New York-Based Insurance Platform Policygenius Raises $125m in Series E Funding
Policygenius, which raised $125 million in Series E funding a little more than three months ago, has just laid off roughly 25% of its workforce. While the exact number of employees affected is unknown, it is believed to be somewhere around 170. One employee posted the news on LinkedIn today.
Policygenius 125m Series 225m Series 225m Series 225m Series 225m Series 225m Series 225m Series 225m
Digital insurance platform Policygenius has secured a $125m Series E round of funding, bringing its total funding to $275 million. The round included first time investors as well as existing investors. Policygenius will use the funds to expand its Durham operations. Its online marketplace allows consumers to compare insurance quotes and apply for policies. To date, it has helped over 30 million people select the right type of insurance.
Policygenius has raised a series of rounds of funding from major investors including KKR, Norwest Venture Partners, Revolution Ventures, and iA Financial Group. In addition, it has secured funding from major annuity carriers in the U.S. such as Lincoln Financial and Pacific Life.
The venture arm of the CSAA Insurance Group has invested over $300 million in startups with potential. ts primary investment sectors are insurtech and risk-adjacent sectors. Its portfolio is geared towards innovative business models and scalable solutions. Its typical investment size ranges from $1 million to $10 million. It also reserves capital for follow-on investments.
New investors for Policygenius 125m Series 225m
New investors have joined the $125 million Series E round of Policygenius, a tech-enabled insurance platform. The new capital will help Policygenius expand its life insurance business, including new no-exam life insurance options. The company will also use the funds to further develop its new Policygenius Pro imparting tool.
Policygenius is a one-stop-shop digital platform for insurance comparison. t uses proprietary technology to help consumers compare policies from different insurers. It also offers software that integrates with carriers to simplify the process of quoting, underwriting, and fulfillment. It also offers a turnkey partnership platform for independent agents, enabling them to grow their business. The company expects to write $40 billion in new life insurance coverage in 2021, 70 percent more than in 2019. The company also plans to increase investment in its auto and home insurance business, with new written premiums increasing six-fold over the next two years.
Policygenius’s latest funding round was led by Revolution Ventures and included existing major investors, such as KKR, Norwest Venture Partners, and IAG. It also included new investors from several annuity carriers in North America, including Lincoln Financial, Pacific Life, and Brighthouse Financial. The company also received a new credit facility from ORIX Corporation USA’s Growth Capital group.
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Growth in no-exam life insurance
No-exam life insurance is on the rise and can be a viable alternative for people with health problems. There are several benefits of no-exam life insurance, including reduced underwriting time and less hassle. The application process also avoids the need for a medical exam, which can take up to six weeks and may require follow-up tests. In fact, some no-exam providers can grant approval in as little as a day.
No-exam life insurance can be a great option for people with severe health problems or those with a pre-existing health condition. The application process can take just a few days and you can lock in your premium amount for years. Some insurance providers allow you to make payments on your policy monthly, quarterly, semi-annually, or yearly.
Sagicor, Fidelity, and Colonial Penn each have no-exam life insurance options. Fidelity has a competitively priced graded product that has ten, twenty, and thirty-year terms. It also offers whole life policies. The only downside to these no-exam life insurance policies is that the coverage amount may be limited by your age.
Investment in digital platform that lets consumers compare and buy insurance
A new investment round has boosted New York-based PolicyGenius, which has raised more than $125 million in funding. The round was led by existing investors and also includes new investors. The investment will go towards expanding the company’s life insurance product line. The company will also use the capital to refinance a senior loan it took out with JPMorgan Chase.
New York life style -based Policygenius is a New York-based InsurTech company that offers a digital platform that helps consumers compare and buy insurance. The company offers quotes, unbiased advice on coverage, and a quick and easy application process. The company was founded in 2014 and has since grown to serve more than 30 million people. It recently hired 180 new employees and opened a second headquarters in Durham, N.C. It has a revenue of $60 million per year.
With its innovative technology and integrations with the leading insurance carriers, Policygenius has built a platform to make buying insurance easier for consumers. Its flagship product, the Policygenius Insurance Checkup, helps consumers identify gaps in coverage and provides solutions. It also provides a place to shop for life, long-term disability, renters’, and pet insurance. The platform allows users to view side-by-side comparisons of tailored insurance policies.