NEW YORK – PolicyGenius announced Jan. 14 that it closed a $15 million Series B funding round led by Revolution Ventures to “further reshape the direct-to-consumer insurance industry,” according to a release announcing the funding it will use to expand product lines in 2016.
Launched in July 2014, PolicyGenius facilitates the insurance discovery and purchase process for life, long-term disability, renters, and pet insurance. The company says it provides unbiased educational content, the most accurate online quoting engine, and a streamlined application process to help consumers find and purchase the coverage they need.
“The Internet has disrupted a number of industries, but most consumers still buy insurance the same way their grandparents did,” said Steve Case, Founder and Partner at Revolution Ventures. “PolicyGenius is using online tools and data to give people more choice, control, and convenience when making such an important life decision. It’s precisely the kind of company we like to back at Revolution, and our team at Revolution Ventures is proud to be leading this investment round.”
PolicyGenius says it is known by consumers for its “360-degree Insurance Checkup™,” which guides users through a five-minute Q&A to develop a personalized, in-depth review of all their insurance needs based on their financial and family situations. Clients have access to tailored advice through the company’s “unbiased and accurate insurance quoting platform.” The platform provides highly personalized quotes, powered by the company’s rules-based engine for underwriting and needs mapping, as well as side-by-side comparison of insurance policies from dozens of the country’s top insurance providers.
Since launch, PolicyGenius has raised more than $21 million in venture capital funding and has experienced 20% month-over-month growth in sales. The company utilized its Series A funding to expand marketing efforts and target new channels, growing its user base by several hundred thousand. The team will use the new influx of Series B funding to expand the company’s product lines and accelerate its growth in the U.S. insurance market, which is the largest in the world with more than $1 trillion of net premiums written annually.
“We’re bringing transparency to the insurance industry and empowering consumers to make the right decisions for their needs,” said Jennifer Fitzgerald, Co-Founder and CEO of PolicyGenius. “Millions of Americans are not being served by the current distribution model, so we’re changing that. By putting the power back in the consumer’s hands, with smart decision tools, unbiased advice and the most accurate insurance quotes in the industry, we’re driving down underinsurance nationwide – in turn helping to solve one of the biggest drivers of bankruptcy and hardship for Americans.”
Additionally, PolicyGenius will be hiring across the company, with positions in operations, marketing, design, editorial, and engineering, while continuing to build out its new, innovative technology solutions.
Investors from previous rounds also participated, including Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures and MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Company (MassMutual).
About PolicyGenius: Based in Brooklyn, N.Y., PolicyGenius was founded in 2014 by two former McKinsey consultants who saw a gap in the insurance industry and dedicated themselves to shifting the industry online and into the hands of the consumer.