Text-based insurance firm raises $2m in funding

A car insurance comparison service has raised $2 million with an offering that allows users to use text messages to buy insurance.

A car insurance comparison service has raised $2 million with an offering that allows users to use text messages to buy insurance.

Insurify makes recommendations for car insurance coverage through a text-based personal digital assistant called Evia, which aims to simplify the process of taking out a policy.

Snejina Zacharia, CEO of Insurify, said: “We barely have time to talk to our friends on the phone, never mind insurance agents. Yet buying insurance is still as bad as buying an airline ticket was 15 years ago, often requiring 40 minutes on the phone with an agent.”

Insurify allows customers to text in a photo of their car’s registration plate, the technology then starts an automated dialogue with the customer by text, even enabling them to ask questions. When the customer is satisfied with the insurance policy and price offered through the site, the system connects them with an advisor to make the payment.

“There is no service available that would allow you to enter your information once and get, ideally, some advice of what is the right coverage for your needs,” said Zacharia.

Launched in 2013 and now operating in 30 US states, the company has the facility to offer quotes from 82 different insurance carriers.