Company has raised $15 million in funding
PolicyGenius, a comparison insurance brokerage based in Brooklyn, New York, has announced that it has raised $15 million in its latest round of funding. The funding will allow the company to extend its insurance comparison insurance services, allowing it to provide consumers with better access to price comparisons and quotes. PolicyGenius specializes in life insurance, long-term disability insurance, renters insurance, and pet insurance. Companies like PolicyGenius are beginning to find more success in various markets and the overall insurance industry is beginning to take notice.
Funding will help PolicyGenius expand its services for consumers
Founded in 2014, PolicyGenius now accounts for nearly 800,000 users. The company provides advice and online quotes for policies that consumers are interested in. PolicyGenius also offers an application process that has won praise as being convenient and highly accessible, allowing many consumers to acquire the coverage that they need. The number of people that have purchased coverage through PolicyGenius has not been revealed, however. The company receives commission for policies it helps sell, but insurers do not pay for the consulting services offered by PolicyGenius.
Insurance industry is growing more inclusive of technology
The insurance industry is beginning to grow more accustomed to technology. A growing number of companies are beginning to become digital, using the Internet and other technologies to effectively engage consumers. Companies like PolicyGenius have been born from this interest in technology. As the insurance industry adapts, consumers are likely to find better services at their disposal.
Labor shortage may strike the insurance industry in coming years
The insurance industry may soon be grappling with a labor shortage in the near future. According to PolicyGenius, the average age of insurance agents in the United States is 59. As agents begin to retire, companies like PolicyGenius may be able to fill the gap left in the insurance industry. This may be good news, as there is a significant gap between the coverage that consumers need and what they actually have. According to data from Swiss Re, there is a $20 trillion gap in life insurance coverage in the United States alone.