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Gabi raises $2.6 million to disrupt car, home, and renter’s insurance

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Gabi Personal Insurance Agency has raised $2.6 million in seed funding to ensure that you will always have the best rate when it comes to car, homeowner’s, or renter’s insurance. The company provides more visibility into insurance rates, allowing people to compare all the major insurance companies’ rates and instantly get a quote. And it does so without forcing you to go to multiple web sites and fill out a bunch of forms.

“Something this important should not be so complex,” said Hanno Fichtner, cofounder and CEO, in an email to VentureBeat. “Before Gabi, insurance customers typically had to fill out long forms, then get quotes from a handful of companies and make relatively uninformed decisions, never hearing back from their agent after they’ve purchased coverage.”

Above: Gabi’s team

Image Credit: Gabi

The funding came from A Capital, SV Angel, Project A, and other angels.

“We are disrupting how people shop for their personal insurance,” Fichtner said. “Most consumers in the U.S. are overpaying for insurance because they are never comparing their rates. Comparing rates is so time consuming and confusing. We have built a technology that does the comparison for our customers and ensures that they always have the right coverage at the best price. Our vision is to put $50 billion back into the pockets of the consumers.”

Gabi is based in San Francisco, with an engineering team in Lodz, Poland.

The company removes bias from quotes by deriving them using technology rather than insurance agents focused on commissions, Fichtner said.

Gabi’s technology reviews and compares people’s current insurance rates to major insurers’ rates, then finds the right coverage at the best rate possible. At signup, customers link their car and home insurance accounts or send their policies to Gabi.

Above: Gabi’s app works on a smartphone.

Image Credit: Gabi

Gabi then analyzes their current coverage and compares the rate with those of major insurance companies to find a better price for the same coverage.

“Our technology allows us to put the customer first again, simplify the process and save consumers a lot of money every year,” said Gabi cofounder and chief product officer Krzysztof Kujawa, in a statement. “Our algorithm looks into the existing insurance policies of our customers and automatically checks for savings across the 20 biggest insurance companies.”

Kujawa said that customers no longer even need to provide their detailed insurance information. By scanning existing insurance documents to create an insurance profile for each customer, Gabi saves the customer this tedious step. The focus for now is in the U.S.

The Gabi algorithm has already found savings of more than $460 per year on average for more than 60 percent of its customers. After the initial comparison at signup, Gabi keeps checking for better offers and functions as a digital insurance folder. If the customer moves or buys a new car, Gabi adjusts.

Over time, the company will review auto, home, renters, umbrella, and life insurance. The team has 12 employees, and it was founded in 2016 by Fichtner, Kujawa, Vincenz Klemm, and Pawel Olszewski.

The company isn’t doing health insurance now, as it is often provided by employers and it is hard to switch policies.

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