When you are a company like Insuritas it can be a challenge to make a big news splash. A frequent deal-maker, the insurtech headlines are filled with news of financial institutions that Insuritas has partnered with, enabling them to market and sell insurance products to their customers as easily as their own banking products.
And that makes today’s news that much more special. Insurtias has announced today that it has successfully launched its i-Insure platform with 42 of the leading auto and home insurance carriers in the U.S.
“We have built powerful, trusted partnerships with the nation’s leading auto & home insurance carriers, and have emerged as one of the fastest growing insurance distributors in the country with our third consecutive year of 40%+ growth in profitable premium,” Insuritas CEO Jeff Chesky said.
i-Insure enables property & casualty carriers to access more than 180 fields of data to deliver bindable rates within the firm’s virtual agency platform that reaches more than nine million retail households. The technology gives carriers the ability to drive and promote specific innovations and products to customers and is integrated with Insuritas’ partner bank and credit union loan origination and online banking platforms.
“As our bank and credit union partners deploy our virtual insurance agency platforms deeper inside their ecosystems, and leverage their trusted customer and member relationships, we can now further refine personalized insurance shopping and buying to the over 9 million customers in our addressable market,” Chesky explained.
A popular choice for banks and credit unions looking to add insurance services to their offerings, Insuritas has teamed up with FIs from across the country including Indiana’s Owen County State Bank ($201 million in assets), Michigan’s Marshall Community Credit Union, and Ohio’s Independent Bank ($2.6 billion in assets) in the second half of 2017 alone. The company’s platform leverages data analytics, robotic process automation, machine learning and artificial intelligence to help insurance carrier’s “further refine their products, pricing, and conversation rates,” said Insuritas CTO Tracy O’Brien. “A year in the making in collaboration with our carrier partners,” O’Brien said, “i-Insure is a unique, agnostic multichannel middleware that allows our carrier partners to deploy their innovations in real-time.”
Founded in 1998, Insuritas demonstrated its SmartCART technology at FinovateSpring 2014. The SmartCART platform enables online banking customers to shop for financial products inside a bank or credit union’s online ecosystem, giving consumers an Amazon.com-like shopping, single-click checkout, and after-sale online account management experience. The company, which is headquartered in East Windsor, Connecticut, has raised more than $10 million in funding.
