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| Industry | Insurance |
|---|---|
| Founded | 2014 |
| Founders | Jennifer Fitzgerald, Francois de Lame |
| Headquarters | New York City |
Area served | United States |
| Products | Life, Renters, Long-Term Disability, Pet |
| Website | www.policygenius.com |
"" PolicyGenius ""
PolicyGenius, based in New York, was founded in 2013 by two former McKinsey consultants,[1] Jennifer Fitzgerald and Francois de Lame, who saw industry a gap in the insurance industry[2] and dedicated themselves to shifting the industry online and into the hands of the consumer. Through its highly tailored Insurance Checkup™[3], 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.
PolicyGenius clients have access to tailored advice through the company’s unbiased and accurate insurance quoting platform. The platform provides 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.
PolicyGenius aims to educate and insure America’s underinsured to help consumers safeguard against financial pitfalls that frequently lead to bankruptcy and foreclosures. While 132 million Americans rely on life insurance to protect their financial security[4], the country is still facing a $20 trillion life insurance[5] gap due to four key issues: lack of insurance understanding, overestimating the cost of insurance, lack of access based on an aging broker workforce[6] and lack of online tools and an economic shift to a freelance workforce. [7] According to a survey by the Federal Reserve, 47 percent of households couldn’t cover an emergency expense of $400[8]. Additionally, 62 percent[9] of all personal bankruptcies were attributed to medical costs according to a Harvard study. Although many of these personal hardships could have been avoided with proper insurance, only 44% of individual American households have life insurance.[10]
Insurance tech companies have made a big splash for their efforts to disrupt the insurance industry recently. CB Insights[11] claims insurance insurance tech companies have raised $2.12B between 2010 and 2015 to tackle this issue. PolicyGenius broke out as a the leading consumer insurance tech company due to its instant, accurate online quoting and smart digital advice tools to solve the obstacles created by America's outdated insurance industry.
History
editPolicyGenius[12] officially launched in July 2014 by co-founders Jennifer Fitzgerald and Francois de Lame. Leveraging their multi-product platform[13], consumers are able to review unbiased advice[14] and confidently research and compare quotes for life, long-term disability, renters and pet insurance.
As McKinsey consultants, Fitzgerald and de Lame, advised the top insurance companies on growth and marketing[15]. They quickly noticed a pattern: all of the companies struggled with how to engage online with self-directed consumers. So, in 2013 they left McKinsey to solve the problem themselves.
Funding
editPolicyGenius was part of the FirstGrowth Winter 2013 batch. In July 2014, PolicyGenius announced the completion of a seed round[16] with investors Brendan Wallace, Paul Arnold, and Pen King.
The company raised its Series A in June 2015, about a year after graduating FirstGrowth. The $5.3 million round[17] included investments from Karlin Ventures, Susa Ventures, MassMutual, Transamerica and AXA. The round was aimed to expand marketing efforts and target new channels.
The company raised a $15 million Series B[18] announced on January 14, 2016 from returning investors Karlin Ventures and Susa Ventures, and new investor [Ventures] led by Steve Case former CEO of AOL.
References
edit- ^ Blattberg, Eric. "McKinsey vets launch PolicyGenius to make insurance shopping less terrible". VentureBeat. Retrieved 14 January 2016.
- ^ Munro, Dan. "Aetna CEO Bertolini Outlines 'Creative Destruction' Of Healthcare At HIMSS14". Forbes. Retrieved 29 January 2016.
- ^ "PolicyGenius's Insurance Checkup helps you find a great plan without great pain". Uncubed. Retrieved 14 January 2016.
- ^ "Facts from LIMRA Life Insurance Awareness Month, September 2015" (PDF): 2. Retrieved 29 January 2016.
{{cite journal}}: Cite journal requires|journal=(help) - ^ "Americans underinsured by USD 20 trillion, says new Swiss Re publication". Swiss Re. Retrieved 29 January 2016.
- ^ Bronson, Caitlin. "One in four insurance agents will be gone by 2018". Insurance Business. Retrieved 29 January 2016.
- ^ Fisher, Anne. Fortune http://fortune.com/2014/05/15/the-curious-case-of-the-missing-millennial-workers/. Retrieved 29 January 2016.
{{cite web}}: Missing or empty|title=(help) - ^ "Report on the Economic Well-Being of U.S. Households in 2014" (PDF). www.federalreserve.gov. Retrieved 29 January 2016.
- ^ Himmelstein, David; Thorne, Deborah; Warren, Elizabeth; Woolhandler, Steffie. "Medical Bankruptcy in the United States, 2007: Results of a National Study" (PDF). www.pnhp.org. Retrieved 29 January 2016.
- ^ "Facts About Life 2010" (PDF). http://www.limra.com/. Retrieved 29 January 2016.
{{cite web}}: External link in|website= - ^ "Funding To Global Insurance Tech Startups Has Already Tripled In Growth This Year". www.cbinsights.com. Retrieved 29 January 2016.
- ^ Majewski, Taylor. "10 women entrepreneurs fueling Brooklyn's booming startup scene". Built in NYC. Retrieved 14 January 2016.
- ^ Parker, Tim. "How PolicyGenius.com Makes Buying Insurance Easier". Investopedia. Retrieved 14 January 2016.
{{cite web}}: Text "Investopedia" ignored (help) - ^ Pinola, Melanie. "PolicyGenius Compares Insurance Rates, Doesn't Violate Your Privacy". Lifehacker. Retrieved 14 January 2016.
- ^ Schwartz, Ariel. "A Site That Opens Up The Black Box Of Insurance Shopping". Fast Company.
- ^ "PolicyGenius Obtains $750,000 Seed Funding". Xconomy. Retrieved 14 January 2016.
- ^ Chernova, Yuliya. "Online Insurance Agent PolicyGenius Nabs $5.3 Million Series A". Wall Street Journal. Retrieved 14 January 2016.
- ^ Fairchild, Caroline (14 January 2016). "Inside The Deal: PolicyGenius Claims Revolution Ventures Largest Investment To Date". LinkedIn Pulse. Retrieved 14 January 2016.