Insuring a home is a complicated process as insurance carriers need to know the year the home was built, its value, the type of materials used and a host of other details to estimate its claims risk. And each insurer has its own grid to determine this risk. The customer is left on his own to compare premiums, guarantees, options and exemptions, repeating this process time and time again to get the best deal.
With Young Alfred, one can not only find the best suited coverage among most carriers but also check-out online. The form is pre-filled when possible, with only the last leg of the work to do once, then the platform connects directly to the back office of most insurers and selects the best quotes.
Young Alfred provides comparable quotes for homes but also cars and pets, with an unmatched customer satisfaction rate. Indeed, 93% of its users give the company a 5-star rating. Better still, because of the frictionless UX, conversion rates are way higher than market standards, giving the company one of the lowest customer acquisition cost within the industry.
Those combined factors led to the company multiplying its policy volume by 20x in the past 18 months.
In October 2019, Young Alfred has completed a $10 million Series A financing with Google's AI fund Gradient Ventures as the lead investor.
As for what Google's AI fund can bring to the table, Young Alfred's co-founder Jason Christiansen says it best: “With new resources that Gradient brings to the table, Young Alfred is on track to release a Stripe-like API for partners looking to add P&C to their suite of consumer product offerings. We’re on a mission to unlock access to home insurance for everyone in America."