Young Alfred – Fintech
What it is:
Young Alfred offers an easy-to-use platform that helps consumers compare and buy home insurance online. They use machine learning to analyze billions of data points for every customer to find the best priced insurance options available. Users can search for home, auto, renters, or pet coverage. The The system will flag potential risks at the address – things like high-risk flood zones, mold risk, theft potential, and more. Users then select a coverage plan and any add-ons, and then Young Alfred crunches the options, producing the best available rates in 10-20 minutes. Young Alfred is a licensed insurance agency in 50 states and in Washington D.C.
Who Made It?
Young Alfred was founded in 2016 by Jason Christiansen and David Stasie and they launched the company while attending Wharton Business School. Their mission was to empower homeowners with the data to compare and purchase coverage online.
Young Alfred was acquired by Credible Labs, a subsidiary of Fox, for an undisclosed amount on December 9, 2021. Prior to acquisition, the company had raised $12.37M, including a $10M investment in 2019 from Gradient Ventures, Google’s AI-focused venture fund.
Why we like it:
- The service currently offers 46 insurance carriers, and a waiting list for other carriers to join
- In the last four years, Young Alfred sold $6B worth of home and auto insurance for large and local underwriters
- The acquirer, Credible, provides consumers with personalized and prequalified rate options when shopping for student loans, personal loans, and mortgages. Young Alfred will give Credible users the same experience when choosing property and casualty insurance coverage.
Did you know?
According to Tracxn, there are 1,260 companies founded by alumni of Wharton Business School. These companies have raised over $47B in funding from 2,922 investors.