Company:PolicyGenius

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IndustryInsurance
Founded2014; 10 years ago (2014)
FoundersJennifer Fitzgerald
François de Lame
HeadquartersNew York City , New York, U.S.
Area served
United States
ProductsLife, Renters, Long-Term Disability, Pet
Websitewww.policygenius.com

Policygenius, branded as Policygenius, is an online insurance sale company that was founded in 2014 by two former McKinsey consultants,[1] Jennifer Fitzgerald and Francois de Lame.[2]

Policygenius clients have access to advice through the company's insurance quoting platform. The platform provides personalized quotes, as well as side-by-side comparison of insurance policies from insurance providers.

History

Policygenius officially launched in July 2014 by co-founders Jennifer Fitzgerald and Francois de Lame.[3] Leveraging their multi-product platform,[4] consumers are able to review advice,[5] research and compare quotes for life, long-term disability, renters and pet insurance.

As McKinsey consultants, Fitzgerald and de Lame advised insurance companies on growth and marketing.[6] They quickly noticed a pattern: all of the companies struggled with how to engage online with self-directed consumers.

Funding

Policygenius was part of the FirstGrowth Winter 2013 batch. In July 2014, Policygenius announced the completion of a seed round[7] with investors Brendan Wallace, Paul Arnold, Ravi Sarma and Pen King.

The company raised its Series A in June 2015, about a year after graduating FirstGrowth. The $5.3 million round[8] included investments from Karlin Ventures, Susa Ventures, MassMutual Ventures, Transamerica Ventures and AXA Strategic Ventures. The round was aimed to expand marketing efforts and target new channels.

The company raised a $15 million Series B[9] announced on January 14, 2016 from returning investors Karlin Ventures and Susa Ventures, and new investor Revolution Ventures led by Steve Case, former CEO of AOL.

The company raised a $30 million Series C [10] announced on March 24, 2017 from existing investors and new lead investor Norwest Venture Partners.

References

  1. ↑ Blattberg, Eric. "McKinsey vets launch Policygenius to make insurance shopping less terrible". https://venturebeat.com/2014/07/17/mckinsey-vets-launch-policygenius-to-make-insurance-shopping-less-terrible/. Retrieved 14 January 2016. 
  2. ↑ "A Site That Opens Up The Black Box Of Insurance Shopping" (in en-US). http://www.fastcoexist.com/3033105/a-site-that-opens-up-the-black-box-of-insurance-shopping. 
  3. ↑ "Meet The Small Business Hoping To Shake Up America's Insurance Industry". https://www.forbes.com/sites/davidprosser/2014/09/09/meet-the-small-business-hoping-to-shake-up-americas-insurance-industry/#174639752078. 
  4. ↑ Parker, Tim. "How Policygenius.com Makes Buying Insurance Easier" (in en-US). http://www.investopedia.com/articles/personal-finance/102615/how-policygeniuscom-makes-buying-insurance-easier.asp. Retrieved 14 January 2016. 
  5. ↑ Pinola, Melanie. "Policygenius Compares Insurance Rates, Doesn't Violate Your Privacy". http://lifehacker.com/policy-genius-compares-insurance-rates-doesnt-violate-1741025044. Retrieved 14 January 2016. 
  6. ↑ Miller, Zack. "Francois de Lame of Policygenius on how to build a digital-first insurance brand". http://www.tradestreaming.com/2016/01/19/francois-de-lame-of-policygenius-on-how-to-build-a-digital-first-insurance-brand/. Retrieved 29 January 2016. 
  7. ↑ "Policygenius Obtains $750,000 Seed Funding". http://www.xconomy.com/new-york/2014/07/23/policygenius-obtains-750000-seed-funding/. Retrieved 14 January 2016. 
  8. ↑ Chernova, Yuliya. "Online Insurance Agent Policygenius Nabs $5.3 Million Series A". https://blogs.wsj.com/venturecapital/2015/06/15/online-insurance-agent-policygenius-nabs-5-3-million-series-a/. Retrieved 14 January 2016. 
  9. ↑ Fairchild, Caroline (14 January 2016). "Inside The Deal: Policygenius Claims Revolution Ventures Largest Investment To Date". https://www.linkedin.com/pulse/inside-deal-policygenius-claims-revolution-ventures-date-fairchild?trk=prof-post. Retrieved 14 January 2016. 
  10. ↑ Lawler, Ryan. "Policygenius raises $30 million from Norwest Venture Partners" (in en). TechCrunch. https://techcrunch.com/2017/05/24/policygenius-30m-norwest/. 

External links




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