MediaAlpha and Insurify Extend Publishing Partnership with New Multi-Year Agreement
Rhea-AI Summary
MediaAlpha (NYSE: MAX) and Insurify have extended their publishing partnership with a new multi-year agreement. This collaboration allows MediaAlpha's programmatic customer acquisition platform to connect leading auto and home insurance carriers with Insurify's high-intent shoppers. The partnership, which began in 2015, has contributed to Insurify's business growth of over $200 billion in insurance policy sales.
As the auto insurance market recovers, MediaAlpha aims to help Insurify scale rapidly to meet growing demand from carriers transitioning to digital direct-to-consumer distribution. Insurify, one of MediaAlpha's largest supply partners, enables carriers to market to a diverse mix of highly qualified insurance shoppers, supporting its mission to empower consumers in finding the best insurance policies.
Positive
- Extended multi-year partnership between MediaAlpha and Insurify
- Contributed to Insurify's business growth of over $200 billion in insurance policy sales
- Positioned to benefit from recovering auto insurance market
- Potential for rapid scaling to meet growing demand from carriers
Negative
- None.
Insights
The extended partnership between MediaAlpha and Insurify is a strategic move that could positively impact both companies' financial performance. With Insurify being one of MediaAlpha's largest supply partners, this multi-year agreement ensures a stable revenue stream for MediaAlpha. The partnership has already contributed to Insurify's impressive growth, with over
For investors, this agreement represents a reduced risk in MediaAlpha's business model by securing a major revenue source. It also positions both companies to capitalize on the increasing digitalization of insurance distribution. However, the lack of specific financial terms or growth projections in the announcement limits our ability to quantify the direct impact on either company's bottom line.
This partnership extension reflects broader trends in the insurance industry, particularly the shift towards digital distribution and the growing importance of programmatic customer acquisition. As auto insurance carriers increasingly transition to direct-to-consumer models, platforms like MediaAlpha and Insurify are well-positioned to benefit from this trend.
The longevity of the partnership (since 2015) and its renewal suggest a mutually beneficial relationship that has weathered market fluctuations. This stability could be attractive to investors looking for companies with proven business models in the insurtech space. However, it's important to monitor how this partnership performs against emerging competitors and evolving consumer preferences in insurance shopping.
MediaAlpha's role as the technology provider in this partnership highlights the growing importance of AI and machine learning in insurance customer acquisition. Their platform's ability to connect carriers with high-intent shoppers efficiently is a key differentiator in the market. This tech-driven approach allows for more targeted marketing, potentially leading to better conversion rates and lower customer acquisition costs for insurance carriers.
For Insurify, leveraging MediaAlpha's technology could enhance their ability to match consumers with appropriate policies, improving user experience and potentially increasing customer satisfaction. However, the success of this partnership will depend on continuous technological innovation to stay ahead in the competitive insurtech landscape. Investors should watch for future announcements regarding platform enhancements or new features resulting from this collaboration.
MediaAlpha’s Customer Acquisition Platform to Continue Powering Insurify’s Growth and Scalability
LOS ANGELES and CAMBRIDGE, Mass., Sept. 04, 2024 (GLOBE NEWSWIRE) -- MediaAlpha, Inc. (NYSE: MAX), the insurance industry’s leading programmatic customer acquisition platform, and Insurify, Inc., America’s leading virtual insurance agent, today announced that they have extended their publishing partnership with a new multi-year agreement. Under this partnership, MediaAlpha’s robust technology platform connects leading auto and home insurance carriers with Insurify’s high-intent shoppers.
“As the auto insurance market continues its strong recovery, we are excited to help Insurify rapidly scale to meet the growing demand from carriers transitioning to digital direct-to-consumer distribution to reach high-intent online insurance shoppers,” said Steve Yi, MediaAlpha’s CEO and co-founder. “Insurify is one of our largest supply partners, and we look forward to building on our longstanding relationship as Insurify helps millions more Americans find the auto insurance policy that best fits their needs.”
Snejina Zacharia, founder and CEO of Insurify, said, “Since the inception of our partnership in 2015, MediaAlpha has provided Insurify with industry-leading technical and operational support, contributing to our business growth of over
Keith Cramer, Head of P&C at MediaAlpha, added, “MediaAlpha is the industry’s leading platform for carrier demand with a track record of enabling publishers to achieve scale. Insurify enables carriers to market to a diverse mix of highly qualified insurance shoppers and is dedicated to improving insurance shopping experiences for consumers. This is an ideal partnership for both companies, and we are excited about our next stage of collaboration and growth.”
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding our expectations regarding the new agreement with Insurify and the expected benefits to the companies and their users. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha’s filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K filed on February 22, 2024. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.
About Insurify
Based in Cambridge, Massachusetts, Insurify, America's top-rated virtual insurance agent, provides expert advice and empowers customers to securely compare, buy, and manage their auto and home insurance policies from the largest selection of accurate quotes. With more than 70 million quotes served, Insurify has won several industry awards, including Inc.’s 5,000 fastest-growing private companies in America 2024, CNBC’s World’s Top InsurTech Companies 2024, Forbes Fintech 50 List for 2023, Forbes Next Billion Dollar Startups of 2023, WPO’s 50 Fastest Growing Women-Owned and -Led Companies 2022, Stevies’ Gold International Business Award for a Medium-Sized Insurance Company 2021, EY’s 2021 New England Entrepreneur of the Year, and Insurtech Insights’ Future 50 2021. For more information, visit Insurify.com, and follow us on LinkedIn.
About MediaAlpha
MediaAlpha is the insurance industry’s leading programmatic customer acquisition platform. With more than 1,200 active advertisers and publishers, we connect insurance carriers with online shoppers and generate more than 99 million consumer referrals annually. Our programmatic advertising technology powers over
Insurify Contact:
Email: press@insurify.com
MediaAlpha Contacts:
Megan Murphy, Director of Marketing
Email: marketing@mediaalpha.com
Investor Relations
Email: investors@mediaalpha.com
FAQ
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