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Policygenius, a New York-based tech-enabled insurance distribution network, has secured $125 million in Series E investment.


Jennifer Fitzgerald and Chief Product Officer Francois de Lame co-founded Policygenius, which offers a platform that enables users to compare options from leading insurance providers, receive fair and balanced professional advice, purchase policies, and manage their insurance portfolio through a single interface.

An online insurance marketplace where consumers may compare prices and purchase life, car, homeowners, and renters policies were added last year. The firm claims that sales nearly quadrupled last year and now strives for 80% digital and 20% human engagement. In addition, $161 million has been raised, with contributions from KKR, Norwest Venture Partners, Revolution Ventures, and others. The most recent valuation, according to Pitchbook, is $550 million. Bona fides, Since its start in 2014, has brought in $30 million in customers looking for insurance and secured $100 billion in coverage.

The company’s CEO and co-founder, Jennifer Fitzgerald, stated, “Over the past eight years, we have invested in the crucial areas of technology, operations, and product development to offer the most outstanding outcomes for our consumers, carriers, and distribution partners. We’re eager to broaden our extensive reach across the trillion-dollar insurance business with the help of our new and existing investors.

The firm has created insurance carrier integrations since its establishment in 2014. In addition, it has developed a unique technology for quotation, underwriting, and fulfillment. Earlier this year, Policygenius unveiled its Policygenius Pro product, which extends its life insurance platform to B2B distribution partners and includes software, a wide range of carriers, and operations.

Regarding Jennifer Fitzgerald (Policygenius Co-Founder)

Fitzgerald attended Graham High School in Bluefield, Virginia, and served in the Peace Corps as a World Bank volunteer. She later earned degrees from Columbia Law School and Florida State University.

In 2008, Fitzgerald began working for McKinsey & Company as a consultant. Fitzgerald co-founded Policygenius in 2014 as an online insurance marketplace for the sale of life insurance. She raised $52 million in venture finance for Policygenius, making her one of just four women in the fintech industry to do it.

Fitzgerald was included in the Inc.’s Female Founders 100 in 2018 and 2019. In addition, she received the Ernst & Young LLP (EY) Entrepreneur of the Year New York award in 2019.

Regarding Francois De Lame (Policygenius Co-Founder)

The company’s founder and chief product officer is Francois De Lame. Francois has a wealth of expertise in product development and marketing.

At SABMiller, De Lame began their career as a Trade Marketing Manager. They were in charge of organizing promotional campaigns and creating trade marketing strategies in this capacity. Francois subsequently moved into a Senior Associate position at McKinsey & Company, where they offered consulting services to customers in the consumer goods and private equity sectors.

De Lame established Policygenius in 2014 to assist customers in comparing and purchasing insurance plans. Francois has played a vital role in growing the company’s product line and opening new markets. As a result, they have helped Policygenius grow into one of the country’s most well-known insurance comparison websites.

What Purpose Does Policygenius Funding Serve?

Policygenius has increased the pace of its product creation and improvement in recent years while also increasing productivity. The company started in the market for protecting property owners but has now expanded to include leaseholder protection and vehicle protection products. These new contributions account for 25% of the organization’s total revenue. In any case, through exploring new geologies and expanding unique item contributions, Policygenius has to accelerate this development trajectory. To ensure that it can continue to be aware of customer interest, the organization decided to raise one more supporting round to do this.

The CEO of Vitesse, Phillip McGriskin, stated, “We have big intentions to develop and to continue our success with a strong focus on the insurance sector.”

According to Vitesse, more than 72% of the insurance market in London is served by its payment network, which is accessible in 172 countries and territories.

The Relationship Between Hillhouse Capital And Alibaba

Hillhouse Capital is not just one of Policygenius’ key financial supporters but also one of its most important business partners. The Alibaba Group’s venture firm has helped Policygenius learn about the complexities of operating in the Chinese protection market. Recently, Hillhouse Capital pledged $100 million to launch an initiative between Policygenius and the China Ocean Insurance Group (CIOIC), the largest insurance company in China. Another insurance company, CICC, was created through this joint venture, which Hillhouse Capital also backed. CICC is a computerized first insurance company that will provide customer services in the US and China. Through Policygenius’ online platform, CICC has provided more than 100,000 arrangements thus far.

What Will Policygenius Do Next?

Policygenius is investing in its AI technology in addition to expanding its insurance offerings and growing its audience. The company is constructing more foresighted and tailored features for its customers by employing AI and information technology. For example, Policygenius intends to bring out a year’s new item called Professional Protect. Independent professionals and solopreneurs will receive benefits and protection thanks to this product. Proficient Protect, which will combine elements from multiple transporters, is anticipated to launch in the first quarter of 2019.

Summarizing The Topic Policygenius 125m Series

When a new idea first appears, misconceptions and concerns are frequently associated with it. Even if automated thinking remains the same, companies like Policygenius strive to change the narrative. For Policygenius, this means employing AI to create more tailored and effective client experiences and increase access to protection for people. Furthermore, Policygenius will play a key role in advancing and accepting AI among businesses and customers as it evolves.

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