Prudential’s $2.4 billion deal to buy startup Assurance IQ is part of an effort to reach middle-class customers who shop online
By Leslie Scism Sept. 5, 2019 5:45 am ET Prudential Financial Inc. has agreed to pay $2.35 billion for an online startup as traditional life insurers seek to reach digital-savvy customers who shop on the internet.
The deal is part of a trend in which traditional life insurers are pairing with what are known as insuretech firms to reach new audiences and benefit from data analysis driven by algorithms. Assurance sells life, health, Medigap and auto policies online, and it has agents available by phone to help consumers with buying decisions if they want a human to answer questions. The privately held firm currently offers products from more than 20 providers, not including Prudential.
“We think Assurance has cracked the code” to reach consumers whose business is typically too small to make it worthwhile for agents to seek, Prudential Chief Executive Charles Lowrey said in an interview.
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