The impact of the pandemic proved how important it is to have insurance as a security blanket. In fact, research reports that sales for insurance policies during the pandemic grew the fastest it has in 25 years.
Policygenius, a tech-backed insurance purchasing and management platform, raked in on the increased demand. Over the last two years, the startup wrote $40 billion of new life insurance coverage — 70 percent more than it wrote in 2019, according to the company.
On Thursday, Policygenius announced it pulled in $125 million in a Series E round from existing investors including KKR, Norwest Venture Partners and Revolution Ventures.
“Over the past eight years, we’ve invested in the critical areas of technology, operations and product development to deliver the best outcomes for our customers, carriers and distribution partners,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said in a statement. “With the support of our new and existing investors, we’re excited to expand our already-large reach across the trillion-dollar insurance market.”
Policygenius will use its fresh funding to invest in its life, disability, home and auto insurance offerings. Additional funding will go to growing Policygenius Pro, a service for financial advisors, independent credit unions, mortgage brokers and more. Through Policygenius Pro, advisors can help their clients find, compare, purchase and manage insurance policies rather than users doing it themselves.
Built In last reported on the startup’s $100 million Series D raise in 2020, which served to be a pivotal year for Policygenius. The plan then was to hire and expand its consumer-facing products. Today, the company is still hiring for over fifty roles.
