Insuritas launches i-Insure platform with property and casualty carriers
Insuritas
Insuritas has launched its i-Insure platform with 42 auto and home insurance carriers in the US, writes David Penn at Finovate (Banking Technology‘s sister company).
“We have built powerful, trusted partnerships with the nation’s leading auto and home insurance carriers, and have emerged as one of the fastest growing insurance distributors in the country with our third consecutive year of 40%+ growth in profitable premium,” says Insuritas CEO Jeff Chesky.
i-Insure enables property and casualty (P&C) carriers to access more than 180 fields of data to deliver bindable rates within the firm’s virtual agency platform that reaches more than nine million retail households. The technology gives carriers the ability to drive and promote specific innovations and products to customers and is integrated with Insuritas’ partner bank and credit union loan origination and online banking platforms.
“As our bank and credit union partners deploy our virtual insurance agency platforms deeper inside their ecosystems, and leverage their trusted customer and member relationships, we can now further refine personalised insurance shopping and buying to the over nine million customers in our addressable market,” Chesky states.
A popular choice for banks and credit unions looking to add insurance services to their offerings, Insuritas has teamed up with financial institutions from across the country including Indiana’s Owen County State Bank ($201 million in assets), Michigan’s Marshall Community Credit Union, and Ohio’s Independent Bank ($2.6 billion in assets) in H2 2017.
The company’s platform leverages data analytics, robotic process automation, machine learning and artificial intelligence (AI) to help insurance carrier’s “further refine their products, pricing and conversation rates”, says Insuritas CTO Tracy O’Brien. “A year in the making in collaboration with our carrier partners,” O’Brien adds, “i-Insure is a unique, agnostic multichannel middleware that allows our carrier partners to deploy their innovations in real-time.”
Insuritas was founded in 1998 and is based in the US state of Connecticut. Its SmartCART platform enables online banking customers to shop for financial products inside a bank or credit union’s online ecosystem, giving consumers an Amazon-like shopping, single-click checkout and after-sale online account management experience.
The company has raised more than $10 million in funding to date.
