Insurance startups are the hottest sector for VCs, but one Austin-based company thinks it can stand above the crowded industry with a little help from VC powerhouse Accel
, with VCs scrambling to get in buzzy rounds and a wealth of competitive, new-age carriers.
with cost-cutting risk assessment algorithms or by outright flouting regulation. Instead, it just wants to let users compare the ever-expanding suite of options just as Kayak did for travel expenses a decade ago. "I think we are in the Golden Age of insurtech, if that's what, I guess, people are calling it," Accel general partner John Locke told Business Insider. "The nice thing is as there are more entrants, there's more need for a site that helps consumers sort everything out on an apples-to-apples basis."that, while easy to sign up for and use, are hard to compare price-wise to traditional carriers like State Farm.
"Accel asked me to go look at a company that they were looking at that called themselves the Kayak of insurance, so it made sense," Melnick told Business Insider. "I went back to Accel, and John in particular, and said not only do I think you should invest but I invested myself."Shortly after the funding round, Melnick came on board to lead The Zebra as CEO.
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