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Insurance-as-a-Service company Insuritas has been acquired by VIU by HUB, a division of HUB International, one of the world’s largest insurance brokers.
The acquisition will expand Insuritas’ insurance product portfolio and leverage VIU by HUB’s advanced analytics platform to provide more personalized customer experiences.
Financial terms of the deal were not disclosed.
Insurance-as-a-Service company Insuritas has been acquired by VIU by HUB, a division of HUB International, which is the fifth largest insurance broker in the world. Financial terms of the deal were not disclosed.
VIU is a digital insurance company that offers a range of policies, including auto insurance, homeowners insurance, second home insurance, renters’ insurance, toy insurance, life insurance, umbrella insurance, financial security, and family plans and policies. The Chicago-based company provides users quotes quickly and offers a platform where clients can sync all their personal policies from across carriers in one place.
“This acquisition marks an exciting new chapter in our journey and will allow us to rapidly expand customized insurance solutions,” said Insuritas CEO Jeff Chesky in an emailed statement. “By joining forces with VIU by HUB, we are amplifying our ability to enhance [clients’] sales and service capabilities and resources with state-of-the-art digital analytics tools.”
Insuritas was founded in 1998 and has since raised $10 million. The Connecticut-based company’s unique model allows banks and credit unions to own and embed a digital insurance agency within their existing operations, without taking on any of the operational risk.
For Insuritas’ current agency clients, the acquisition is good news, as it will make available the widest selection of insurance products offered by the largest collection of insurance carriers of any independent agency complex in the U.S. Additionally, Insuritas will have access to VIU by HUB’s agent resources and will be able to combine VIU by HUB’s analytics platform with its embedded agency technology, providing end customers more personalized experiences.
The insurance subsector remains among the least disrupted in fintech, but that is beginning to change as digital-first insurtech companies like Insuritas and VIU by HUB drive innovation in the space. By leveraging embedded insurance models and advanced analytics, these firms are making strides in modernizing a traditionally slow-moving industry.
Photo by Mike Bird
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