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Policygenius, the prominent fintech leader in the insurance distribution sector, has successfully closed a Series E funding round, securing an impressive $125 million in new growth capital. This latest investment brings Policygenius’s total funding to over $250 million.
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Notably, all major existing investors enthusiastically participated in this funding round, including KKR, Norwest Venture Partners, and Revolution Ventures. Additionally, Policygenius welcomed new investors into the fold, including some of the largest annuity and life insurance carriers in North America, such as Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, and Pacific Life.
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This collective support from insurance industry giants, along with renewed investments from existing backers like AXA Venture Partners and MassMutual Ventures, underscores the industry’s confidence in Policygenius’s track record and its visionary approach. As part of this funding initiative, ORIX Corporation USA’s Growth Capital group extended a new credit facility to support the company’s growth, and Policygenius also refinanced its existing senior loan facility with JPMorgan Chase.
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Policygenius stands as the premier digital platform that empowers consumers to compare and purchase insurance seamlessly. Since its establishment in 2014, the company has established integrations with the most reputable insurance carriers in the industry while developing proprietary technology for quoting, underwriting, and fulfillment.
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Earlier this year, Policygenius unveiled its Policygenius Pro offering, which extends the capabilities of the Policygenius life insurance platform—including cutting-edge software, an extensive carrier selection, and award-winning operations—to B2B distribution partners.
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Building on its 2019 Series D financing, Policygenius significantly augmented its investment in exclusive, integrated no-exam life insurance options, addressing the pandemic’s impact on life insurance medical exams and enhancing the customer experience. In the past two years, the company’s no-exam life insurance segment has grown by an astounding 30 times in volume. In 2021 alone, Policygenius underwrote $40 billion in new life insurance coverage, nearly a 70% increase compared to 2019. The company is on track to become the primary distribution platform for term life insurance this year.
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Policygenius has also witnessed substantial growth in its home and auto insurance division, with newly written premiums surging more than sixfold from 2019 to 2021. Notably, Policygenius remains the sole tech-enabled brokerage and distribution platform to successfully expand its offerings across life, home, and auto insurance.
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This new infusion of capital will enable Policygenius to sustain its investment in core businesses such as life, disability, home, and auto insurance, in addition to advancing its offerings in no-exam life insurance and Policygenius Pro.
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Jennifer Fitzgerald, CEO and co-founder of Policygenius, expressed her excitement about the company’s continued growth, stating, “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. With the support of our new and existing investors, we’re excited to expand our already-large reach across the trillion-dollar insurance market.”
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Policygenius recently achieved its second Stevie Award for exceptional customer service, underscoring its industry-leading customer experience. Furthermore, Forbes recognized Policygenius as one of the Best Startup Employers for the third consecutive year.
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Policygenius revolutionizes the insurance journey for modern consumers, offering a unified platform where individuals can compare options from top insurance carriers, receive impartial expert advice, purchase policies, and manage their insurance portfolio seamlessly, all in one integrated experience. The company’s proprietary technology platform seamlessly integrates with leading life, disability, home, and auto insurance providers, delivering an outstanding digital experience for both consumers and insurance carriers. Since its inception in 2014, Policygenius has provided content, digital tools, and expert guidance to millions of individuals on their insurance journeys, facilitating the sale of more than $160 billion in coverage.