It is with great conviction that I nominate Insurify for the The Digital Insurer’s Startup InsurTech
Award for LiveFest 2019.
Insurify is a virtual insurance marketplace platform that leverages predictive analytics and
natural language processing to simplify insurance shopping in the United States. As a business
devoted to consumer centricity, Insurify innovates by deploying the latest in A.I. to create a
superior online insurance shopping experience. It is for these reasons and more that Insurify
exemplifies both the ambition of the startup ethos and the promising future of InsurTech.
Out of the 260 million drivers in the USA, 46 million switch their car insurance on an annual
basis for a variety of reasons. $5 billion in commissions is generated annually from users
switching policies alone. Meanwhile, online insurance shopping has seen 300 percent growth
over the last decade, but the insurance industry as a whole has still not adapted to the needs of
the modern online consumer. Seventy-five percent of insurance shoppers start the car
insurance journey online, but research shows that (prior to Insurify) only 25 percent had
expressed they would buy online. Poor user experience on carrier websites and the
consequences of getting trapped by lead generation sites have plagued the modern insurance
Insurify's online insurance marketplace is a game changer for the industry. It is the most
comprehensive platform for real-time quoting in the United States; its product quotes over 100
insurance carriers across auto, homeowners, and life insurance. In less than three years,
Insurify has written more than $85 million in premiums.
Insurify is also the first virtual insurance agent for insurance shopping powered by artificial
intelligence and advanced analytics, and is the first patented product of its kind that provides
instant insurance quotes by texting a picture of a license plate. Insurify’s proprietary
RateRank™ algorithms and USPTO patented technology connect customers with the best
insurance companies for their needs. Insurify's chatbot leverages NLP technology to respond to
users' questions and allow users to buy their insurance directly from Facebook Messenger.
The company’s impact on the industry is now undeniable: sixty percent of the property and
casualty insurance market share in the United States partners with Insurify. Insurify has direct
API integrations to provide insurance quotes from major carriers. Through Insurify, insurers of
many different sizes and risk appetites can compete online at scale.
Additionally, Insurify is rapidly expanding its carrier and purchase options across the existing
auto, homeowners, and life insurance comparison products. Several of Insurify's insurance
partners report that Insurify is their highest converting partner; many of them refer to Insurify as
their key driver for new business growth. In addition, through advanced data modeling, Insurify
is able to help insurers optimize their underwriting, customer experience, and servicing.
Insurify's business model is necessarily customer-centric. Insurify is the most comprehensive
online comparison platform for insurance shopping and provides users with the tools they need
to make decisions about their insurance needs. Users get personalized recommendations and
compare insurance quotes in real time ("two minutes to quote, five minutes to buy") based on
price as well as discounts, reviews, features, and the overall carrier quality score. Users can buy
insurance online, over the phone, or via Facebook Messenger, empowering the consumer to
take control over the binding process. In fact, 65 percent of Insurify's customers choose to buy
their policies online.
Insurify has launched several other features to help consumers compare insurance beyond just
price (e.g., allowing users to compare roadside assistance options and other optional
coverages). Insurify also features 62,700+ insurance company customer reviews, which help
make the user’s comparison experience more comprehensive.
Insurify is rated 4.8 out of 5 stars by customers on Shopper Approved and has amassed 2,000+
positive reviews. Providing superior customer experience is one of the key drivers of Insurify's
Some up-to-date growth metrics of note include:
● To date, Insurify has written over $80 million in policy premiums .
● Insurify’s meteoric rise in the InsurTech space is evidence of the platform’s staying
power and growth potential in a largely untapped market. Insurify has seen 113 percent
revenue growth year over year and 485 percent organic traffic growth year over
Insurify is redefining the way people buy and manage their insurance. Please see the attached
deck for further insight into how Insurify is revolutionizing the industry.