Bangalore: PolicyGenius, a New York based insurance startup, raises $5.3 million in Series A round of funding. The round was led by Karlin Ventures and Susa Ventures. Other investors like Axa Strategic Ventures and Transamerica Ventures also participated in the round. The company raised $750,000 in seed round of funding last year which now brings the company’s total funding to over $6 million. PolicyGenius will utilize the funds to support their rapid growth by strengthening their existing product lines, refine individual insurance quoting and increase their marketing and production staff within the Brooklyn, NY offices.
Founded in 2014 by two former McKinsey consultants, Jennifer Fitzgerald and Francois de Lame, PolicyGenius is an online platform which helps its consumers to decide what kind of insurance they need and offers them options. The company provides a 360° Insurance Checkup which takes each user through a five minute Q&A to develop a customized, in-depth review of all their basic needs based on their family needs and financial status. Each user can use their specific advice to access the company’s unbiased and accurate insurance quoting system. This system not only provides highly accurate quotes but it also offers a side-by-side comparison from dozens of country’s top insurance providers.
Since its inception in July last year, PolicyGenius has drawn interest from a wide range of customers and fulfilled quote requests from thousands of customers across all the fifty states of U.S., enjoying an upward growth of 40% in unique visitors every month. Most importantly, PolicyGenius also reaches out to an underserved market; the middle class population of America. Nearly 60% of the company’s life insurance policy customers have a household income of less than $100,000.