Steve Case’s Revolution Ventures is backing PolicyGenius, a consumer-facing service that helps people shop for health and other types of insurance.
Brooklyn, New York-based PolicyGenius, founded in July 2014, has closed a $15 million Series B round of venture capital, led by Revolution Ventures. To date, the company has raised more than $21 million.
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“PolicyGenius is using online tools and data to give people more choice, control and convenience when making such an important life decision [as buying insurance]. It’s precisely the kind of company we like to back at Revolution, and our team at Revolution Ventures is proud to be leading this investment round,” Case said in a prepared statement.
The PolicyGenius platform walks consumers through an interactive questionnaire to help determine their insurance needs, and provides quotes based on the results. It then offers side-by-side comparison shopping and online purchases.
Users can shop for health plans, as well as long-term disability insurance, life insurance, renters’ insurance and pet coverage on the site.
“We’re bringing transparency to the insurance industry and empowering consumers to make the right decisions for their needs,” said Jennifer Fitzgerald, PolicyGenius co-founder and CEO, said. “Millions of Americans are not being served by the current distribution model, so we’re changing that.”
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For an idea of the demographic PolicyGenius is chasing, different pages on the company’s website contain lyrics from various songs, including those by Bruce Springsteen, Queen and Notorious B.I.G. Then again, the company is based in Brooklyn, so it may all be ironic.
