Personal insurance shopper app Jerry emerges from stealth with $57M in funding to save customers money with its AI-powered insurance comparison engine
According to data from S&P Global Market Intelligence, the U.S. insurance industry net premiums written totaled $1.32 trillion in 2019, with premiums recorded by property/casualty (P/C) insurers accounting for 48 percent, and premiums by life/annuity insurers accounting for 52 percent. In the insurance category alone, more than 70% of U.S. drivers renew their policies without comparing prices and miss out on potential savings.
Enter Jerry, a Palo Alto, California-based InsurTech startup that is removing existing time- and money-saving barriers by making insurance shopping effortless. Using its AI- and machine-learning-based car insurance comparison engine, Jerry saves customers time and money on all their car expenses. The brings effortless access to automotive insurance, loans, maintenance, repairs, warranties, parking needs, and more in one super app.
Today, Jerry announced it emerged from stealth with a $28 million in Series B funding. The round, which brings Jerry’s total funding to more than $57 million was led by Goodwater Capital. Other Series B investors include Jay Vijayan, CEO of Tekion; Jon McNeill, CEO of DVx Ventures (former president of Tesla and COO of Lyft); Brandon Krieg, CEO of Stash, and others.
Founded in 2019 by Art Agrawal, Lina Zhang, and Musawir Shah, today Jerry serves nearly 1 million customers across the United States. Jerry provides the fastest, easiest, and only automated way to compare and save on car insurance. Through its platform, you can get the best, customized quotes from more than 45 insurance carriers in 45 seconds. Jerry customers skip all the long forms and unwanted human interaction while Jerry hunts for better rates, completes the transaction, and even cancels former policies on their behalf.
“We’re bringing the daily needs of car owners – insurance, loans, maintenance, repairs, warranties, parking, and more – in line with modern e-commerce expectations to create a frictionless cost-saving experience,” said Art Agrawal, co-founder and CEO, Jerry. “Consumers demand access to any product or service with a few clicks, a text, or a swipe. And that’s the experience we’re creating at Jerry by redesigning and disrupting the processes of 100-year-old industries.”
Available for free to customers in all 50 states, Jerry generated tremendous revenue and customer growth since its January 2019 launch. The company experienced 10x revenue growth in 2020 and is on track to continue robust growth in 2021. Jerry is the No. 1 rated and most downloaded app in its category. The startup claims to save customers save approximately $800 a year on car insurance.