Prudential to buy InsurTech for $2.35bn

September 09, 2019 | Insurance
Written by FinTech Alliance
Prudential to buy InsurTech for $2.35bn

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.

Read more here.

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