Credit Karma expands to an insurance with auto policy service

Credit Karma expands to an insurance with auto policy service https://www.eresviral.com/wp-content/uploads/2018/10/Credit-Karma-se-expande-a-un-seguro-con-servicio-de-póliza-de-auto

Credit Karma expands to an insurance with auto policy service







NEW YORK (Reuters) - Financial technology company Credit Karma said on Tuesday it is expanding insurance through a new service that makes it easier for users to find cheaper auto insurance policies. 











The cars travel north to Los Angeles on Interstate 5 in San Diego, California, on February 10, 2016. REUTERS / Mike Blake 





The company generates suggestions by analyzing government information on drivers and vehicles, along with data from credit bureaus and records of public insurance rates, avoiding the need for users to manually enter information in long forms.  

"We estimate that Americans spend excessively on auto insurance at nearly $ 21 billion a year and we believe that providing simplicity and transparency to our members will help them save," said Kenneth Lin, founder and CEO of Credit Karma, in a statement. release.  

The service is available in California and Texas, but the company plans to implement it in other states of the country. 

A growing number of the so-called new "insurtech" companies hope to modernize the insurance sector by taking advantage of digital technologies to make better personalized subscription decisions and offer cheaper products. 

Insurtech companies raised $ 1.3 billion from investors in the first six months of 2018, up 2 percent from the same period last year, according to a September report from consultancy Willis Towers Watson. 

Credit Karma, which was founded in 2007, is best known for providing free credit scores and helping users find products such as personal loans and credit cards. It pays from the product suppliers helping to generate leads.  

With more than 80 million users, the company is one of the best financed fintech startups in the world. It has expanded beyond its free credit scoring tool, offering services such as free tax presentation. 

Credit Karma had already been collecting information from state motor vehicle departments for an existing auto service that made recommendations on car loans and helped track the estimated value of the cars. More than 8 million users have connected their vehicle information through the service since its launch a year ago, the company said.  

"Because car insurance is a major expense of owning a car, creating an insurance feature was a natural extension to help our members make financial progress," said Rory Joyce, director of product management. of Credit Karma, in a statement.  

The new tool also allows users to see how changes in credit scores and moving violations can improve insurance rates.  





Report of Anna Irrera; Edited by Paul Simao





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