Our digital lives have changed dramatically in recent years; with the quantum leap in E-commerce transforming the entire buying experience in almost any sector we know.
One such sector is insurance. Who isn’t familiar with the experience of spending hours on the phone with an agent or on lead-gen websites just to receive yet another irrelevant quote and an inbox filled with spam…
Clearly, it was high time to bring an efficient and truly digital experience to online insurance shopping.
Insurify was founded in 2013 by Snejina Zacharia who, following a frustrating car insurance purchase experience, decided to build a virtual insurance agent that generates real-time quotes and allows customers to buy insurance the way they want.
Insurify developed a tailored insurance purchasing experience, where customers can instantly compare accurate auto, home, and life insurance quotes from both large and regional insurance companies, through real-time integrations and AI-powered recommendations.
As Snejina describes it, “Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry.”
Viola was already invested in Insurify through our fintech fund, which participated in the company’s A round 18 months ago. When they showed us the dramatic progress the company achieved in just over a year, we were so overwhelmed that we decided we couldn’t pass on the opportunity to join this journey.
Why are we so passionate about insurify?
A mission-led founder and stellar management – Snejina is a great leader whose vision and unmatched enthusiasm are leading the company to the best performance trajectory.
A fast-growing market – Insurify brings digital distribution to a $2 trillion industry (in the USA alone). With digital shopping in the insurance industry growing continually, and with Insurify expanding its offering into new verticals, we believe it is emerging as a category leader.
The democratization of commerce – as digital life is accelerating, more buying decisions are made online. The ability to search, compare and transact online facilitates the democratization of commerce and reduces cost for consumers. We believe this trend will continue to drive the transformation in the insurance sector.
A unique offering – the vision of Insurify is different. Every day, Insurify asks itself how customers can better manage their insurance portfolio. Insurify neither asks how it can do better than incumbents, nor how it can beat the competition. Putting the spotlight on the customers’ needs calls Insurify to augment ALL productive resources: to take the good from the carriers, the good from agencies, the good from partnering entities and to produce the greatest offering. Moreover, pooling different resources from different partners allows the offering to be created efficiently and precisely.
Insurify wins because it is here for its customers.
The fastest growing company in an attractive market – Insurify demonstrated a consistent 2.5x year-over-year revenue growth despite the effects of COVID-19 . It has grown its new and recurring revenue by X6 since its Series A funding in Q4 of 2019, achieving a CAGR of 151% over the last three years.
It is the unique combination of leadership, vision and performance that took us all the way from Israel to Cambridge, Massachusetts and led us to expand Viola’s footprint in the company with both our funds – Viola Fintech and Viola Growth.