Travelers has agreed to acquire InsuraMatch, a digital independent insurance agency, from insurer Plymouth Rock.
While the parties involved neglected to divulge the price or any other terms for the InsurTech acquisition, they did reveal that they expect the deal to be fully closed by the first quarter of 2021.
InsuraMatch was founded in 2014 as part of Plymouth Rock, but has operated as an autonomous business unit.
So how does InsuraMatch’s service work? Essentially, its online platform is set up to empower consumers by giving them the ability to compare offerings from more than 40 carriers across the United States. With a focus on personal insurance, InsuraMatch offers coverage for auto, home, boat, motorcycle and rent as well as other vectors.
Of course, InsuraMatch is hardly alone in providing an insurance comparison service. Matic and InsureMyTrip are two examples of other InsurTech ventures offering similar services.
“InsuraMatch’s scalable technology platform will complement our efforts to meet customers where they are, give them what they need and serve them how they want,” said Michael Klein, executive vice president and president of personal insurance at Travelers.
InsuraMatch will continue to operate independently and manage all carrier partnerships.
“We have been steadily building our business over the past several years and are excited to enter this next phase with the support of Travelers,” said Marc Buro, CEO of InsuraMatch. “Our talented team and proven technology, paired with Travelers’ expertise and financial strength, will enable us to continue our growth while enhancing the customer experience.”
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