Nationwide makes another investment in Insurify
Company recently partnered with Nationwide on Digital Brokerage Solution platform
Fresh on the heels of their recent partnership announcement, Nationwide is deepening its relationship with virtual insurance agent and comparison platform company Insurify with a new venture capital investment. The investment is part of Insurify’s Series B $100 million fundraise and is Nationwide’s third venture investment in the Cambridge, Massachusetts company since it was founded in 2013.
In June, the two companies announced a digital partnership that provides Nationwide customers with a choice-shopping experience complete with car insurance quotes from multiple insurers through Nationwide’s Digital Brokerage Solution. Through the platform built by Insurify, customers have access to a tailored car insurance purchase experience, allowing them to compare car insurance quotes, coverage, and policies from Nationwide and other insurance companies at the same place. Customers can then buy the policy of their choice either online or over the phone. Over time, Nationwide’s Digital Brokerage solution will be available to customers and partners in all states.
“We’ve seen a positive response to the Digital Brokerage Solution launch and continue to work closely with Insurify to increase its availability,” said Angie Klett, senior vice president of Nationwide Corporate Development. "Expanding on a relationship with a great insurtech partner like Insurify is a win for both our organization and our customers.”
Insurify will use proceeds from the venture capital investment to expand its operations and accelerate its growth initiatives. This includes further scaling and diversifying its insurance product through expanding its direct quoting integrations across all insurance verticals, pursuing more embedded insurance opportunities, expanding product functionality to deepen its relationship with new and existing customers beyond the point of purchase, strengthening brand awareness, and increasing hiring efforts.
“Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry. We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product,” said Snejina Zacharia, founder and CEO of Insurify. “We’re very excited to deepen our partnership with Nationwide as we further strengthen our trusted brand loved by millions of customers and achieve our growth targets.”
Nationwide’s investment in Insurify is through the company's $350 million venture capital fund.
Nationwide’s venture capital journey
Nationwide’s venture capital investments are directed into insurance and financial services startups with high-growth potential that directly advance Nationwide’s strategy to provide even greater customer value.
To date, Nationwide’s venture capital team has invested in nearly 30 companies, including Extend, Beam Dental, Health Gorilla, HOVER, Indico, and Deep Sentinel. The team has also helped to facilitate more than 30 partnerships between startups and Nationwide business units.
Tech startups interested in partnering with Nationwide can visit www.nationwideventures.com for more information.
Nationwide’s Corporate Development mission
Nationwide recently aligned Corporate Development capabilities to include the venture capital, mergers and acquisitions, and strategic partnership teams. These groups look for unique collaboration opportunities that help business units meet new or developing customer needs. These collaborations are enabled by Nationwide’s best-in-class digital infrastructure, which allows Nationwide to provide a unique digital experience for partners and their customers.