Insuritas’ Growth Scales with the Popularity of Insurtech
By Finovate
Insurance marketplace solutions company Insuritas released some key growth metrics this week. The Connecticut-based company announced that 2016 marked its third consecutive year of growth.
Below are the company’s 2016 metrics:
- Its total addressable market with bank and credit union partners grew by 42.4%
- Policy sales grew by 33.7% in 2016
- Its platform is now available to 7.4+ million retail households and 1.2+ million small businesses
- Clients include banks and credit unions ranging in size from $25 million to $70+ billion
In the release, Insuritas COO Matt Chesky said, “as the traditional brick and mortar agency system continues to decline, we are relentlessly focused on enabling our clients to capture an increasing share of that business.” The company attributes its success to its three main offerings:
- LoanINSURE, which enables banks to offer insurance quotes with every loan transaction
- InsureNOW, which helps customers quote their insurance at their policy’s renewal
- E-InsuranceAISLE, an online insurance agency that allows customers to shop, compare and buy policies within their bank’s website
At FinovateSpring 2014, the company’s CEO Jeffrey Chesky, and then-SVP Matt Chesky debuted SmartCART, a technology that allows banks to host an online market for financial products within its own website. The marketplace lets consumers shop, compare and buy consumer and small business insurance products from multiple carriers.
Founded in 1998, Insuritas most recently teamed up with Kentucky-based Paducah Bank. Through the partnership, Insuritas will power the bank’s Paducah Insurance Agency, which is expected to drive fee income.
First appeared at Finovate
