DealerPolicy files form D with the SEC

According to filings with the SEC submitted earlier last month, DealerPolicy is looking to raise $140 million in new funding.

Founded in 2015, Polly is a Williston, VT-based insurance agency and a team of around 148 people. It primarily works with the automotive retail sector; reaching a network of over 800 dealers that pass on insurance leads to the agency.

More recently, it secured a $30 million Series B funding round led by 3L Capital and Hudson Structured Capital Management, bringing its total funding to $74 million.

According to a Glassdoor review, dealerships are paid to recommend clients to the agency, and whether the prospect purchases a policy or not, the salesperson is paid $25 for each person referred.

Also, in 2019, the company partnered with TransUnion to integrate its DriverRisk violation data solution to speed up the process of generating quotes while increasing the accuracy of the quotes provided.

Bottom Line: It isn’t DealerPolicy’s alternative distribution strategy that’s interesting.