- What is Policygenius, and how does Policygenius work?
- How does Policygenius make money?
- Commission from Insurance Companies
- Policygenius’ profit and revenue
- What is the Policygenius business and revenue model?
- Policygenius’ funding and valuation
How does Policygenius make money if it’s free to use? Here is a full, in depth, breakdown of their main revenue stream and services they offer, as well as the Policygenius business model, their year over year revenue, and how Policygenius works.
What is Policygenius, and how does Policygenius work?
Policygenius is an online insurance marketplace that allows users to receive personalized estimates from insurers and compare quotes.
How Policygenius works is: When a user visits Policygenius’ website, they can begin searching for quotes by first choosing what kind of insurance they’re looking for.
Once the user chooses the type of insurance, Policygenius will then ask the interested party to fill out some personal information; as well as some info about the thing they’re looking to insure and some questions regarding their current insurance policy (if any). From there, Policygenius will then have one of their licensed experts email them personalized estimates from insurers based on the information provided once the quotes are ready.
Some of Policygenius’ competitors include SelectQuote, LendingTree, Insurify, and other insurance marketplaces for comparing quotes.
How does Policygenius make money?
According to Policygenius’ about page, Policygenius has sold more than $160 billion in coverage since its founding back in 2014.
So how does Policygenius make money off of all that coverage sold?
Below is a breakdown of how much money Policygenius makes and its revenue model. Including their main revenue stream and how much they charge for their services.
Here is how Policygenius makes money (in 2022):
Policygenius has a revenue model that makes money in just one (1) way – by getting paid commission from insurance companies.
#1. Commission from Insurance Companies
Policygenius makes all of its money from getting paid commissions from insurance companies.
How does Policygenius make money from commissions? Policygenius makes money whenever a Policygenius user gets approved on an insurance application from a partnering insurer.
As noted above, Policygenius has sold more than $160 billion in coverage to over 30 million people since being founded back in 2014. Of which, Policygenius received a commission on all of it.*
Note: *It’s unclear how much money Policygenius receives per approved application, but according to Policygenius, commissions are already built into the quoted price.
Policygenius’ profit and revenue
Policygenius has not reported any official reports in regards to company earnings.
Note: Because Policygenius Inc. is a privately held company, they are not required to make their annual reporting, such as Form 10-K’s, pubic.
What is the Policygenius business and revenue model?
Policygenius makes money through a few revenue models that they combine within their company, they are:
- Commission based business model
- B2B2C (partnerships) business model
Policygenius’ funding and valuation
According to Policygenius’ Crunchbase profile, Policygenius has raised $286 million over 8 rounds and has a post-money valuation of $500 million to $1 billion as of March 17, 2022.