Insurify, a startup that’s using machine learning to help insurance companies price their policies more accurately, has raised $100 million in a series A round of funding led by Azevedo Tech.
Other participants in the round include IDG Ventures, Vertex Ventures, Nationwide Insurance, and MassMutual Ventures. Founded out of Cambridge, Massachusetts in 2013, Insurify has now raised a total of $153 million.
The company’s technology platform relies on machine learning algorithms that analyze “billions” of data points in order to help insurance carriers price policies more accurately for specific customers. That, Insurify argues, should lead to both happier customers (who are getting a fair price) and improved bottom lines for the insurance companies (who can avoid over- or under-pricing).
Insurify says that its technology is currently being used by “several of the largest U.S. insurance carriers,” including Progressive, Geico, and Nationwide. The company is now looking to use the new funding to expand its product offerings and go after new markets.
“This funding will enable us to accelerate the rollout of our products across the property and casualty insurance industry and enter new markets,” said Insurify CEO Snejina Zacharia in a statement. “Insurify’s goal is to make the insurance shopping experience as simple and transparent as possible for consumers, while helping carriers price policies more accurately using the power of technology.”
Azevedo Tech, which is based in Brazil, has been an active investor in the insurtech space, with previous bets including Breathe (which was acquired by Allianz earlier this year) and Bemobi (which was acquired by CLARO for $130 million in 2016).
“Insurify is leading the charge in modernizing the insurance industry with their unique use of machine learning,” said Azevedo Tech founding partner and CEO Marcelo Azevedo in a statement. “We are thrilled to back the Insurify team as they continue to reinvent the insurance shopping experience and redefine how carriers price policies.”
The pairing makes sense given that Azevedo Tech has a specific focus on insurtech and has a track record of successful investments in the space. For Insurify, the new round of funding comes at a time when the company is looking to grow its business and expand its product offerings.
With the new funding, Insurify is well-positioned to continue its growth and expansion in the insurtech space.
Related FAQs
- What is Insurify?
Insurify is a startup that’s using machine learning to help insurance companies price their policies more accurately.
- How does Insurify’s technology work?
Insurify’s technology platform relies on machine learning algorithms that analyze “billions” of data points in order to help insurance carriers price policies more accurately for specific customers
- Who are some of the investors in Insurify’s $100 million series A round?
Azevedo Tech, IDG Ventures, Vertex Ventures, Nationwide Insurance, and MassMutual Ventures.
- What is Insurify planning to do with the new funding?
Insurify is planning to use the new funding to expand its product offerings and go after new markets.
- What is insurance 100m series azevedotechcrunch?
Insurify is a startup that has raised $100 million in a series A round of funding led by Azevedo Tech.
- Insurify mlbased 100m series motive?
Insurify is looking to use the new funding to expand its product offerings and go after new markets.
- What is insurify mlbased 100m motive azevedotechcrunch?
Insurify is looking to use the new funding to expand its product offerings and go after new markets.
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