News from the US car insurance sector;
Insurance technology platform Trellis Technologies, Inc., announced it has raised $10 million in Series A funding led by QED Investors with participation from existing investors NYCA Partners and General Catalyst.
Trellis provides secure, digital solutions that help consumers get the most value from their car and home insurance. This new investment will support accelerated hiring, expanding partnerships and development of new products.
In the $250 billion U.S. market for car insurance, 75 percent of consumers shop online for car insurance, but only 20 percent buy their policy online. Trellis is solving this problem by developing the easiest way for consumers to securely access and compare their existing coverage in order to make smarter and more confident decisions online.
Trellis has already helped more than one million consumers compare new quotes to their existing coverage. Trellis’ enterprise solutions have caught on with digital marketers at leading P&C carriers, who use the platform to find new customers and to deliver personalized sales experiences. Trellis now counts direct or indirect relationships with nine of the largest ten car insurers in the country – enabling more and better choices than competing insurtech platforms.
Launched in early 2020, Trellis’ recommendation platform, Savvy, has seen rapid adoption by fintech apps and digital media publishers. As these companies work on democratizing access to quality financial services, Savvy has made it easy for them to deliver in-app insurance insights that serve their users in new ways while also adding sales commissions as a revenue stream supporting their growth.