Policygenius, a tech-enabled platform for insurance distribution, closed $125 million of new growth capital, bringing the company’s total funding to more than $250 million.
The company will use the new capital to continue to invest in the growth of its core businesses of life, disability, home and auto insurance, as well as new no-exam life insurance offerings and Policygenius Pro.
“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,” said Policygenius CEO and Co-Founder Jennifer Fitzgerald in a company press release. “With the support of our new and existing investors, we’re excited to expand our already-large reach across the trillion-dollar insurance market.”
All existing major investors participated in the round, including KKR, Norwest Venture Partners and Revolution Ventures. New investors included several annuity and life insurance carriers in North America, like Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial and Pacific Life. The investment of these carriers came with additional investment by existing investors that included AXA Venture Partners and MassMutual Ventures.
As part of the financing round, ORIX Corporation USA’s Growth Capital group provided a new credit facility for the company to help finance its growth, and Policygenius refinanced its existing senior loan facility with JPMorgan Chase.
Policygenius is a digital platform for consumers to compare and purchase insurance. Since its founding in 2014, it has built integrations with insurance carriers and developed proprietary technology for quoting, underwriting and fulfillment. Earlier this year, the company announced the launch of its Policygenius Pro offering, which brings the Policygenius life insurance platform to B2B distribution partners.
Since its 2019 Series D financing, Policygenius has ramped up its investment in exclusive, integrated no-exam life insurance offerings to address the COVID-related impacts on life insurance medical exams and to improve the customer experience. In 2021 the company wrote $40 billion of new life insurance coverage, nearly 70 percent more than it wrote in 2019. The company’s home and auto insurance business has also grown, with new written premiums having increased more than six times from 2019 to 2021.