CORE INSURANCE, RISK MANAGEMENT
Businesswire | March 28, 2023
Insurify, Inc. (“Insurify”), America’s top-rated virtual insurance agent to compare, buy and manage insurance, has completed the acquisition of Inspop USA, LLC and its subsidiary, Compare.com Insurance Agency, LLC (“Compare.com”), a pioneer in the U.S. online auto insurance comparison market.
Compare.com was founded by Admiral Group, plc (“Admiral”), one of the UK’s leading auto insurers and a member of the FTSE 100, which retains a minority stake in Insurify and continues to serve as a strategic shareholder.
“We are thrilled to welcome the talented Compare team, and the well-established brand, and proven technology into Insurify. This combination allows Insurify to realize the benefits of the respective brands, platforms, and operations to effectively deliver next-generation solutions to consumers and carrier partners. Together, our complementary insurance capabilities will continue to strengthen Insurify’s market position as we build the preeminent and most trusted digital insurance agent,” said Snejina Zacharia, founder and CEO of Insurify.
Costantino Moretti, Head of International Insurance, Admiral Group said, “I’m really proud of everything that Compare.com has achieved over the last decade. This acquisition is a positive outcome, but it’s always sad to see valued colleagues leave the Admiral family. On behalf of Admiral, I would like to thank our Compare.com colleagues for their contribution to the Group and their unwavering commitment to customers - and wish them all the best as they enter this new phase.”
This transaction does not impact Admiral’s U.S.-based insurance business, Elephant, which is an entirely distinct business.
Perella Weinberg Partners LP served as financial advisor and Clifford Chance US LLP served as legal advisor to Admiral. Morgan, Lewis & Bockius LLP served as legal advisor to Insurify.
About Insurify
Based in Cambridge, MA, Insurify, America's top-rated virtual insurance agent, provides expert advice and empowers customers to securely compare, buy, and manage their auto and home insurance policies from the largest selection of accurate quotes. With more than 70 million quotes served and $200B in insurance coverage, Insurify has won several insurance industry awards, including Forbes NextBillion Dollar Startups of 2022, WPO’s 50 Fastest Growing Women-Owned and -Led Companies 2022, Inc.’s 5,000 fastest-growing private companies in America of 2022 and 2021, Forbes Fintech 50 List for 2021, Stevies’ Gold International Business Award for a Medium-Sized Insurance Company 2021, EY’s 2021 New England Entrepreneur of the Year, and Insurtech Insights’ Future 50 2021.
About Compare.com
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. Since its launch in 2013, Compare.com has helped more than 7 million customers switch and save on their auto insurance, putting over $300 million back in US consumers’ wallets. Headquartered in Richmond, VA, Compare.com was founded by Admiral Group, plc, one of the UK's leading auto insurers and a member of the FTSE 100. For more information, visit www.compare.com.
About Admiral Group
Admiral Group plc is an FTSE100 global financial services company offering motor, household, travel and pet insurance as well as personal lending products. Established in 1993 in the UK, the Group now has offices in Canada, France, Gibraltar, India, Italy, Spain, and the U.S.
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RISK MANAGEMENT, INTELLECTUAL PROPERTY
PRnewswire | April 26, 2023
Sure, the insurance technology leader that unlocks the potential of digital insurance, today announced the launch of Sure's Home Warranty solution, a modern embedded home warranty protection solution for the digital age. Sure's insurance platform and APIs power the digital insurance programs of large brands and carriers. Now, Sure is using its technology to expand its reach to enable partners to offer home warranty protection to their customers through a fully embedded experience.
"With Sure's Home Warranty solution, we are bringing a modern, technology-enabled approach to an age-old protection product," said Wayne Slavin, co-founder and CEO of Sure. "Like our other solutions, Sure's Home Warranty product fits seamlessly into almost any digital experience, making the process of adding home warranty protection to any property management platform or PropTech platform as simple as a few clicks of a mouse. The home warranty market is estimated to reach almost $4 billion in 2023, and we are enabling our partners to capture their share of this growing pie through our modern home warranty protection solution embedded directly into their existing digital experiences."
Using Sure's APIs and white-label platform, Sure's Home Warranty solution is available for distribution to individual homeowners through lenders, mortgage companies, fintechs, insurance carriers, insurance aggregators, and others. For landlords, they can seamlessly add home warranty to their rental properties through the rental management software platforms they already use to manage their rental units. Sure's embedded Home Warranty solution is now available countrywide.
About Sure
Sure is the global insurance technology leader that unlocks the potential of digital insurance. Global brands and market-leading insurance carriers from the Fortune 500 build and launch sophisticated embedded insurance products on Sure's SaaS infrastructure to distribute, service, and scale digital insurance. Sure's insurance expertise combined with its technology increases revenue streams and accelerates market growth while revolutionizing the customer experience. Visit sureapp.com and follow us on LinkedIn and Twitter.
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AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 27, 2023
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing insurtech, today announces its partnership with TrustedChoice.com, the nation's largest digital marketing platform for independent agents and brokers.
With access to TrustedChoice.com's extensive insurance marketplace and more than 240,000 independent insurance agents, Cover Whale can deliver its coverage to thousands of commercial truck drivers across the country. In parallel, independent agents who don't currently have access to Cover Whale for their clients can now have a seamless, digital path to the company and its products through their TrustedChoice.com membership.
"Our team is always looking for new ways to connect insurance agents with truck drivers," said Dan Abrahamsen, CEO of Cover Whale. "This partnership enables us to deliver instant quotes to more agents with trucking clients, and more coverage to America's safest drivers and small fleets. TrustedChoice.com's vast network also gives us more opportunities to deploy our Driver Safety Program to make roads safer for everyone.
"Cover Whale's high-tech approach to trucking insurance makes them a great addition to our network of insurance company partners who support independent agents on TrustedChoice.com. Including Cover Whale in our national directory and searchable market finder tools will bring awareness of their unique product offerings and help more agents get connected with them", says Vincent Savarese, SVP Company Relations at TrustedChoice.com.
About Cover Whale
Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Cover Whale's unique Driver Safety Program combines coverage with telematics, dash cams and real-time driver coaching to reduce claims, keep drivers safe and save lives on America's roads. Cover Whale delivers its product through more than 5,000 agents with the industry's fastest, most agent-friendly online quoting experience. Maintaining excellent agent relationships has driven more than $400 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers may receive up to 15% off when renewing their auto liability policy. The company has been named one of America's Best Startup Employers on Forbes' 2023 list. For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.
About TrustedChoice.com
TrustedChoice.com builds leading digital insurtech marketing solutions for the independent insurance agency channel. TrustedChoice.com's solutions suite empowers independent agents and insurers to compete in a digital-first marketplace. Its Advantage digital marketing platform enables agents and insurers to scale their brand visibility in order to gain and retain clients. The TrustedChoice.com consumer website has attracted over 36 million visitors to date and offers online insurance consumers a retail-like buying experience, connecting the right risk to the right agent at the right buying moment. For more information visit: https://www.trustedchoice.com/advantage/.
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