JENNIFER FITZGERALD

The U.S insurtech sector is abuzz with activities. The technology-powered innovative approach is reshaping the insurance industry. Among the most significant technological trends include machine learning, artificial intelligence, telematics, and so on. The large-scale incorporation of technology has transferred almost all aspects of the insurance industry. With the technological upgrade, customers will be able to leverage improved and innovative multi-channel customer experience. Investors are noticing the trends in insurtech. For example, V.C. investments have grown faster than public-market or private equity funding. As a result, more investments are expected from private-equity investors, and the capital flowing into the insurtech sector is expected to grow even more. All these trends and developments have further placed insurtech firms under immense pressure to excel.

“At some point, people want to talk to a human who knows what they are talking about, even if it is only to validate their decisions”

The movements indicate that Insurtech firms are making financial and technological steps to excel. Many have chosen to scale independently, whereas others have joined with incumbents. Many technology experts are spearheading these changes. However, people at the forefront of the latest industry developments are trying to leverage the technological revolution for the comprehensive development of insurtech. Therefore, insurtech experts need to focus beyond their critical abilities and on the industry’s overall development. Insurtechs are taking differentiated processes and technologies into their core areas. As a result, sources of revenue generation opportunities drive profitable growth. A prominent name among the current key insurtech players is Jennifer Fitzgerald, Co-founder, and CEO, of Policygenius.

A WOMAN WITH A POSITIVE OUTLOOK

Jennifer Fitzgerald has always been optimistic about the immense potential that insurtech has. She was one of the industry pioneers to recognize the importance and hidden possibilities in the Insurtech sector. She founded Policygenius about a decade ago. Today, the company’s name features among the top insurtech firms in the U.S.

POLICYGENIUS

Jennifer founded Policygenius around a decade ago. She ended her lucrative consulting role to start the firm with Francois de Lame, her business partner. The initial days were not easy for the duo as investors were apprehensive about investing in a new firm. Yet, the hard work finally paid off, and the firm now caters to more than 35 million users. In addition, she is one among the four women Fintech founders to raise more than 50mn in funding.

She says, “You cannot over-invest in finding and retaining the best people.” This approach has helped her achieve success with Policygenius. Policygenius functions as a one-stop platform that allows customers to compare top insurance options, procure unbiased expert advice, procure policies, and manage their insurance portfolio. All these actions can be given an integrated and seamless experience.

In 2014, Jennifer and Francois launched a start-up, KnowItOwl. Although the name couldn’t last long, the idea survived. The rebranded Policygenius had, by next year, been catering to more than 8,00000 people who were in search of the best-fitting insurance for them. Policygenius focuses on following up with clients with nopressure emails or texts after they have submitted initial details. Customers are also invited to schedule phone calls provided they have queries on policy details. “Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $160 billion in coverage from our headquarters in New York City and Durham, North Carolina”, says the official website.

EARLY DAYS

Fitzgerald was a student at Graham High School in Virginia. Later, she went to Florida State University, followed by Columbia Law School. “I decided that law school would be a more useful path and give me more options than a business school,” informs Fitzgerald She began her professional career as part of McKinsey and Company in 2008. She co-founded Policygenius in 2014. Policygenius has disrupted the insurance business by enabling an alternative option to tackle hidebound brokers. As a result, it is easier to compare websites while shopping for health, disability, life insurance, home, and auto. “At some point, people want to talk to a human who knows what they are talking about, even if it is only to validate their decisions,” says Jennifer. This approach has forced her to extend a personal touch to Policygenius.

AWARDS

• Ernst and Young Entrepreneur of the Year, New York, in 2019

• 100 Most Creative People in Business, Fast Company’s

The USA insurance sector is the largest one globally. More than 40% of worldwide insurance premiums belong to the U.S. insurance sector. Moreover, many start-ups choose the U.S. insurance sector to experiment and disrupt the current scenario for better growth.