Insurtech for Consumers: Landscape

My earlier post provided an introduction to insurtech and upcoming trends we can expect in the near future. This post looks at a category of the consumer-facing companies in the space.

The majority of these companies are either trying to make insurance more accessible or improve the user experience (more streamlined, customized or cost effective).

For the purpose of this series, I divide the consumer-facing insurtech landscape into two major categories: 1) aggregators, comparison tools and marketplaces, and 2) insurance providers.

Within each of these categories, companies can be further segmented into the verticals in which they operate such as health, life, auto or property.

This post will focus on the aggregator, comparison tools and marketplaces category.

Aggregators, Comparison Tools, and Marketplaces:

These platforms are largely focused on insurance distribution and cutting out the middle-man (agents). They make the process of buying insurance from traditional insurers easier for the customer by making it easy to compare terms and costs across different providers.

Aggregator and comparison tools focused on distribution are not entirely new. For example, Esurance launched in 1998 with the objective to sell insurance directly to customers. It’s recent acquisition in 2011 by Allstate for $1 billion is more telling of the growing attention being given to insurtech industry.

A few of companies to keep an eye on within this industry include:

PolicyGenius (July 2014; Brooklyn, NY)

Funds Raised: $20mm+; Latest Round: Series B - Jan 2016.

Select Investors: Revolution Ventures, AXA Strategic Ventures, MassMutual Ventures.



PolicyGenius provides an online marketplace to shop for life, health, disability, renters and pet insurance from hundreds of Americas top insurers. They also provide jargon free educational materials and a tool called ‘Insurance Checkup’ that enables customers to assess their insurance requirements in five minutes. In addition the website, customers can ask licensed advisors questions via chat, phone or email. The company is licensed in all 50 US states (+ Washington, DC) and generates revenues through commissions.

(July 2014; Brooklyn, NY) Funds Raised: $20mm+; Latest Round: Series B - Jan 2016. Select Investors: Revolution Ventures, AXA Strategic Ventures, MassMutual Ventures. PolicyGenius provides an online marketplace to shop for life, health, disability, renters and pet insurance from hundreds of Americas top insurers. They also provide jargon free educational materials and a tool called ‘Insurance Checkup’ that enables customers to assess their insurance requirements in five minutes. In addition the website, customers can ask licensed advisors questions via chat, phone or email. The company is licensed in all 50 US states (+ Washington, DC) and generates revenues through commissions. CoverHound (May 2010; San Francisco, CA)

Funds Raised: $50mm+; Latest Round: Series C — Sept 2015.

Select Investors: ACE Group, American Family Ventures, Blumberg Capital, RRE Ventures, Bullpen Capital.



CoverHound helps users find the best quotes, prices and insurance plans across the auto, homeowner, renter and business verticals. Similar to other comparison websites, they also provide access to insurance advisors via phone or online and ensure customers are able to take advantage of any applicable discounts. CoverHound is operational in all but five states in the US and writes policies for over 20 providers. In addition to writing policies, CoverHound also services most of the policies sold on the website. Revenues are generated primarily from commissions.

(May 2010; San Francisco, CA) Funds Raised: $50mm+; Latest Round: Series C — Sept 2015. Select Investors: ACE Group, American Family Ventures, Blumberg Capital, RRE Ventures, Bullpen Capital. CoverHound helps users find the best quotes, prices and insurance plans across the auto, homeowner, renter and business verticals. Similar to other comparison websites, they also provide access to insurance advisors via phone or online and ensure customers are able to take advantage of any applicable discounts. CoverHound is operational in all but five states in the US and writes policies for over 20 providers. In addition to writing policies, CoverHound also services most of the policies sold on the website. Revenues are generated primarily from commissions. The Zebra (Jan 2012; Austin, TX)

Funds Raised: $20mm+; Latest Round: Series A - Jan 2016.

Select Investors: Ballast Point Ventures, Silverton Partners, Daher Capital.



The Zebra provides users with need specific instant auto insurance quotes from over 200 leading insurance companies within minutes. The company is licensed in all 50 US states and generates revenues through commissions as well as direct sales in some states.

(Jan 2012; Austin, TX) Funds Raised: $20mm+; Latest Round: Series A - Jan 2016. Select Investors: Ballast Point Ventures, Silverton Partners, Daher Capital. The Zebra provides users with need specific instant auto insurance quotes from over 200 leading insurance companies within minutes. The company is licensed in all 50 US states and generates revenues through commissions as well as direct sales in some states. Goji (May 2007; Boston, MA)

Funds Raised: $90mm+; Latest Round: Series D - Jun 2016.

Select Investors: Five Elms Capital, Village Ventures, Spark Capital, Thayer Street Partners.



Goji, previously known as Consumers United, provides quotes for auto insurance from all the top insurers within minutes. The company is licensed in 38 US states and generates revenues through commissions.

(May 2007; Boston, MA) Funds Raised: $90mm+; Latest Round: Series D - Jun 2016. Select Investors: Five Elms Capital, Village Ventures, Spark Capital, Thayer Street Partners. Goji, previously known as Consumers United, provides quotes for auto insurance from all the top insurers within minutes. The company is licensed in 38 US states and generates revenues through commissions. Insurify (2016; Cambridge, MA)

Funds Raised: $5mm+; Latest Round: Venture - Mar 2017.

