Digital insurance agency Nsure.com said today it secured a strategic investment from insurance-focused fund Pelican Ventures, a private firm founded by Renaissance Re founder Jim Stanard and TigerRisk founder Rod Fox.
Fox has agreed to join Nsure’s advisory board.
The investment amount was not disclosed.
Nsure, founded in 2018, provides personal lines coverage in all 50 states with 50+ carriers.
“We couldn’t find better investors,” says Adrian Dzielnicki, CEO of Nsure.com. “In addition to their investment, Pelican’s experience as extraordinarily successful entrepreneurs and innovators in their own right will help us revolutionize the way Americans buy insurance.”
Nsure.com uses big data, robotic process automation, machine learning and artificial intelligence to help consumers shop for auto or home insurance, and buy and bind policies in minutes. In addition, agents are also available.
“Nsure.com, because of its highly advanced technology, ease of use and personal touch, is the only multicarrier complete end-to-end distribution source of its kind that we have found,” says Rod Fox, Pelican board member. “Today, less than 5% of personal lines polices are actually purchased on line. The overwhelming majority of personal lines are still handled in a traditional fashion through agents. That’s going to change.”
“Personal lines, especially homeowner’s, is particularly difficult because there are so many insurance carriers offering so many kinds of coverages at different costs. Our solution was to integrate customer preferences with carrier’s needs. There are some aggregators and direct writers who call themselves digital,” says Dzielnicki. “However, these other players lack the ability to provide a wide array of potential carriers or the capability to bind a policy on line. Only Nsure enables users to search, transparently compare quotes, shop and bind.”
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