Traditionally consumers have stayed with one insurance provider for many years because of the hassle in comparing quotes. But in recent years, more and more consumers have headed online to compare policies. Servicing this need PolicyGenius, has built a marketplace for consumers who want to evaluate multiple insurance carriers and policies all in one place.
Insurance is a highly competitive marketplace, with global insurance premiums for 2019 worth $6.3 trillion. There are several main rivals to PolicyGenius that also provide digital insurance solutions including, SelectQuote, Health IQ, MS&AD Insurance Group and Power Corporation of Canada.
PolicyGenius most recently raised $100 million in Series D funding led by leading global investment firm KKR. As the success of Policygenius grows, there are rumours that the company is considering an initial public offering.
Starting with life insurance, PolicyGenius has gradually expanded its suite of options to include health insurance, renters’ insurance, long-term disability insurance and even pet insurance. Looking ahead they hope to broaden their consumer financial protection products.
Freddie
Company Specialist at Welcome to the Jungle