The First Insurance Company Focused on Generation Z: Surround Insurance Expands to 12 States
Surround Insurance has raised over $3M in financing
Cambridge, MA (April 6, 2022) – Surround Insurance today announced that its state footprint has expanded to 12 states across the Northeast, Midwest, and Mid-Atlantic. Having launched in Massachusetts in 2021, the state expansion follows $3 million in investments from funds such as Newark Venture Partners, MassMutual Catalyst Fund, Two Lanterns Venture Partners, Cameron Ventures, Sure Ventures, and Plug and Play Tech Center. Individual investors include insurance innovators behind Openly, HDVI, Snapsheet, and Loop Insurance.
Unlike existing property and casualty insurance products that reflect an outdated lifestyle, Surround’s products cover many of the common risks faced by 20-somethings across the categories of mobility, shelter, and work. The products appeal largely to digitally native consumers who are redefining adulthood. Surround offers driving insurance for people without a car of their own, renters insurance, and an accessible professional liability insurance for freelancers.
"Surround is on a mission to become the insurance company of choice for Gen Z before they buy a car or home, enabling more of them to be financially protected from life's negative lottery moments," said CEO Jay Grayson.
"We’re building a new insurance on ramp with our fast, simple, and accessible starter insurance bundles."
Co-founded in 2018 by Jay Grayson and Kate Terry, COO, Surround matches the risks taken by modern consumers with the insurance products they need. It provides the 10 million-member cohort of young professionals living an asset-lite lifestyle with protections appropriate for their risk level, and is affordable for their stage of life. The buying experience was designed with Generation Z in mind, taking four minutes to buy online, through text, or on the phone.
“The average age of a Surround customer is 25 years old, Gen Z," shared Kate Terry. "We’re designing the modern insurance products and tools that these young adults need to establish financial independence while protecting their financial futures.”
Surround’s Insurance products are sold through independent agents and directly through Surround’s in-house agency. Insurance agents distribute $350B of property and casualty insurance premiums each year but have been underserved by insurance innovators. With Surround, insurance agents get an end-to-end digital experience to address the needs of the adult children of their existing clients, with the personal touch and knowledge that they specialize in.
Surround is now selling in Massachusetts, Connecticut, Washington, D.C., Delaware, Illinois, Maryland, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia. Agents interested in working with Surround can email email@example.com.
About Surround Insurance: Surround Insurance is the first insurance company built for Generation Z. Surround builds insurance products that fill the insurance gap between college graduation and a major asset purchase like a car or home. We believe that people should be able to create security and independence on their own terms with insurance that reflects their lifestyle. We work with sales partners who want to offer simple, affordable, and digitally-enabled products to multi-generational clients. Surround Insurance is a MassChallenge Platinum Award Winner and a Harvard President’s Innovation Challenge Finalist.
For more information visit surroundinsurance.com