Jerry, a car ownership insurtech, first launched a car insurance comparison service in 2019 using artificial intelligence and machine learning. Now, the company has more than 1 million customers across the U.S. and plans to expand other car ownership services including vehicle financing, repair and maintenance, amongst others.
Art Agrawal, co-founder and CEO of Jerry, said the company built the platform to help people.
“Shopping for insurance is stuck in an old way,” Agrawal said. “We redesigned the process to build a fast and easy way to compare and buy car insurance.”
He added that despite easy e-commerce experiences existing in other industries that didn't exist in the car ownership space, Jerry is working to fill that gap. Jerry customers are able to fill out forms for car insurance and get quotes in less than a minute. Users complete the whole buying process via the app.
The company is also planning to launch its own car loan financing options. “When consumers go and buy a car, people don’t necessarily shop around for loans and they don’t realize they can refinance,” Agrawal said. “People are paying in excess for interest payments. There are savings to be had. Saving money on a loan is huge when you’re earning $50,000.”
Agrawal said that refinancing is still a very manual experience and Jerry is looking to change that and bring a digital experience to market.
“We want to bring that seamless experience to loans,” he said.
Jerry recently secured $75 million in a Series C funding round led by Goodwater Capital. The funding will be used to launch its app marketplaces in other car services. The company also reports that it will likely triple its customers this year and that the success is partly because of the pandemic as in-person transactions have become less desirable.
Agrawal added that the success is also because Jerry is saving people money.
“No one wants to overpay,” Agrawal said. “We are saving people money so they can use it to pay for other things like rent and to put food on the table. In these times everyone wants to save money and we want to help people save.”
CORRECTION An early version of this story incorrectly identified how many customers Jerry has. September 22, 2021 9:47 AM EDT
Kaitlyn Mattson Managing Editor, Digital Insurance
Original Article: https://www.dig-in.com/news/car-ownership-app-ai-insurtech-jerry