Policygenius today announced that it has raised $125 million in growth capital. With this new funding, the company’s total fundraising is now at $250 million.
The investment of Brighthouse, Global Atlantic, iA Financial Group, Lincoln Financial, Pacific Life, and other private investors is an endorsement from the entire industry. Taken together, these carriers comprise one of the largest providers of annuities and life insurance in North America. This is a clear message that the company has a proven track record and holds a desirable vision for the future.
To help finance their growth, Policygenius secured a new credit facility with ORIX Corporation’s Growth Capital group. In addition, the company refinanced its existing senior loan facility from JPMorgan Chase.
About Policygenius
Policygenius is a digital insurance platform with integrations and partnerships with the nation’s leading providers of health and life insurance, like Aetna, Humana, and Blue Cross Blue Shield. Earlier this year, Policygenius Pro was introduced to provide B2B partners with access to the power of our in-house life insurance platform, including state-of-the-art software, a wide selection of major carriers on shelves, and award-winning operations.
Services they provide
Policygenius is dedicated to helping you get the most out of your insurance. On their website, you can compare and buy policies from leading life, disability, and home & auto insurance carriers. Plus, they’ll give you the resources (like articles and videos) to help navigate your insurance journey—from shopping for a carrier to tech tips that will make getting insured easier. With Policygenius on your side, you can focus on what really matters: Your family’s future.
Previous Fundings
Policygenius has seen incredible growth since its 2019 Series D financing, which included investments in both technology and new products. One example is the company’s life insurance efforts, where it has focused on providing no-exam solutions to reflect COVID-related impacts and improve the customer experience.
Over the past two years, no-exam life insurance volume has grown by 30x. In 2021, Policygenius wrote $40 billion of new life insurance coverage, nearly 70% more than in 2019. Given its strong business performance as of late, Policygenius is set to become the largest distributor of term life insurance this year.
During its business’s time in the insurance industry, Policygenius has grown its home and auto divisions significantly. Written premiums have increased more than six times from 2019 to 2021. Policygenius is now the only tech-enabled brokerage and distribution platform to be successful in scaling and diversifying across both life and home and auto insurance.
The new capital will be used to continue investing in their core operations, including life, disability, home, and auto insurance. It will also fund continued investment in Policygenius Pro and the launch of their no-exam life insurance options.
Jennifer Fitzgerald, CEO and co-founder of Policygenius said that they’ve been investing in critical areas of technology, operations, and product development to deliver the best possible experience for their customers. They’re excited to expand across the trillion-dollar insurance market with the help of new and existing investors.”
Policygenius recently won its second Stevie Award for customer service, highlighting the company’s commitment to excellence in customer experience. Policygenius was recently recognized by Forbes as one of the Best Startup Employers for the third consecutive year.
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