New York-primarily based insurtech PolicyGenius raised $125M in clean capital, bringing its overall raised so far up to $225M. The round saw participation from existing buyers, inclusive of KKR, Norwest Venture Partners, and Revolution Ventures, further to insurance vendors including Brighthouse Financial and Global Atlantic Financial Group.
The 2014-based company gives a platform allowing consumers to evaluate and purchase coverage. Since it began operations, it has seen $160B well worth of insurance products purchased through its portal.
Since the start of the pandemic, PolicyGenius accelerated into no-examination life coverage.
This new enterprise has grown by way of 30x in volume when you consider that its introduction, with the organisation writing $40B of recent life coverage coverage in 2021, nearly 70% greater than it wrote in 2019.
Other resources of boom blanketed domestic and car insurance, which noticed new written charges increasing more than 6x from 2019 to 2021.
The wider lens:
Global insurtech investment took off in 2021: It set a new annual investment report at $13.4B, almost double the $7B capital invested in 2020.