Trellis Announces Investment from Amex Ventures
- 19.05.2022 08:30 am
Trellis, the company leading a fundamental shift in how businesses and consumers engage with insurance, today announced an investment from Amex Ventures. Trellis issued its Series A preferred stock in June 2021, led by QED Investors with participation from NYCA Partners and General Catalyst. This latest investment brings Trellis’ total funding to $17 million since inception.
Trellis helps partners integrate insurance as part of their holistic suite of financial offerings by creating an easier, more integrated insurance shopping experience for consumers.
Trellis’ digital recommendation platform, Savvy, is the first end-to-end API solution enabling consumers to instantly compare and purchase car insurance within a partner’s app or website. Using just their insurance login, consumers can compare their existing policy to prospective alternatives in a transparent, side-by-side manner. Consumers also have the ability to purchase a different plan and cancel their old one – all on the same streamlined platform. On average, consumers save over $700 per year on their car insurance using Savvy.
With financial institutions, fintech apps, and neobanks all vying for the coveted position as their users’ financial “superapp” of choice, Trellis is enabling partners to integrate insurance as part of their holistic suite of financial offerings. Trellis prides itself on creating an easier, more integrated insurance shopping experience for consumers; empowering consumer businesses to better understand, engage, and serve their customers; and setting a new standard for privacy and security.
Over the past year, Trellis 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, including industry leaders such as Truebill and Albert. The company has also seen significant user growth – with 4x the number of monthly users compared to a year ago. In total, 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.
“We’re excited to back Trellis in their mission to simplify the insurance buying process and help consumers make important financial decisions,” said Margaret Lim, Managing Director, Amex Ventures. “Trellis’ strong user growth momentum and partnership traction demonstrates that their value proposition is resonating.”
“As anyone who drives a car knows, buying insurance can be a complex process that’s often disconnected from the rest of consumers’ financial lives. 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,” said Daniel Demetri, Trellis Founder and CEO. “Our significant user growth and successful partnerships with financial institutions, fintechs, and insurers demonstrate the acute need for an end-to-end, fully whitelabel solution. We’re excited to have Amex Ventures onboard supporting our mission.”