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NSI Insurance Group Acquires Majority Stake in InsurTech Startup HoneyQuote
Florida-based digital insurance agency HoneyQuote.com has been acquired by one of the largest independent insurance agencies, NSI Insurance Group – a move that will enable the startup to expand its operations nationally, launch new product lines, and facilitate larger distribution partnerships.
HoneyQuote’s machine learning algorithm matches users with property insurance carriers in real-time. Its proprietary search engine allows consumers to shop and purchase homeowners’ insurance online.
Since its launch in 2019, HoneyQuote has partnered with 30 of the top insurance carriers in Florida and has insured over $1 billion in property value. The startup now has its sights set on expanding nationally with additional insurance products in the works, including condominium-owners, renters, personal umbrella, pet, and auto insurance.
“We could not be more thrilled about the acquisition,” says HoneyQuote co-founder Franklyn Taveras. “Partnering with such an established player in the market with similar entrepreneurial roots poises HoneyQuote to grow exponentially.”
“We’ve designed a digital experience that lets online shoppers compare real quotes and purchase policies instantaneously from a wide range of regional, national, and technology enabled insurance providers. With NSI, we’re able to deliver this seamless experience to customers across new geographies, products, and embedded partnerships,” says Sean D’Sa, HoneyQuote’s co-founder and Chief Technology Officer.
NSI Insurance Group’s acquisition of HoneyQuote marks its entrance into the InsurTech space, where the firm’s CEO Oscar Seikaly believes the industry is heading.
“HoneyQuote is the future of insurance shopping. This acquisition brings our traditionally mature homeowners’ insurance business to the digital age — allowing NSI to be technology enabled and human optimized,” says Seikaly.
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