4 December 2020Insurance

Travelers buys insurtech InsuraMatch

US-based property/casualty insurer Travelers Companies is acquiring InsuraMatch, a digital independent insurance agency, from the Plymouth Rock Group of Companies.

InsuraMatch platform enables consumers to compare offerings from more than 40 carriers across the US. With a focus on personal insurance, it offers coverage for auto, home, boat, motorcycle, renters, umbrella and flood, among others.

InsuraMatch will continue to operate independently and manage all carrier partnerships.

Founded in 2014 as part of Plymouth Rock, InsuraMatch operates as an autonomous business unit. In 2019, it produced nearly $32 million in premiums.

Encharter Insurance, Plymouth Rock’s Massachusetts-based brokerage, will not be included in the transaction and will remain a part of the Plymouth Rock Group of Companies.

The transaction is expected to close in the first quarter of 2021.

Michael Klein, president of personal insurance at Travelers, said: “We continue to invest in the talent and technology that will allow us to best serve our customers and bring strategic capabilities to our agents and brokers in an increasingly digital environment. InsuraMatch’s scalable technology platform will complement our efforts to meet customers where they are, give them what they need and serve them how they want.”

Len Mariani, SVP of national markets for personal insurance at Travelers, added: “InsuraMatch combines a sophisticated technology platform with extensive carrier relationships to create personalized online insurance shopping experiences for customers. We’re looking forward to providing their knowledgeable staff and leadership team with the tools and resources they need to realize the full potential of their offering.”

Marc Buro, chief executive officer of InsuraMatch, commented: “We have been steadily building our business over the past several years and are excited to enter this next phase with the support of Travelers. Our talented team and proven technology, paired with Travelers’ expertise and financial strength, will enable us to continue our growth while enhancing the customer experience.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
9 March 2021   The property/casualty insurer has partnered with digital solutions provider Westhill.
Insurance
3 August 2020   The insurer seeks to provide more coverages and risk management solutions including fraud and reputation harm.
Insurance
30 September 2019   Cyber risks are the top concern among businesses of all sizes, but nearly half of them still don't have proper insurance coverage or risk management measures in place to address possible exposures, reveals a new survey by property/casualty insurer Travelers.