The acquisition will now expand Credible’s marketplace to include property and casualty insurance coverage, in addition to its existing student loan, personal loan and mortgage products.
Young Alfred’s technology analyzes the large list of different underwriting requirements to match consumers with products that are suited to their individual insurance needs, providing an end-to-end digital experience that enables online purchase and renewal of insurance policies without the need to talk to an agent.
The platform currently offers home, auto, rental home, flood, condo and mobile home insurance, spans over 40 carriers across all 50 states and has insured more than $6 billion in property since 2016, according to the release.
“By integrating Young Alfred’s technology and marketplace onto Credible’s platform, and leveraging the expertise of the team, we are now able to provide consumers with a one-stop-shop for their lending and insurance needs,” Credible Founder and CEO Stephen Dash stated in the release.
The company intends to integrate Young Alfred’s technology and utilize its team expertise to provide a “one-stop-shop” for consumers and drive sales through personalized insurance recommendations on its online insurance marketplace.
“We are leading the market in providing personalized recommendations to consumers across a broad range of products. Now with 90 lending and insurance partners, Credible’s platform is one of the most comprehensive and sophisticated in the market,” Dash said.
“Because we have deeply integrated with our partners’ underwriting models and origination processes, we are able to provide transparent, automated recommendations to our users.
In other recent fintech news, supply chain fintech Tradeshift raised $200 million in a mixed debt and equity fundraise led by Koch Industries. The CFPB and FDIC also requested public input on guidance regarding the Bank Merger Act, due to an increase in large banks and decrease in small banks over the past few decades.