Digital insurer Trellis has received an investment from Amex Ventures, bringing its total funding to $17m since inception.
Trellis aims to help its partners integrate insurance as part of their holistic suite of financial offerings by creating an easier, more integrated insurance shopping experience for consumers.
The company’s platform Savvy, is an end-to-end API solution enabling consumers to instantly compare and purchase car insurance within a partner’s app or website. Using their insurance login, consumers can compare their existing policy to prospective alternatives in a transparent, side-by-side manner. Consumers also have the ability to purchase a different plan and cancel their old one on the same platform.
Trellis said that on average, consumers save over $700 per year on their car insurance using Savvy.
Margaret Lim, managing director, Amex Ventures, said, “We’re excited to back Trellis in their mission to simplify the insurance buying process and help consumers make important financial decisions. Trellis’ strong user growth momentum and partnership traction demonstrates that their value proposition is resonating.”
Daniel Demetri, Trellis founder and CEO, added, “As anyone who drives a car knows, buying insurance can be a complex process that’s often disconnected from the rest of consumers’ financial lives. As a result, people often overpay and choose coverage that doesn’t meet their needs. At Trellis, we’re on a mission to put consumers in the driver’s seat of this important financial decision.
“Simultaneously, we’re helping our partners maximize value for their users by offering a more engaging, holistic experience–and creating a powerful, cost-effective alternative distribution channel for insurance carriers.”
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