Per the report, Deloitte noted that outside investors are more geared toward funding rounds in the later stages. Approximately $4.36 billion was invested into InsurTech companies in the first three quarters of 2019, per Willis Towers Watson Plc. There has been a recent trend of investors backing insurance-related companies. KKR’s Allan Jean-Baptiste and Jake Heller will become part of the firm’s board with the new infusion. Fitzgerald said, per the report, “The company has reached an inflection point where it made sense to throw the proverbial fuel on the fire.” She added that the funding will “accelerate the very strong growth we were already seeing over the last three years.” CEO Jennifer Fitzgerald said the firm isn’t focused on an exit path through a sale or stock market offering, but has its eye on growth. Last year, the company added a second headquarters in North Carolina to join its New York location.
The company, which launched in 2014, has $60 million in annual revenue, Bloomberg reported. as well as venture capital operations powered by Massachusetts Mutual Life Insurance Co., Transamerica and Axa SA. As it aims to invest in adding products and hiring more staff, InsurTech firm Policygenius notched $100 million from investors, with the inclusion of KKR & Co.
