Who are they?
U.S. based car insurance comparison site Insurify is a fintech start up with founders from Trip Advisor and Kayak that aims to bring “the hotel shopping experience you love to car insurance”. The complexity of the U.S. market, where mandated coverage levels vary by state, has resulted in a tech-led approach that brings some new features to comparison sites we’re all familiar with here in the UK.
How do they operate?
Insurify wants to be more than a simple lead generator. According to its founder, Snejina Zacharia, the company is a technology and marketing partner for the industry, with features to help take insurance to the next level.
While they have direct competition from the likes of The Zebra, the company is lean, young and making waves with its tech-led, rather than insurance-led, approach.
What makes Insurify different?
It’s all about the tech, really. With Evia, its AI-fuelled virtual broker, you can text a photo of your licence plate for an instant quote. Alternatively, use the Evia’s Facebook Messenger chatbot to have a more guided approach to a quote (see screen grab below). Both of these features show the personalised approach to car insurance that drives Insurify, taking car insurance to the platforms where people already spend their time.
While it’s easy to be dazzled by the innovative tech, the basics are solid too. Their website is simple and clean, which isn’t always the case with comparison sites. With each new piece of information you enter, the savings estimate and percentage of accuracy changes, giving you confidence and transparency about what details affect their premium.
What does it mean for the industry?
With our industry exploring the limits of personalisation, and the role tech plays in this, Insurify is one to watch for inspiration. They’re in a crowded market, but its lean structure, healthy funding and tech-focused founders could pave the way for more innovation. They’re unburdened by industry-focused complexity, which is where real disruption can happen.