Policygenius, a digital insurance platform, has collected $125m in funding, as it capitalises on two years of strong growth.
All of Policygenius’ existing major investors joined the round, including KKR, Norwest Venture Partners, Revolution Ventures, AXA Venture Partners and MassMutual Ventures. The investment was also backed by first-time investors, including Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial and Pacific Life.
This fresh funding round will be used to bolster the growth of its life, disability, home and auto insurance.
In addition to the equity funding, Policygenius received a credit facility from ORIX Corporation to finance its growth. The InsurTech company also refinanced its existing senior loan facility with JPMorgan Chase.
Founded in 2014, Policygenius is a one-stop digital platform that lets consumers compare and buy insurance. It has integrations with numerous insurance carriers and has a proprietary technology for quoting, underwriting and fulfilment.
It recently released Policygenius Pro, which is a turnkey partnerships platform that helps independent agents and financial advisors accelerate and streamline life insurance sales.
Since Policygenius closed its Series D in 2019, which raised $100m, it has increased its investment into integrated no-exam life insurance offerings to address Covid-related impacts on life insurance medical exams and improve customer experience.
Over the past two years, its no-exam life insurance business has grown by 30-times in volume.
In 2021, the company wrote $40bn of new life insurance coverage, nearly 70% more than it wrote in 2019.
Policygenius CEO and co-founder Jennifer Fitzgerald said, “Over the past eight years, we’ve invested in the critical areas of technology, operations, and product development to deliver the best outcomes for our customers, carriers, and distribution partners.
“With the support of our new and existing investors, we’re excited to expand our already-large reach across the trillion-dollar insurance market.”
The InsurTech company has raised a total of $250m in funding.
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