Insuritas Reports Third Consecutive Year of Record Organic Growth Across Core Metrics
For the third year in a row, Insuritas achieved record organic growth with its Credit Union and Bank partners nationally.
The company’s total addressable market with its bank and credit union partners grew by 42.4% in 2016. The Insuritas award winning agency platform is now available to over 7.4 million retail households and over 1.2 million small businesses. Insuritas clients include Banks and Credit Unions ranging in asset size from $25M to over $70B in assets. Organic policy sales grew by 33.7% in 2016, ranking Insuritas as the nation’s leading organically growing auto, home and small business insurance platform for financial institutions in the US.
The company’s success has been attributed to its three core insurtech innovations; LoanINSURE, which enables the delivery of insurance quotes with every loan transaction; InsureNOW, which provides customers a seamless way to quote their insurance at their policy’s renewal; and E-InsuranceAISLE, the nation’s only turn-key online insurance agency that allows customers to shop, compare and buy policies within a financial institutions online web presence.
Tracy O’Brien, Chief Digital Officer for Insuritas noted, “Our award winning Virtual Agency platform operates entirely inside our partners’ brand – the agency platform is the only one of its type, featuring a full suite of insurance products where customers can come to shop, compare, and buy insurance as a natural extension of their trusted relationship with their financial institution. Visitation, shopping and buying rates continue to skyrocket.”
Matt Chesky, Chief Operating Officer for Insuritas noted; “Fueling recurring fee income growth for our partners is our only priority. 100% of our partners’ 7.4 million retail households and 1.2 million small businesses buy insurance from someone every year, and as the traditional brick and mortar agency system continues to decline, we are relentlessly focused on enabling our clients to capture an increasing share of that business.”
Insuritas deploys large, private labeled ‘Virtual Insurance Agencies’ that connect consumers and small businesses to all insurance products in a frictionless shopping experience, eliminating the industry’s legacy distribution & technology platforms. These Agencies are deployed inside financial institutions that have large pools of existing customers, deep brand equity, control of NPI customer data, high online customer engagement, and engage in business activities that often trigger an insurance need. The Agencies are referred to as ‘Insurance Aisles’. Insuritas pioneered the deployment of virtual “private labeled” insurance agencies that are integrated into bank and credit union operating environments – currently connected to over 7.4 million consumers and 1.2 million small businesses. Additional information is available at www.insuritas.com