DealerPolicy, an insurance marketplace for automotive retail, has raised $30 million of funding in a Series B round led by 3L Capital and Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda Management Company.
The company plans to use the funding for the continued development of its insurance platform, and to expand its team.
This includes the appointment of two new executives, Wayne Pastore as President and Chief Operating Officer and Tara Kasica as Senior Vice President of Sales.
DealerPolicy has been operating since early 2016 with the aim of improving the car-buying experience for customers.
“As car buying continues to evolve with the world around us, dealers are prioritizing fully digital, streamlined and connected experiences,” said Travis Fitzgerald, CEO of DealerPolicy.
“DealerPolicy has conducted extensive research into car-buyer sentiments, including access to insurance as part of the process. The results are undeniable – nearly 8 out of 10 shoppers believe that comparing insurance at the point of sale during the car-buying process substantially improves the experience. With an ever-expanding value proposition to dealers, insurance carriers and customers, we are prepared to continue investing in growth.”
The company’s next phase of growth will be supported by the addition of Pastore, who brings expertise in business operations and digital retailing, and Kasica, who is experienced in leading both automotive F&I and personal insurance.
“I admire the early success the DealerPolicy team has had and the meaningful value its platform provides for both shoppers and dealers,” says Pastore, who previously served as Vice President and General Manager of Dealer.com.
“With the shopper’s continued desire to complete more of the purchasing experience digitally, I look forward to leveraging my experience to help accelerate the company’s growth as dealers continue to demand fully integrated and digital retailing services.”
“Spending much of my career in various insurance and automotive leadership roles, I immediately recognized the value of DealerPolicy’s offering to the market, and dealerships in particular,” added Kasica, who joins the company from Allstate.
“I am thrilled to be joining this incredible team and to use my experience at the intersection of P&C insurance and automotive retail to further support the company’s expansion plans.”
