Insurify, an AI-powered insurance comparison platform, is moving into home, renters and life insurance comparison after raising $23m in its Series A
The round was led by MTech Capital and Viola FinTech and received contributions from Nationwide, Hearst Ventures, and MassMutual Ventures.
Its move into the home, renters and life insurance space came after successful pilot programmes.
Insurify is a digital platform which lets consumers find and compare the best cover for their needs. It works by a customer answering a few questions about themselves and their needs and Insurify will show bindable quotes from various national and regional insurers which meet their specific needs.
The InsurTech has doubled revenue year-over-year since it launched in 2016, it claims. During its time in operation, it has closed 125,000 policies and closed more than $10bn in insurance coverage.
MTech Capital partner and co-founder Kevin McLoughlin said, “Across different products and markets, price comparison sites have empowered consumers by driving price transparency and significant cost savings. We believe the distribution of auto insurance in the US is at an inflection point as consumers are increasingly purchasing it online, and that Insurify is positioned to be the industry leader that helps buyers find savings.”
MTech Capital recently participated in the $1.5m Series A round of mobile-based insurance platform Inshur. The company offers commercial and ride-share drivers, owners and fleets with quick access to insurance policies.