InsuraMatch is PRAC’s independent online digital insurance agency
In an interesting online move, The Travelers Companies, Inc. announced its intent to acquire Plymouth Rock’s independent digital insurance agency InsuraMatch, LLC. Founded in 2014, InsuraMatch launched as an autonomous business unit inside the Plymouth Rock Group of Companies. As of 2019, InsuraMatch produced nearly $32 million in premiums.
“We continue to invest in the talent and technology that will allow us to best serve our customers and bring strategic capabilities to our agents and brokers in an increasingly digital environment,” said Michael Klein, Executive Vice President and President of Personal Insurance at Travelers. “InsuraMatch’s scalable technology platform will complement our efforts to meet customers where they are, give them what they need, and serve them how they want.”
InsuraMatch will continue to operate independently and manage all carrier partnerships
Currently, InsuraMatch offers coverage for auto, home, boat, motorcycle, renters, umbrella, and flood, via its innovative online platform. The platform allows InsuraMatch to compare and offer insurance quotes from the more than 40 carriers the company works with across the country. Travelers notes that with its purchase of InsuraMatch, it will be able to help the digital agency expand while maintaining its independence and the integrity of all of InsuraMatch’s carrier partnerships.
“We have been steadily building our business over the past several years and are excited to enter this next phase with the support of Travelers,” said Marc Buro, Chief Executive Officer of InsuraMatch. “Our talented team and proven technology, paired with Travelers’ expertise and financial strength, will enable us to continue our growth while enhancing the customer experience.”
Len Mariani, Senior Vice President of National Markets for Personal Insurance at Travelers, added, “InsuraMatch combines a sophisticated technology platform with extensive carrier relationships to create personalized online insurance shopping experiences for customers. We’re looking forward to providing their knowledgeable staff and leadership team with the tools and resources they need to realize the full potential of their offering.”
While the deal is subject to customary closing conditions, the parties expect that the sale will close in the first quarter of 2021.
Encharter Insurance, Plymouth Rock’s Massachusetts-based brokerage was not included in the sale and will remain a part of the Plymouth Rock Group of Companies.
