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.
Largest insurer by assets expects three-year-old company to help it draw middle-class customers Prudential Financial Inc. agreed to pay $2.35 billion for an online startup as traditional life insurers seek to reach digital-savvy customers who shop on the internet. Executives of Prudential said Assurance IQ Inc., a three-year-old company based in Bellevue, Wash., can help it solve a decades-old problem bedeviling many of the biggest names in life insurance: selling to middle-class clients. The 144-year-old Prudential is the nation’s largest life-insurance company by assets