Wikipedia
PolicyGenius was founded in 2014 by two former McKinsey consultants, Jennifer Fitzgerald and Francois de Lame, who saw a gap and dissatisfaction in the insurance industry.
PolicyGenius clients have access to advice through the company's insurance quoting platform. The platform provides personalized quotes, as well as side-by-side comparison of insurance policies from dozens of the country's insurance providers.
According to a LIMRA report, 132 million Americans rely on life insurance to protect their financial security, but the country is still facing a $20 trillion life insurance gap due to four key issues: lack of insurance understanding, overestimating the cost of insurance, lack of access based on an aging broker workforce and lack of online tools and an economic shift to a freelance workforce. Adding to the issue the Federal Reserve found that 47% of households couldn't cover an emergency expense of $400. Additionally, 62% of all personal bankruptcies were attributed to medical costs according to a Harvard study. Although many of these financial hardships could have been avoided with proper insurance, only 44% of individual American households have life insurance.
Insurance tech companies have made a big splash for their efforts to disrupt the insurance industry recently. CB Insights claims insurance tech companies have raised $2.12B between 2010 and 2015 to tackle this issue.