Virtual insurance agency Insurify has announced that it has completed its acquisition of Inspop USA and its subsidiary, Compare.com Insurance Agency, a US online auto insurance comparison market.
Compare.com was founded by Admiral Group, a UK auto insurer. Admiral will retain a minority stake in the company and continues to serve as a strategic shareholder.
“We’re thrilled to welcome the talented Compare team, and the well-established brand and proven technology into Insurify,” said Snejina Zacharia (pictured above), founder and CEO of Insurify. “This combination allows Insurify to realize the benefits of the respective brands, platforms and operations to effectively deliver next-generation solutions to consumers and carrier partners. Together, our complementary insurance capabilities will continue to strengthen Insurify’s market position as we build the preeminent and most trusted digital insurance agent.”
“I’m really proud of everything that Compare.com has achieved over the last decade,” said Costantino Moretti, head of international insurance at Admiral Group. “This acquisition is a positive outcome, but it’s always sad to see valued colleagues leave the Admiral family. On behalf of Admiral, I would like to thank our Compare.com colleagues for their contribution to the group and their unwavering commitment to customers, and wish them all the best as they enter this new phase.”
The transaction, which was announced earlier this month, does not impact Admiral’s US-based insurance business, Elephant.
Insurify was launched in January of 2016 and won ACORD’s Start-Up Disruptor Award that year for developing a service that used artificial intelligence and natural language processing to simplify insurance shopping.
Have something to say about this story? Let us know in the comments below.
