1 Insurtech to Rule them All? How Savvy Insurance is Driving the Digitally Connected Trend

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The insurtech space has seen massive growth over the last 5 years, and with a projected 34.4% compound annual growth rate (CAGR) over the next 6 years, according to a recent report from Valuates Reports, it doesn’t show any signs of slowing down. This trend is positive not only for the startups in this space but for the end customer as well. 

Savvy Insurance Solutions LLC is one insurtech name leading the charge to a more digitally integrated landscape in the insurance world. While some insurtech startups have focused on back-office innovations, personalizing policy options or combating fraud, Savvy and its parent company Trellis Technologies Inc. have taken a different approach. 

Savvy’s platform aims to fill the need for customers to easily compare quotes and find the best insurance for their individual situations. However, they aren’t just a standalone insurance comparison platform. By designing their insurance comparison tool for easy integration into other platforms, Savvy has been able to partner with 7 of the top fintech industry leaders such as Truebill, Acorns and Albert. 

"Consumer-facing franchises are eager to help their customers make good financial decisions and are jumping at the opportunity to help them choose the insurance policy that is right for them,” said Laura Bock, principal at QED Investors LLC, one of Trellis’ Series A funders.

This cross-platform digital connectivity leads to a more seamless user experience that many consumers, especially the millennial generation, are coming to expect from their apps. The fintech space has already seen innovators such as Plaid Inc. build B2B solutions offering similar digital connectivity and cross-platform integration that allow B2C companies to create delightful digital journeys for their users.

With $10 million in Series A funding, Savvy’s parent company Trellis is poised to build similar infrastructure for the insurtech space. Trellis mentioned that it plans to use some of this round’s funds to expand the Savvy platform to include not only auto insurance, but home, renters and possibly life insurance, expanding the possible use cases that its platform could fill. 

This expansion places Savvy in a unique position to connect the legacy world of insurance with the burgeoning universe of fintech services that are looking to serve their users in a holistic manner. Trellis founder and CEO Daniel Demetri acknowledged this in a statement saying, “Consumers deserve financial services that work together in concert to make life simpler and easier, and insurance needs to be part of that equation.” 

Needless to say, Savvy Insurance is definitely an innovator to keep an eye on as the insurtech space continues to grow.

See also: What is Insurtech?

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.