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Assurance IQ is being acquired for $2.35b upfront, with an earnout that could bring the total purchase price to $3.5b. In contract to other high-flying direct to consumer insuretech startups, there is no record of Assurance having raised venture capital.
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. The Newark, N.J., insurance giant plans to make money initially from the commissions and other fees that Assurance receives from providers, while adding its own products, including life insurance and annuities, to the mix over time.
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