Insurify Raises $4.6M lead by MassMutual and Nationwide; Launches First Facebook Messenger Insurance Comparison Service

Insurify, the virtual insurance agent for car insurance shopping, announced today that it has closed a $4.6 million funding lead by MassMutual Ventures and Nationwide VC to fuel its rapid growth and transform the insurance shopping experience with artificial intelligence. The MIT spin-off also today announced the launch of the first US car insurance comparison service on Facebook Messenger. The patent-pending virtual agent helps drivers compare quotes by messaging with a Facebook Messenger bot. Insurify uses artificial intelligence and natural language processing to advise drivers on best coverage and companies for their needs.

Since the company’s launch in January 2016, over 1.5M users have used Insurify to compare insurance quotes. Insurify has seen rapid growth of customers purchasing policies through the platform (42% month over month) and it is on track to double its growth in the first quarter of 2017.

“Over 117M people in the US are using Facebook Messenger and spend about 22 hours a week messaging on their smart phones. Our Facebook Messenger agent is an alternative to customers who want personal advice, but do not wish to make a phone call. It is a secure consultant always available right from your smartphone. Our goal is to make the virtual agent so smart that it can pass the insurance licensing exam.” says Founder and CEO, Snejina Zacharia.

Quote from Nationwide: Erik Ross: “We are very impressed with Insurify’s founding team and their aggressive execution.” shared Erik Ross, who led the investment for Nationwide. “Online shopping for car insurance continues to grow and there is no dominant player in this huge market. We believe Insurify have the potential to become the market leader because of their technology and unique business model which supports rapid growth.”

Compare insurance quotes and simplify insurance shopping

With a total funding of $6.6M and a team led by MIT alumni and veterans from TripAdvisor and KAYAK, Insurify is the most comprehensive platform for car insurance shopping in the US. It provides transparency by empowering drivers to compare customized insurance quotes side-by-side online and through Facebook Messenger and providing smart recommendations to user to simplify their shopping experience. Users can also monitor changes in premium costs by subscribing to Insurify’s rate alerts via email or Facebook Messenger notifications.

First Facebook Messenger bot for car insurance comparison

Insurify has become the first insurance comparison platform in the US to integrate with Facebook Messenger and provide car insurance quotes, advice and recommendation through the social network. Insurify analyzed 20,000 car insurance related chat conversations on its website to build the best conversational experience. Facebook users can upload a picture of their license plate, answer a few questions that an insurance agent would ask, and compare multiple quotes in one place. The experience is faster than any website or mobile app and easier to use than any online form (link to study). Users can subscribe to rate alerts which monitors insurance prices on behalf of the customers and lets them know if there is a competitive rate with another company on the platform.

Data-driven approach to coverage recommendation

Insurify is reinventing the customer experience when it comes to insurance shopping using a data driven approach to coverage and carrier recommendations. Insurify invented RateRank™, proprietary software that analyzes patterns and matches each user’s risk profile with the best and most affordable insurance carriers and coverage. Insurify is the only platform which helps consumers make qualitative and quantitative insurance decisions. It recommends the carriers that are the best match for the consumer based on concerns such as premium costs, reviews, discounts, customer service, and benefits.

The largest virtual agency in the USA, without a brick and mortar operation.

Insurify has aggressively grown its carrier base since its launch. 15 of the top 20 carriers in the USA participate in the platform, through direct integrations, brokers, or other data integrations. Insurify is redefining the insurance distribution by building the largest fully integrated distribution network of carriers and agencies in the industry.

About Insurify
Insurify is based in Cambridge, MA, and is the first intelligent virtual insurance agent for car insurance shopping that uses predictive modeling and advanced analytics to truly simplify shopping for car insurance. Currently available in all states, Insurify has partnered with the largest agencies and carriers in the US to quote insurance prices in real-time, more than any other online platform for car insurance shopping.
Visit Insurify at insurify.com and message us at https://facebook.com/insurify