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 develop Insuritas’ insurance coverage product portfolio and leverage VIU by HUB’s superior analytics platform to supply 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 the earth. Monetary phrases of the deal weren’t disclosed.
VIU is a digital insurance coverage firm that gives a variety of insurance policies, together with auto insurance coverage, householders insurance coverage, second dwelling 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 offers customers quotes rapidly and gives 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 permit us to quickly develop custom-made 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 means to reinforce [clients’] gross sales and repair capabilities and sources 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 current operations, with out taking over any of the operational threat.
For Insuritas’ present company purchasers, the acquisition is sweet information, as it should make out there the widest number of insurance coverage merchandise supplied by the biggest assortment of insurance coverage carriers of any impartial company advanced within the U.S. Moreover, Insuritas can have entry to VIU by HUB’s agent sources and can have the ability to mix VIU by HUB’s analytics platform with its embedded company expertise, offering finish prospects 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 house. By leveraging embedded insurance coverage fashions and superior analytics, these companies are making strides in modernizing a historically slow-moving business.
Photograph by Mike Fowl
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