Insurify Raises $23M, Expands Into Home and Life Insurance, and Hires Former SVP of Engineering at KAYAK as its CTO — To Help People Save Time and Money on Insurance Coverage – Get your quote in 2 minutes

CAMBRIDGE, Mass .– (BUSINESS WIRE) – Insurify (insurify.com), an insurance comparison platform based on artificial intelligence that makes it easy for people to save hundreds of thousands of dollars a year on the year auto insurance, today announced that after several successful pilot programs earlier this year, it is expanding in the confrontation between home, renters and life insurance. To further this expansion, the company also announced that it has raised $ 23 million in Serie A funding, led by MTech Capital and Viola FinTech, with the participation of Nationwide, Hearst Ventures and MassMutual Ventures – and that it has hired the former SVP of Engineering at KAYAK, Gene Shkolnik, as his CTO.

Eight out of ten Americans live the paycheck for the paycheck, with insurance being one of the best monthly expenses.1 People are looking for ways to save money, but shopping for auto insurance is still a laborious, confusing and frankly painful process, especially for the disadvantaged economy and the generation of the Millennium and Gen Z.2 Enter Insurify: a company that uses machine learning to make the coverage of purchases easy for everyone and save customers an average of $ 489 per policy on their auto insurance. Now, Insurify will expand to help people navigate the stressful world of homes, renters and life insurance.

Insurify has doubled revenue year after year consistently since it was launched, with 125,000 policies closed for over $ 10 billion in insurance coverage. The company was co-founded by husband and wife Snejina and Giorgos Zacharia (the latter is also CTO of KAYAK) and Tod Kiryazov, who leads the product and growth. Their mission is to repair the broken insurance distribution system by building the smart virtual insurance agent of the future. Insurify provides value to both the customer and the insurance company, removing marketing and agency costs, protecting personal information and empowering large and small insurance companies by providing access to new customers that they otherwise could not reach. (A little-known fact is that it is often the lesser known regional insurers that have the highest customer satisfaction score. 3)

It works like this: go to Insurify.com, answer a few short questions about yourself and your needs, and in two minutes Insurify will present you with effective and binding insurance quotes from numerous important national and regional companies, tailored to you and your your preferences – which you can then buy online. It's easy to add family members, multiple cars or custom covers to get maximum coverage at the best price. The intuitive user experience and artificial intelligence-based recommendation engine will guide you through complex decisions, for example because you may want to choose an automatic plan with greater liability coverage if you own a home. Above all, Insurify is free and officially licensed and operational in all 50 states.

“Through different products and markets, price comparison sites have allowed consumers to promote price transparency and significant cost savings. We believe that the distribution of auto insurance in the United States is at a turning point as consumers are increasingly buying it online and that Insurify is positioned as the industry leader that helps buyers find savings. Snejina is a talented leader who has created an exceptional team. MTech Capital is very excited to become a shareholder, "said Kevin McLoughlin, partner and co-founder of MTech Capital.

"Founded just 2 years ago, Insurify marks our fourth investment in the insurtech space, of which we are very confident", added prof. Daniel Tsiddon, founder and general partner of Viola Fintech. "We believe that the insurance space still suffers from high inefficiency and low penetration in automation and that the Insurify solution offers an enormous opportunity to make insurance purchases simple, seamless and economic for the consumer. With the superior execution capabilities of the founding team and the new funding associated with our global LP base of leading insurance companies, they are on the right path to realizing their vision of disrupting the insurance space. "

How Insurify reinvents the insurance buying experience:

Data-based approach to coverage and operator recommendation: invented Insurify RateRankTM, patented proprietary software that analyzes the models and combines the risk profile of each user with the best and most convenient insurance companies and coverage for their unique profile .

Comparison between price and quality: although price is one of the most important drivers for the insurance change, people are also concerned about reviews, customer service and advantages. Insurify is the only platform that helps consumers make qualitative and quantitative insurance decisions and recommends the best correspondence for the consumer to insurers. The platform has collected over 100,000 customer reviews.

Exclusive discounts and prices: Insurify has partnered with insurance companies to offer exclusive prices not available through independent agent channels or directly on carriers' websites. It also aggregated 1,861 different types of insurance discounts and facilitates the understanding of all the possible discounts available on a specific policy, so as to obtain the best possible offer.

API integrations with insurance companies: Insurify has direct collaborations and API integrations with most of the top 10 operators in the United States and many regional operators, allowing consumers to buy directly from Insurify online instead of being sent to different websites to fill the same information. again and again.

