Insurify Raises $4.6M, Led by MassMutual Ventures and Nationwide Ventures
Insurify, the virtual insurance agent for car insurance shopping, announced today that it has 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, and 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, and 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, and are continuing to push the boundaries of what’s possible.”
“We are 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, and 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, and helping them compare personalized quotes side-by-side online and via Facebook Messenger. Drivers can also monitor changes in premium costs by subscribing to Insurify’s rate alerts via email or Facebook Messenger notifications.
First Facebook Messenger bot for car insurance comparison
Insurify has become the first insurance comparison platform in the US to integrate with Facebook Messenger, and to provide car insurance quotes, advice and recommendations through the largest global social network. Insurify started with more than 20,000 car insurance related chat conversations in order to build the best artificial intelligence conversational experience. Facebook users may upload a picture of their license plates, answer a few questions that an insurance agent would ask, and compare multiple quotes in one place in a matter of minutes. Consumers may subscribe to rate alerts, which monitor insurance prices for them and notify them if there is a more competitive rate with another company.
Data-driven approach to coverage recommendation
Insurify is reinventing the customer experience when it comes to insurance shopping, using a data-driven approach to coverage and carrier recommendations. Insurify invented RateRank™, proprietary software algorithms that analyze patterns and match each user’s risk profile with the best and most affordable insurance companies and coverage. Its recommendation engine prioritizes insurance companies that are the best match for the consumer, based on criteria such as premium costs, reviews, discounts, customer service, and benefits.
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, or data partnerships.
Insurify is based in Cambridge, MA, and 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