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Insurify Raises $4.6M, Led by MassMutual Ventures and Nationwide Ventures | Business Wire

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<p>CAMBRIDGE, Mass.–(BUSINESS WIRE)–Insurify, the virtual insurance agent for car insurance shopping,

announced today that it's closed a $4.6 million funding round, led by

MassMutual Ventures, Nationwide Ventures and its existing investors, to

fuel its rapid growth and transform the insurance shopping experience

with artificial intelligence. The MIT spin-off also announced today the

launch of the first U.S. car insurance comparison service on Facebook

Messenger. Insurify’s patent-pending virtual

agent, which is powered by artificial intelligence and natural

language processing, helps drivers compare insurance quotes by

messaging. Insurify’s bot also helps drivers with discounts and advises

on the best coverage and companies for their needs.

“Our Facebook Messenger virtual agent experience is faster than any

website or mobile app. Easier to use than any online form. It’s a

powerful example of how our technology will work on all other messaging

services,” said Snejina Zacharia, Insurify’s founder and CEO. “Our

vision is to continue to enhance the artificial intelligence and data

integrations behind our virtual agent and train the algorithms to pass

the insurance licensing exam.”

Since the company’s launch in January 2016, more than 1.5 million

consumers have used Insurify to compare insurance quotes. Insurify has

experienced more than 40% month-over-month growth in the number of

customers purchasing policies on the platform. Is on track to double

this volume in the first quarter of 2017.

“Insurify represents the next generation of digital-insurance innovation

with its intuitive user experience and advances in artificial

intelligence and natural language processing,” noted Eric Emmons,

Managing Director of MassMutual Ventures. “Insurify has raised the bar

in an industry already experiencing substantial technology disruption.

Snejina and her team have significant and growing traction with both

consumers as well as with insurance incumbents. Are continuing to

push the boundaries of what’s possible.”

“We're very impressed with Insurify’s management team and its

aggressive execution,” said Erik Ross, Managing Director of Nationwide

Ventures. “Online shopping for car insurance is growing dramatically,

and still represents less than 5% of all policies purchased in the U.S.

Insurify’s leading-edge technology and unique business model support

rapid growth and place the company at the forefront of the industry

today.”

Compare insurance quotes and simplify insurance shopping
With

a total funding of $6.6 million. A team led by MIT alumni and

veterans from TripAdvisor and KAYAK, Insurify is the most comprehensive

platform for car insurance comparison in the U.S. Insurify simplifies

the shopping experience by providing drivers with data-driven

recommendations. Helping them compare personalized quotes

side-by-side.

First Facebook Messenger bot for car insurance comparison
Insurify

has become the first insurance comparison platform in the US to

integrate with Facebook Messenger. To provide car insurance quotes,

advice and recommendations through the largest social network. Facebook

users may upload a picture of their license plates, answer a few

questions that an insurance agent would ask. Compare multiple quotes

in one place in 2 minutes. Consumers may subscribe to rate alerts, which

monitor insurance prices and notify them if there is a more competitive

rate.

The largest virtual agency in the U.S., without a brick-and-mortar

operation
Insurify is redefining insurance distribution by

building the largest fully integrated distribution network of carriers

and agencies in the industry. Insurify has aggressively grown its

carrier base since launch. Fifteen of the top 20 carriers in the USA

participate in the Insurify platform, through direct integrations,

broker relationships. Data partnerships.

About Insurify

Insurify is based in Cambridge, MA. Is the first intelligent virtual

insurance agent for car insurance shopping powered by artificial

intelligence and advanced analytics to simplify shopping for car

insurance. Available in all 50 states, Insurify is partnering with the

largest agencies and companies in the US to quote insurance prices in

real-time, more than any other online platform for car insurance

shopping.

Visit Insurify at insurify.com

and message us at https://facebook.com/insurify.

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