UPDATED 07:30 EST / JANUARY 28 2016

NEWS

MIT car insurance comparison spinoff Insurify raises $2m, launches virtual insurance agent

Interesting, new car insurance-finding service Insurify, Inc. has raised $2 million in seed funding in a round led by Rationalwave Capital Partners.

Along with the funding the company’s has officially come out of beta and has also launched in a limited public release “Eva,” a virtual insurance agent that makes finding the best car insurance as simple as texting a photo of your license plate.

Founded in 2013 and itself a spinoff from a project at the Massachusetts Institute of Technology (MIT), Insurify offers a recommendation engine that allows drivers to quickly and easily find and compare the cheapest insurance policies for their needs, in real time across 30 states from 82 carriers.

The company takes a data-driven approach to coverage and carrier recommendations through software that analyzes patterns and matches each user’s risk profile with the best and most affordable insurance carriers and packages for their unique needs; in addition the platform also assists consumers to make quantitative and qualitative decisions based on reviews, customer service, discounts and benefits.

Eva

If you’ve read this far you’re probably wondering why we’ve bothered writing about Insurify, after all, we’ve heard this pitch before, most recently with The Zebra who seemingly offer a wider choice of insurance options, but there is something different here, and that’s Eva.

Eva is a virtual insurance agent built on machine learning and natural language that allows users to snap a photograph of their licence plate, text it, then obtain policy quotes by text message after the program scours millions of records to verify personal information and driving history, as well as the make and model of the car.

The service is described as quick and convenient, and Eva is able to “explain complex insurance jargon clearly” according to the company, and in the event that the computer can’t answer a question, a user is transferred to a real person for further assistance.

“We barely have time to talk to our friends on the phone, nevermind insurance agents. Yet buying insurance is still as bad as buying an airline ticket was 15 years ago, often requiring 40 minutes on the phone with an agent,” Insurify Chief Executive Officer and Co-Founder Snejina Zacharia said in a statement sent to SiliconANGLE. “With Insurify, drivers can compare accurate insurance quotes, in real-time, while they are at work, on the go, or in-between spending time with family and friends.”

It sounds good in theory, and it’s certainly a point of differentiation in what is a crowded marketplace.

Insurify said it would use the new round to increase its headcount and further build out its technology.

Image credit: Insurify/screenshot

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