Select Investors: MassMutual Ventures, Nationwide Ventures, Rationalwave Capital Partners.



Insurify is the latest entrant focused on improving the customer experience of purchasing auto insurance. However, what sets it apart from its competitors is the use of a chatbot using artificial intelligence (AI) and natural language processing (NLP). This bot, or virtual agent, is embedded within Facebook Messenger and allows consumer to get real time quotes, advice or sign up for price alerts via chat.

(2016; Cambridge, MA) Funds Raised: $5mm+; Latest Round: Venture - Mar 2017. Select Investors: MassMutual Ventures, Nationwide Ventures, Rationalwave Capital Partners. Insurify is the latest entrant focused on improving the customer experience of purchasing auto insurance. However, what sets it apart from its competitors is the use of a chatbot using artificial intelligence (AI) and natural language processing (NLP). This bot, or virtual agent, is embedded within Facebook Messenger and allows consumer to get real time quotes, advice or sign up for price alerts via chat. EverQuote (2010; Cambridge, MA)

Funds Raised: $35mm+; Latest Round: Series B — Feb 2017.

Select Investors: Link Ventures, Savano Capital Partners, Second Alpha Partners.



EverQuote is a marketplace that utilizes proprietary technology and data to match auto insurance shoppers with carriers and agents. Matches are made based on the consumer’s risk profile and information on which carriers similar consumers have chosen in the past. EverQuote is different from its counterparts in that it does not provide firm quotes to consumers but instead serves as a lead generator and shares the consumer’s information with agents and carriers. In addition the marketplace, the company also provides consumers with an app (EverDrive) that encourages safer driving in an attempt to reduce claims and subsequently lower premiums.

(2010; Cambridge, MA) Funds Raised: $35mm+; Latest Round: Series B — Feb 2017. Select Investors: Link Ventures, Savano Capital Partners, Second Alpha Partners. EverQuote is a marketplace that utilizes proprietary technology and data to match auto insurance shoppers with carriers and agents. Matches are made based on the consumer’s risk profile and information on which carriers similar consumers have chosen in the past. EverQuote is different from its counterparts in that it does not provide firm quotes to consumers but instead serves as a lead generator and shares the consumer’s information with agents and carriers. In addition the marketplace, the company also provides consumers with an app (EverDrive) that encourages safer driving in an attempt to reduce claims and subsequently lower premiums. GoHealth (2001, Chicago, IL)

Funds Raised: $75mm+; Latest Round: Venture - Oct 2015.

Select Investors: Norwest Equity Partners.



GoHealth, formerly known as Norvax, was founded in 2001. As one of the first few “multi-carrier quote engines” (jargon for comparison tool), GoHealth was able to build a strong brand and currently works with over 300 insurance carriers to provide health, family health, short term health, dental and ACA insurance plans across all US states. With its recent investment in HealthJoy and acquisition of Connected Benefits in 2016, GoHealth is expected to expand into white label benefit management and group insurance solutions for small businesses.

(2001, Chicago, IL) Funds Raised: $75mm+; Latest Round: Venture - Oct 2015. Select Investors: Norwest Equity Partners. GoHealth, formerly known as Norvax, was founded in 2001. As one of the first few “multi-carrier quote engines” (jargon for comparison tool), GoHealth was able to build a strong brand and currently works with over 300 insurance carriers to provide health, family health, short term health, dental and ACA insurance plans across all US states. With its recent investment in HealthJoy and acquisition of Connected Benefits in 2016, GoHealth is expected to expand into white label benefit management and group insurance solutions for small businesses. HealthSherpa (Nov 2013; San Francisco, CA)

Funds Raised: ??; Latest Round: Seed - Aug 2013.

Select Investors: Andreessen Horowitz, Innovation Endeavors, Kapor Capital, Plug and Play, SGVC.



HealthSherpa is partnered with Healthcare.gov and provides a comparison tool for health insurance covered under the Affordable Care Act. HealthSherpa operates across the United States and also offers services for employers or non-profits to offer services to its employees.

(Nov 2013; San Francisco, CA) Funds Raised: ??; Latest Round: Seed - Aug 2013. Select Investors: Andreessen Horowitz, Innovation Endeavors, Kapor Capital, Plug and Play, SGVC. HealthSherpa is partnered with Healthcare.gov and provides a comparison tool for health insurance covered under the Affordable Care Act. HealthSherpa operates across the United States and also offers services for employers or non-profits to offer services to its employees. Abaris (May 2014; New York, NY)

Funds Raised: <$1mm; Latest Round: Angel - Oct 2015.

Select Investors: Dorm Room Fund.



Abaris is a comparison platform and marketplace focused on the niche of longevity insurance, purchase deferred income annuities and qualified longevity annuity contracts. In addition to providing quote comparisons, the platform includes several resources and calculators to help customers the appropriateness of the products. Abaris currently offers plans from 11 carriers and is available in all US states.

In addition to the above companies, there is also a strong competitive threat from existing financial service aggregators like CreditKarma and NerdWallet. It is also worth noting that Google attempted to enter the space in 2011 with its acquisition of UK based BeatThatQuote and the subsequent launch of Google Compare in 2015. However, the product was terminated within a year of its launch possibly because it was cannibalizing ad sale revenues from insurance companies.

Did I miss any companies you expected to see on this list? Feel free to mention it in the comments or tweet to me @dsarin91.