lame and has seen rapid and substantial growth in the last year. Leveraging their multi-product platform, consumers are able to review unbiased advice and confidently research and compare quotes for life, long-term disability, renters and pet insurance.
PolicyGenius provides a 360-degree Insurance Checkup™, which guides each user through a five-minute Q&A to develop a personalized, in-depth review of all their insurance needs based on their financial and family situation. Each client can use his or her tailored advice to access the company’s unbiased and accurate insurance quoting platform. The platform not only provides highly personalized quotes, powered by the company’s rules-based engine for underwriting and needs mapping, but also offers a side-by-side comparison of insurance policies from dozens of the country’s top insurance providers.
Since launch, PolicyGenius has drawn interest from a broad spectrum of users and garnered quote requests from thousands of customers across all fifty states, enjoying an uptick of 40% in unique visitors month-over-month. The company’s loyal user base also spans every demographic segment, from Millennials to Baby Boomers. Importantly, PolicyGenius also reaches an underserved market: middle-income America. Nearly 60% of the company’s life insurance customers have household incomes of less than $100,000.
The Series A funding round includes a mix of strategic and venture capital investors, including Karlin Ventures, Susa Ventures, AXA Strategic Ventures and Transamerica Ventures.
“By building an exceptionally useful quoting engine and developing quality content outside the typical insurance lines like auto and medical, PolicyGenius has discovered a way to breakthrough the typical insurance shopping experience and simplify the process,” said Tianxiang Zhuo, Managing Partner at Karlin Ventures. “They’ve shown impressive user growth and product-market fit with a modest seed round, so I’m eager to see how they impact the marketplace with this new funding runway.”
The funding will be utilized to support PolicyGenius’ already accelerated growth by strengthening their existing product lines, refining individual insurance quoting engines and scaling their marketing and production teams within their Brooklyn, NY offices. The team will use access and insight from the strategic investors to quickly test and iterate new tools and services while expanding their reach and accessibility with expert content, partnerships and affiliates.
“We previously demonstrated that there’s a strong need for PolicyGenius in the marketplace, and now we’re positioned to take a big leap toward our mission, getting every American the right level of insurance for their needs,” said Jennifer Fitzgerald, Co-Founder and CEO of PolicyGenius. “We’re filling in the gap that traditional insurance agents don’t reach, which leaves more than 60% of American households underinsured in important areas like life and disability. This regularly leads to financial hardships like bankruptcy. We’re aiming to change this landscape in a similar fashion to what TurboTax did for taxes: make a complex and intimidating financial task easy enough to do it yourself online.”
About PolicyGenius
PolicyGenius, based in Brooklyn, NY, was founded in 2014 by two former McKinsey consultants who saw a gap in the insurance industry and dedicated themselves to shifting the industry online and into the hands of the consumer. Through its highly tailored Insurance Checkup™, users can discover their coverage gaps and review solutions for their exact needs. The company provides the only place online to shop for life, long-term disability, renters and pet insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies.
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