Insurify, a virtual insurance agent based in Cambridge, Massachusetts, has closed its purchase of Richmond’s Compare.com, a fellow insurance tech company.
Terms of the deal were not disclosed.
Insurify operates an AI-powered insurance comparison platform, allowing customers to compare and purchase a variety of policies online.
Compare.com is an online platform that allows consumers to receive side-by-side comparisons on auto insurance quotes with prices from more than 60 top carriers. Its founder and majority owner, Admiral Group PLC, is one of the U.K.’s leading auto insurers. The sale does not impact Admiral’s U.S.-based insurance business, Elephant.
“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,” Snejina Zacharia, founder and CEO of Insurify, said in a statement. “Together, our complementary insurance capabilities will continue to strengthen Insurify’s market position as we build the preeminent and most trusted digital insurance agent.”
When the deal was announced in early March, the companies said Allie Feakins, Compare.com’s CEO, is joining Insurify as senior vice president of insurance and will lead insurance operations at the combined company.