Insurify
| Company type | Private |
|---|---|
| Industry | Insurance, Technology |
| Founded | 2013 |
| Founder | Snejina Zacharia, Giorgos Zacharia, Tod Kiryazov |
| Headquarters | Cambridge, Massachusetts , United States |
Area served | United States (all 50 states) |
Key people | Snejina Zacharia (Co-founder), Giorgos Zacharia (Co-founder), Tod Kiryazov (Co-founder) |
| Products | Insurance comparison platform, Evia chatbot, RateRank algorithm |
| Website | insurify |
Insurify is a U.S.-based insurance comparison platform located in Cambridge, Massachusetts. Collaborating with insurers such as Nationwide, Farmers, and Liberty Mutual, Insurify serves customers nationwide across all 50 states and has amassed more than 100,000 user reviews.
History
Established in 2013 by Snejina Zacharia, an MIT Sloan fellow, Giorgos Zacharia, who serves as President of Kayak.com, and Tod Kiryazov, the Chief Product Officer, Insurify obtained $2 million in seed financing in January 2015, led by Rationalwave Capital Partners. This investment facilitated the launch of its marketplace website.
The service became publicly available in July 2015 initially in Texas, California, and Florida, offering tailored auto insurance quotes based on individual profiles, vehicle details, and driving records. By January 2016, the platform had expanded its reach to 30 states. Customers can compare offerings from leading insurers including Liberty Mutual, Metlife, The Travelers Companies, Safeco, The General, and Nationwide Mutual Insurance Company.
In October 2016, Insurify secured $4.6 million through a seed funding round led by MassMutual Ventures and Nationwide Ventures. During the same year, the company launched a chatbot on Facebook Messenger that allows users to compare and purchase insurance directly via the platform.
In January 2020, the company raised $23 million in a Series A round spearheaded by MTech Capital and Viola FinTech, with additional investments from Hearst Ventures, MassMutual Ventures, and Nationwide. These funds were intended to broaden insurance offerings and boost marketing initiatives.
Operations
Insurify functions as a comparison tool for auto and home insurance by utilizing predictive analytics to streamline the process of purchasing car insurance. It operates Evia (Expert Virtual Insurance Agent), a service that enables customers to obtain car insurance quotes simply by sending a photo of their license plate via text. Additionally, the company created RateRank, a proprietary algorithm that aligns drivers' profiles and risk assessments with the most suitable insurance providers and plans.