Insurance coverage-as-a-Service firm Insuritas has been acquired by VIU by HUB, a division of HUB Worldwide, one of many world’s largest insurance coverage brokers.
The acquisition will increase Insuritas’ insurance coverage product portfolio and leverage VIU by HUB’s superior analytics platform to offer extra customized buyer experiences.
Monetary phrases of the deal weren’t disclosed.
Insurance coverage-as-a-Service firm Insuritas has been acquired by VIU by HUB, a division of HUB Worldwide, which is the fifth largest insurance coverage dealer on this planet. Monetary phrases of the deal weren’t disclosed.
VIU is a digital insurance coverage firm that provides a variety of insurance policies, together with auto insurance coverage, owners insurance coverage, second house insurance coverage, renters’ insurance coverage, toy insurance coverage, life insurance coverage, umbrella insurance coverage, monetary safety, and household plans and insurance policies. The Chicago-based firm gives customers quotes rapidly and provides a platform the place purchasers can sync all their private insurance policies from throughout carriers in a single place.
“This acquisition marks an thrilling new chapter in our journey and can enable us to quickly increase personalized insurance coverage options,” mentioned Insuritas CEO Jeff Chesky in an emailed assertion. “By becoming a member of forces with VIU by HUB, we’re amplifying our skill to reinforce [clients’] gross sales and repair capabilities and assets with state-of-the-art digital analytics instruments.”
Insuritas was based in 1998 and has since raised $10 million. The Connecticut-based firm’s distinctive mannequin permits banks and credit score unions to personal and embed a digital insurance coverage company inside their present operations, with out taking over any of the operational threat.
For Insuritas’ present company purchasers, the acquisition is sweet information, as it should make obtainable the widest choice of insurance coverage merchandise provided by the biggest assortment of insurance coverage carriers of any unbiased company complicated within the U.S. Moreover, Insuritas can have entry to VIU by HUB’s agent assets and can be capable of mix VIU by HUB’s analytics platform with its embedded company expertise, offering finish clients extra customized experiences.
The insurance coverage subsector stays among the many least disrupted in fintech, however that’s starting to vary as digital-first insurtech firms like Insuritas and VIU by HUB drive innovation within the area. By leveraging embedded insurance coverage fashions and superior analytics, these corporations are making strides in modernizing a historically slow-moving business.
Photograph by Mike Chook
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