Insurance marketplace Policygenius expands its own product offering into home and auto insurance. In addition to home and auto, the company also offers other insurance products like life, disability, and pet insurance.
These new products from Policygenius include a personalized shopping experience where expert agents handle the entire, end-to-end process of switching policies, including the paperwork that comes with applying for a new policy or cancelling an existing policy.
What's the big deal: One in three Americans has never re-shopped for home or auto insurance.
That means policyholders could be leaving money on the table, according to a new survey conducted by Policygenius. Insurers frequently re-rate policies and on occasion, that could lead to lower premiums.
According to the company, during its soft launch, Policygenius found that more than half of customers found a better policy and saved an average of $600 per year by switching.
“If you aren’t shopping your insurance policies, you could be leaving money on the table,” said Jennifer Fitzgerald, CEO and co-founder of Policygenius. “We’ve made it easier than ever for people to get a new or updated policy and receive unbiased guidance. This way, people can get the coverage they need and get back to their busy lives.”
Many online insurance options: Policygenius is one of a growing number of options people have to shop for auto insurance online. In addition to incumbents with digital options, Metromile and Clearcover offer modern car insurance policies delivered digitally.
Go deeper: Clearcover’s Kyle Nakatsuji: ‘Transformational insurance companies are built on fundamental shifts in cost’