Insurify

Insurify is a digital MGA, leveraging AI to help users compare and buy home, life and auto insurance simply. Founded as a spin-off from the MIT $100k Pitch competition, and officially launched in 2016, Insurify has secured more than $10bn in insurance coverage for its US-based users.

Insurify is available across all states in America, and has reported over 1.5 million customers. Its platform can offer quote comparisons within two minutes, and buying a policy (either online or over the phone) takes less than five. Insurify uses its RateRank algorithms and patented platform technology. The company states it saves its customers an average of $489 per annum on their car insurance.

In January 2020 Insurify announced it had raised $23m in Series A funding, led by MTech Capital and Viola FinTech, with investors Nationwide, Hearst Ventures and MassMutual Ventures also participating. The money will be used to triple the company's team, as well as fuel Insurify's expansion into home, renters and life insurance comparison. The company also announced it had hired Gene Shkolnik, formerly of Kayak, as its new CTO.

In April 2021 Toyota announced it had partnered with Insurify to help Toyota owners find the best rates for their vehicles online.

In June 2021 Nationwide licensed Insurify's comparison platform for its Digital Brokerage unit. The Digital Brokerage helps customers who are looking for cover that the insurer doesn't offer in that state - Insurify will offer quotes from other carriers who do offer those products, whilst Nationwide keeps that customer's details on file in case they launch that product in the future. Nationwide has been an investor in Insurify since 2017.

In September 2021 Insurify secured $100 million in a Series B mega-round. The new capital will be used to add more lines of business while also simultaneously looking for additional embedded insurance opportunities. The 'virtual insurance agent' has seen its new and recurring revenues grow 6x since the end of 2019.

In February 2022 Sureify partnered with digital customer service provider Glia. As part of the partnership, Glia's capabilities will be integrated into Sureify’s Lifetime platform, which will enable customer service agents and advisors to be able to guide consumers and quickly solve issues through real-time co-browsing.

In January 2023 it’s been reported that Insurify laid off around 14-18 employees  and that several VPs have also left the company. 20 employees were cut previously by the company in July 2022. It is believed that Insurify is struggling with recent marketing cuts made by some large carriers since its primary revenue source is advertising rather than actual insurance sales. There’s also talk the company is trying to build new acquisition channels, including search engines and insurance comparison sites.

In March 2023 Insurify entered into an agreement to acquire Inspop USA, LLC and its subsidiary, Compare.com Insurance Agency. The transaction is expected to close in H1 2023. This strategic acquisition brings two leading online insurance shopping platforms under one larger scale entity that combines Insurify's AI-powered technology and Compare.com's insurance experience. Compare.com was founded by and is majority owned by Admiral Group plc.