A tech-enabled insurance distribution network located in New York, Policygenius, secured $125M in Series E funding.
The company has created insurance carrier integrations since its establishment in 2014 and has created proprietary technology for quoting underwriting, and fulfillment. Earlier this year, Policygenius unveiled its Policygenius Pro product, which extends its life insurance platform to B2B distribution partners and includes software, a wide range of carriers, and operations.
Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, Pacific Life, AXA Venture Partners, and MassMutual Ventures joined the round, which brought the total funding to more than $250 million, which was led by KKR, Norwest Venture Partners, and Revolution Ventures. A new credit facility was given as part of the transaction by the Growth Capital division of ORIX Corporation USA, and Policygenius refinanced its senior loan facility with JPMorgan Chase.
Funding Raised
With its newfound capital, Policygenius plans to expand its selection of life, disability, home, and vehicle insurance products. Additional funds will be used to expand Policygenius Pro, a service for mortgage brokers, independent credit unions, and financial advisors. Instead of users doing it themselves, advisers can utilise Policygenius Pro to assist their clients in finding, comparing, purchasing, and managing insurance plans.
The startup’s $100 million Series D financing was last covered by Built In in 2020, a crucial year for Policygenius. The strategy at the time was to expand and hire for its consumer-facing products. The organisation is still hiring now for more than fifty positions.
History of Policygenius
Policygenius is a technology platform that companies use to provide consumers with unbiased expert guidance when purchasing insurance and also to manage their own portfolios. We’ve integrated our platform with top life, disability, home, and auto insurance carriers so that we can provide a seamless experience for both consumers and insurance carriers. Our content, digital tools, and experts have helped serve millions of people across the country since 2014. In that time, we’ve sold more than US$160 billion in coverage!
In order to address the COVID-related effects on life insurance medical exams and to enhance the client experience, Policygenius has increased its investment in exclusive, integrated no-exam life insurance options since its 2019 Series D financing.
The company’s no-exam life insurance business has tripled in size during the last two years. The business sold $40 billion in new life insurance policies in 2021, which is over 70% higher than it did in 2019. This year, Policygenius is expected to be the top distribution channel for term life insurance.
Investors
The round was attended by all of the current key investors, including KKR, Norwest Venture Partners, and Revolution Ventures. The leading annuity and life insurance companies in North America, such as Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, and Pacific Life, were among the new investors.
The industry’s support for the company’s track record and disruptive vision is demonstrated by the investment of these carriers as well as new investments from current investors like AXA Venture Partners and MassMutual Ventures.
The company received a new credit facility from ORIX Corporation USA’s Growth Capital group as part of the financing round, and Policygenius refinanced its preexisting senior loan facility with JPMorgan Chase.
Home and vehicle insurance sales for the company have surged dramatically as well, with new written premiums rising by more than 6 times between 2019 and 2021. The only tech-enabled brokerage and distribution platform that has scaled and diversified across life, home, and car insurance is still Policygenius.
The company will use the additional funding to continue making investments in the expansion of its core businesses, which include life, disability, home, and car insurance, new no-exam life insurance solutions, and Policygenius Pro.
In order to provide the best results for our clients, carriers, and distribution partners, we have spent over the past eight years in the essential areas of technology, operations, and product development,” stated Jennifer Fitzgerald, CEO and co-founder of Policygenius. We’re eager to broaden our already extensive reach across the trillion-dollar insurance business with the help of our new and existing investors.
The company’s industry-leading customer experience was highlighted by Policygenius’ recent second Stevie Award for customer service, and it was also named by Forbes as one of the Best Startup Employers for the third year in a row.
FAQs:
Ans. Jennifer Fitzgerald is the CEO of Policygenius.
Ans. In 2021 the company wrote $40 billion of new life insurance coverage.
Ans. It was founded in 2014.
Ans. No, it does not sell personal information.
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