Clearsurance recently announced the launch of its first-to-market crowdsourced insurance industry review and rating platform. In an industry traditionally lacking transparency, Clearsurance provides a new, independent, trusted, and comprehensive metric to help consumers make more informed and insightful insurance decisions.
"No one wants to spend time thinking about their insurance policies, but
everyone wants to have confidence in their choices,” said Michael
Crowe, Co-Founder and CEO. “Clearsurance can help insurance shoppers the
same way Yelp and TripAdvisor advise restaurant and travel consumers:
improve the overall customer experience through better transparency and
crowdsourced insights and ratings.”
As more consumers purchase directly from insurance companies, bypassing
traditional brokers and agents, there is a clear need for a trusted,
independent source for consumers to share their insurance experiences,
learn from others, and compare options. Clearsurance also invites the
over 2,500 licensed insurance companies into the experience, offering
them a direct channel for communication to answer consumers’ policy
questions, address issues, and provide relevant information.
Clearsurance received a $2 million seed round of funding in August 2016
and has been in beta testing since that time. Launching with nearly
10,000 reviews of more than 210 insurance companies, Clearsurance will
initially focus on personal lines of insurance, including homeowner,
renter, and auto insurance. In the near future, Clearsurance plans to
add Medicare supplemental and employee benefits reviews and rankings.
Clearsurance has also begun collecting reviews of insurance agencies and
brokers to publish in its next release in early 2017.
Co-founders Crowe and Kozikowski, both accomplished start-up veterans in
the insurance and technology markets, identified the need for a clear
measure in the insurance industry after each had unpleasant personal
experiences with insurance carriers and wondered why, unlike their other
financial assets, there was no standard rating system for the insurance
industry that could act as a transparent metric for consumers,
agencies, and carriers.
“There is clearly no dynamic, industry standard for comprehensively
rating an insurance company, and everyone should know their insurance
providers' reputations for honoring their policies and processing
claims,” said Todd Kozikowski, Co-Founder and President. “Consumers
should not purchase insurance based solely on price or casual referrals.
Clearsurance can bring greater clarity to consumers so that they make
informed, knowledgeable decisions about one of their most critical
purchases in life.”
In addition to its crowdsourced reviews and polling data, which will
contribute 60% towards an insurance provider’s rating, Clearsurance has
also partnered with the Better Business Bureau, A.M. Best, and Demotech
to include other independent sources of reviews and data in its
algorithm. The third party sources of data will contribute 40% in the
initial Clearsurance algorithm. Company ratings will be constantly
updated as new sources of data are added.
In its own effort towards transparency, Clearsurance intends to disclose
and publish its own formula underlying the ratings so that consumers
and insurance companies can easily understand the process and avoid any
mystery or manipulation.
“Insurance companies are excellent at measuring your risk, bringing
together all kinds of data points about you before offering coverage.
Now, we’re turning that concept around, and helping consumers measure
the risks of insurance companies. There’s a new question to ask before
buying insurance – how does it rate with Clearsurance?” added Crowe.
Clearsurance is on a mission to bring new transparency, insights, and
metrics to the insurance industry. Based In Newburyport, MA, the company
provides the most comprehensive, independent, and trustworthy rating
system for insurance companies, helping consumers make better, more
informed insurance purchasing decisions. For more information, visit