Privacy: 5.6 billion robocalls were made in November 2019. Most insurance comparison sites currently operate on a "lead generation" business model and do not even show quotes, which means they take personal information. entered to retrieve "quotes" and then sell it to others to flood consumers with text messages and phone calls. Insurify never sells your information to third parties and will never call you unless explicitly requested.

Portfolio: manage all your policies – car, home and life – in one safe place. Insurify also saves your personal information, so you never have to enter it twice when looking for new policy options or to check if a better plan is available.

"Our mission is to make insurance purchases transparent and give everyone the opportunity to make insurance decisions on their own without the help of an agent, where incentives are rarely aligned. For the average American, saving a few hundred dollars a year is significant. We are changing people's lives every day by helping them reduce their monthly burden and also protect their families and loved ones, "said Snejina Zacharia, co-founder and CEO of Insurify. Snejina is a first generation American and mother of two children. Only 1% of CEOs in the insurance sector are women and Snejina is one of them.

"I am a single mother on a tight budget and this is perfect. Cheaper coverage I found and I couldn't be happier!" Said Kelly S. of Sacramento, CA. “I have 3 teenagers to insure. (Insurify) helped me find the cheapest quote, "said Israel W. of Greentown, IN." Instead of going from one site to another and putting my personal information, I went to Insurify to do all this at once and get accurate quotes from many companies all for free, "said Gentaya K of Hammond, IN.

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1 CareerBuilder. "Living Paycheck to Paycheck is a lifestyle for the majority of US workers, according to the New CareerBuilder Survey." http://press.careerbuilder.com/2017-08-24-Living-Paycheck-to-Paycheck-is-a-Way-of-Life-for-Majority-of-US-Workers-According-to-New- CareerBuilder-Survey. 08/24/2017
2 PropertyCasualty360. "The science behind insurance shopping" https://www.propertycasualty360.com/2020/01/09/the-science-behind-insurance-shopping/?amp=1. 01/09/2020
3 Consumer reports. "When buying auto insurance, bigger isn't better" https://www.consumerreports.org/car-insurance/when-buying-car-insurance-bigger-isnt-better/. 09/26/2019

About Insurify

Based in Cambridge, MA, Insurify is a comprehensive comparison platform for auto, home and life insurance, which helps consumers save time and money on their insurance coverage. With over $ 10 billion in insurance coverage purchased since 2016, Insurify has grown 2 times a year and has won numerous insurance industry awards, including: ACORD 2018 "The Top 10 Insurance Leaders and Insurance Disruptor Awards", The Digital Insurer "North America InsurTech Startup of 2019" and "The most innovative InsurTech companies of 2019". Visit Insurify on www.insurify.com and get updates on https://facebook.com/insurify.

About MTech Capital

MTech Capital is a venture capital company with offices in Santa Monica and London that invests in technologically oriented companies in the insurance sector. We define the insurance sector broadly to understand all the activities in which insurance companies are located, including asset management, asset management and other financial services. Our two founding partners have over 45 years of experience in the financial, insurance and insurance investments sector in the FinTech financial sector and have a long family history in the insurance sector: the fourth generation. We are redefining venture capital by creating a unique ecosystem for InsurTech entrepreneurs and strategic investors. https://www.mtechcapital.com/about

About Viola FinTech

Viola FinTech is a venture capital fund that invests worldwide in FinTech companies together with important venture capital investors with the mission of bridging the gap between the world of financial institutions and innovative startups. With over 120 million Australian dollars, the fund is led by an exceptionally experienced team with solid banking and business foundations and is supported by select global global banks, insurance companies and asset managers, including Scotiabank, The Travelers Companies, Inc and Bank. Hapoalim. The fund is part of the Viola group, Israel's largest technology investment group, with over 3 billion Australian dollars. Visit Viola at https://www.viola-group.com/about/.

Learn about Hearst Ventures

Hearst Ventures makes strategic investments in companies operating at the intersection of media and technology. Since its investment in Netscape in 1995, Hearst Ventures has grown to become one of the most active and successful venture capital funds. Major investments include Pandora, Brightcove, XM Satellite Radio, Eink, Sling Media, Exodus, Broadcast.com, Hootsuite, IGG and Buzzfeed. Hearst Ventures (hearstventures.com) is a unit of Hearst Corporation, one of the nation's largest diversified information and media companies.