Amex Ventures, the venture arm of American Express (NYSE:AXP), has invested in Insurtech Trellis, according to a statement from the company,
This newest investment follows a funding round in 2021 when Trellis raised $10 in a Series A. While Trellis did not provide details on the investment the company indicated that total funding for Trellis to date is $17 million thus indicating Amex may have provided up to $7 million.
Trellis is an insurance comparison platform. Typically, purchasing insurance is an opaque process with some insurers raising prices over the years. Designed to drive competition in the sector – thus benefiting consumers, Trellis’ “Savvy” service is an API solution enabling consumers to instantly compare and purchase car insurance within a partner’s app or website. Trellis claims that, on average, consumers save over $700 per year on their car insurance using Savvy.
Trellis partners with Fintechs and financial services firms to up their game delivering an easier, more integrated insurance shopping experience for consumers. Trellis states that it has doubled its partnerships and currently counts as partners four of the five top digital-only banks and seven of the Top 50 mobile finance apps.
In total, Trellis reports more than 9 million users have visited Savvy, approximately 1 million user insurance accounts have been securely connected, and users have saved an estimated $60 million.
Daniel Demetri, Trellis founder and CEO, says that buying insurance can be a complex process:
“As a result, people often overpay and choose coverage that doesn’t meet their needs. At Trellis, we’re on a mission to put consumers in the driver’s seat of this important financial decision. Simultaneously, we’re helping our partners maximize value for their users by offering a more engaging, holistic experience–and creating a powerful, cost-effective alternative distribution channel for insurance carriers.”
He added that successful partnerships with financial institutions, Fintechs, and insurers demonstrate the acute need for an end-to-end, fully white-label solution.