UPDATED 22:08 EDT / JANUARY 14 2016

NEWS

Insurance discovery and purchase startup PolicyGenius raises $15M Series B

Insurance discovery and purchase startup PolicyGenius, Inc. has raised $15 million Series B in a round led by Revolution Ventures that included Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures and MassMutual Ventures.

Founded in 2014 by two former McKinsey & Company consultants, PolicyGenuis aims to service a gap in the insurance industry through the provision of a site that gives people the insurance coverage they need while making them fell good about it.

The startup evolved from the idea that buying insurance is frustrating and navigating what is available is “stressful and a step backward in time,” and even after users have purchased a policy “they might still be on the hook for something they missed.”

PolicyGenius’ core product is called Insurance Checkup, a service that allows users to discover their coverage gaps and review solutions for their exact needs, while also providing a one-stop shop for life, long-term disability, and renters and pet insurance through what it describes as highly accurate quoting engines that offer 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.

“We’re bringing transparency to the insurance industry and empowering consumers to make the right decisions for their needs,” PolicyGenius Cofounder and Chief Executive Officer Jennifer Fitzgerald said in a statement sent to SiliconANGLE. “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.”

Smart solution

Insurance comparison sites are hardly new, but if you’ve used one before you know that the problem with comparing policies is that you often don’t know exactly what’s in each policy, even if they are provided together in the search, particularly when it comes to exclusions.

Although not tailored to those of little patience, PolicyGenius’ Insurance Checkup guides users through a five-minute Q&A session to develop an in-depth review of all their insurance needs based on their financial and family situations before providing insurance quotes, so that in theory their engine, using a 360-degree view of the user, provides a superior match.

Including the new round, PolicyGenius has raised $21.5 million to-date.

The company said it would use the new round to expand the company’s product lines and accelerate its growth in the U.S. insurance market.

Image credit: PolicyGenius/screenshot

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