Fintech Leader Policygenius Secures $125 Million In Series E Round Of Financing

StartUp City | Wednesday, April 13, 2022

Policygenius simplifies the insurance journey for today's consumers by offering a one-stop, integrated platform where clients can evaluate options from top insurance providers, obtain unbiased expert advice, buy policies, and manage their insurance portfolio.

Fremont, CA: Policygenius, the nation's largest tech-enabled platform for insurance distribution, raised $125 million in fresh growth capital, increasing its total funding to more than $250 million.

KKR, Norwest Venture Partners, and Revolution Ventures were among the previous large investors in the round. Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, and Pacific Life were among the new investors, as were several of North America's leading annuity and life insurance companies. These carriers' commitment, combined with further funding from existing investors such as AXA Venture Partners and MassMutual Ventures, demonstrates the industry's confidence in the company's track record and disruptive vision. In addition, ORIX Corporation USA's Growth Capital division supplied the company with a new credit facility to help finance its growth. Policygenius refinanced its senior loan facility with JPMorgan Chase as part of the financing transaction.

Policygenius is a one-stop destination for consumers looking to compare and buy insurance. Since its inception in 2014, Policygenius has developed proprietary technology for quoting, underwriting, and fulfillment and integrations with the industry's largest and most reputable insurance carriers. In addition, the firm announced the launch of its Policygenius Pro service earlier this year, which delivers the strength of the Policygenius life insurance platform to B2B distribution partners, including cutting-edge software, an expanding carrier shelf, and award-winning operations.

Policygenius has increased its investment in exclusive, integrated no-exam life insurance options since its 2019 Series D financing to address the COVID-related consequences on life insurance medical exams and improve the client experience. The company's no-exam life insurance business has risen 30 times in volume in two years. The industry will write $40 billion in new life insurance coverage in 2021, roughly 70 percent more than it did in 2019. This year, Policygenius is on track to become the single largest term life insurance distribution platform.

The company's home and car insurance business has also risen dramatically, with new written premiums increasing by more than six times between 2019 and 2021. Policygenius remains the only tech-enabled brokerage and distribution platform that has effectively scaled and diversified its product offerings across life, house, and vehicle insurance.

The fresh funds will be used to expand the company's core businesses of life, disability, house, car insurance, and new no-exam life insurance offerings, and Policygenius Pro.

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