Prudential Financial has agreed to health and financial wellness solution Assurance in a deal worth $2.35bn.
An additional earnout of up to $1.15bn in cash and equity has also been agreed, which will be contingent on Assurance achieving multi-year growth objectives.
Through a mix of advanced data science and human expertise, Assurance matches buyers with personalised solutions which span life, health, medicare, and auto insurance. The platform also connects a customer with a live agent or specific sales process which will be best suited for their needs and goals.
By integrating with Prudential, Assurance will expand the direct-to-consumer channel and the total addressable market of both companies, it claims. They will work together to establish a new end-to-end engagement model which will better serve customers.
Assurance co-founder and CEO Michael Rowell said, “Assurance was founded to protect and improve the personal and financial health of every individual. Prudential’s shared vision, coupled with the strength of its offering and capabilities, make it the ideal partner with which to begin our next chapter. We are excited to create an ecosystem that reaches more people and new markets with a more expansive suite of products to drive our combined growth.â€
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