DealerPolicy, an insurance marketplace for car dealerships, has bagged $30m in its Series B round, which will help it expand its team.
The round was led by 3L Capital and Hudson Structured Capital Management.
With the capital injection, the company plans to increase the development of its platform and hire more staff. As part of the deal, Wayne Pastore has been named the InsurTech’s new president and chief operating officer and Tara Kasica as senior vice president of sales.
DealerPolicy offers a choice-based insurance solution at the point-of-sale at car dealers. Var buyers can view multiple insurance quotes and connect with licensed insurance agents to buy a policy.
The company has a network of more than 800 dealers and has generated more than $13m in annualised insurance savings.
DealerPolicy CEO Travis Fitzgerald said, “As car buying continues to evolve with the world around us, dealers are prioritizing fully digital, streamlined and connected experiences. Modern insurance solutions such as DealerPolicy’s FastPass™, dovetail nicely into the process and give car-buyers the value and convenience they’ve come to expect.
“DealerPolicy has conducted extensive research into car-buyer sentiments, including access to insurance as part of the process. The results are undeniable – nearly 8 out of 10 shoppers believe that comparing insurance at the point of sale during the car-buying process substantially improves the experience. With an ever-expanding value proposition to dealers, insurance carriers and customers, we are prepared to continue investing in growth.”
The InsurTech company formed a partnership with J.D. Power to supply car buyers with personalised insurance quotes. DealerPolicy leverages J.D. Power’s insurance data and analytics services to help it build personalised insurance quotes for consumers.
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