Prudential Financial Inc is set to buy online insurance startup Assurance IQ Inc.
In Brief:
Prudential shares have been down following poor financial results but rose slightly after the announcement.
Assurance uses data crunching and AI to improve revenue and cut costs.
Assurance brings around 17mn customers with it according to Prudential.
What does this mean?
The insurance company says there is currently a large middle market underserved within the industry, which it hopes the acquisition of a startup will help improve.
