Insurify, a virtual insurance agent offering services to compare, buy and manage insurance, is to acquire Compare.com Insurance Agency.
Established in 2013, Insurify is a digital platform that allows consumers to find and compare the best cover for their needs. It works by customers answering a few questions about themselves and their needs and Insurify will show bindable quotes from various national and regional insurers which meet their specific needs.
Compare.com is an online comparison platform that allows consumers to receive side-by-side comparisons on auto insurance quotes with real prices from more than 60 of the country’s top carriers.
Compare.com was founded by and is majority owned by Admiral Group plc, one of the UK’s leading auto insurers and a member of the FTSE 100.
As part of the transaction, Admiral will retain a minority stake in Insurify and continue to serve as a strategic shareholder. Allie Feakins, Compare.com’s CEO, will join Insurify as SVP of Insurance and lead insurance operations for the combined company.
This acquisition brings two online insurance shopping platforms under one larger scale entity that combines Insurify’s AI-powered technology, advice, and organic marketing expertise with Compare.com’s consumer choice and insurance experience.
Insurify said this combination will allow it to realise the benefits of the respective brands, platforms, and operations to effectively deliver next-generation solutions to consumers and carrier partners. Insurify will maintain the Compare.com brand.
The transaction is expected to close in the first half of this year.
Snejina Zacharia, founder and CEO of Insurify, said, “Acquiring Compare.com, a long-established and respected digital insurance distribution brand, will further Insurify’s mission to empower every insurance-shopper with the expert advice and resources to compare, buy and manage insurance. Bringing the companies and their technology together allows us to build on our complementary auto insurance capabilities. The addition of Compare.com strengthens Insurify’s market position as we continue to build the preeminent and most trusted digital insurance agent.”
In 2021, Insurance agent and comparison platform Insurify raised $100m from a Series B round led by private equity firm Motive Partners.
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