AI Insurance Startup Receives $57 Million in Funding

May 19, 2021—Jerry, a mobile-first car ownership app and car insurance comparison system, has raised more than $57 million in funding, including a new $28 million Series B round led by Goodwater Capital, TechCrunch reported. 

The application uses artificial intelligence and machine learning to compare car insurance rates. According to the startup’s founder Art Agrawal the app uses automation to give consumers customized quotes from more than 45 insurance carriers “in 45 seconds.” Consumers can then sign on to the new carrier via Jerry, which would even cancel former policies on their behalf.

It has amassed nearly 1 million customers across the United States as a licensed insurance broker since its inception in January 2019, the report says.