CAMBRIDGE, Mass.--(BUSINESS WIRE)--Insurify is the 2016 ACORD Insurance Innovation Challenge Startup Disruptor. The ACORD Innovation Challenge is a prestigious competition, recognized throughout the insurance industry worldwide. The ACORD Award is presented annually to businesses with the most outstanding achievements in insurance innovation in the areas of technology, operations and distribution channels.
Insurify won with the first virtual insurance agent which uses artificial intelligence and natural language processing to simplify the shopping experience and disrupt insurance distribution network. Category finalists included Roost - smart battery start up, Domotz - app for connected home, Sitata, Smart Driving and Concordata.
The company has been recognized as the largest insurance marketplace in the USA, growing profitably with 42% increase in closed policies month over month.
“There more than 250M insured vehicles in the USA and 75% of the insured are searching for insurance online with 65% reporting they will switch if they had an easy way to compare and buy. The mobile searches for car insurance has grown 4.5 times for the last 4 years. Insurify is filling the existing gap of comparison shopping tools by bringing the top carriers across all 50 states under one roof,” says Insurify Founder and CEO, Snejina Zacharia.
"Insurify has adopted the ACORD standards and vision at every level of product innovation and development," said Zacharia. "The award is a testament for our efforts to make the insurance value chain much more efficient by leveraging our advance RateRank™ algorithms and providing a single view to the customers across the value chain."
The mobile-first platform is powered by advanced analytics which continuously optimize the user experience for user value. Insurify provides the fastest way to compare and buy insurance in the insurance industry - it only takes 2 minutes to complete a quote. Insurify’s advanced recommendation engine helps consumers select the best type of coverage for their personal risk profile and select from the best insurance for their needs.