View this article online: https://www.insurancejournal.com/news/southeast/2019/09/25/541073.htm
Online insurance platform Policygenius plans to open a new technical and operations center in Durham County, North Carolina, according to a statement from Governor Roy Cooper.
Policygenius’ new location plan calls for the creation of at least 377 jobs over several years and an investment of nearly $6 million in the region.
“Policygenius joins a growing number of high-tech firms choosing the Research Triangle because of North Carolina’s ability to meet their talent needs. Our high-tech workforce continues to be a big reason for our state’s growth,” said Cooper.
Policygenius, founded in 2014 with headquarters in New York City, is an independent insurance broker with an online platform that helps people shop and compare insurance plans from a range of providers. The company offers a variety of insurance products, including health, vision, homeowners, and life insurance.
Cooper’s office says average salaries for the positions at Policygenius will be over $72,000.
“Being an up-and-coming tech hub, North Carolina was a logical choice for us,” said Jennifer Fitzgerald, CEO and co-founder of Policygenius. “We’re proud to bring our second headquarters here. The strong support of the state is critical for the success of businesses like ours and we’re excited for what’s to come.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s decision.
Policygenius’ project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by nearly $1.6 billion. PolicyGenius could get up to $5 million over 12 years in cash payments from North Carolina if it meets job-creation and investment thresholds. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
Because Policygenius chose to locate in Durham County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $1,665,750 into the state’s Industrial Development Fund – Utility Account, the governor’s office said. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.
Even when new jobs are created in a Tier 3 county such as Durham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
Source: North Carolina Governor Roy Cooper’s Office