Trellis, which is working to change how businesses and consumers engage with insurance, has received an investment from Amex Ventures, according to a Wednesday (May 18) press release.
This comes after Trellis issued its Series A preferred funding in June last year, and the new funding brings the InsurTech firm’s total funding to $17 million. Trellis helps partners to integrate insurance as a segment of its suite of financial offerings, making an “easier, more integrated insurance” for consumers, per the release.
Savvy, the digital recommendation platform Trellis operates, is an end-to-end application programming interface (API) solution that allows consumers to compare instantly and buy car insurance within an app or site partnering with it.
Customers can use their insurance login and compare their policy to prospective alternatives in a “transparent, side by side” manner. Additionally, consumers can buy a different plan and cancel the old one.
Trellis has been adding more partnerships over the past year, including partnering with four of the five top-only digital banks and seven of the Top 50 mobile finance apps, including Truebill and Albert.
Daniel Demetri, Trellis founder and CEO, said the company wants to fight back against the complex process of buying insurance, with the complications resulting in consumers overpaying and choosing coverage that is ineffectual for them.
“At Trellis, we’re on a mission to put consumers in the driver’s seat of this important financial decision,” Demetri said in the release. “Simultaneously, we’re helping our partners maximize value for their users by offering a more engaging, holistic experience — and creating a powerful, cost-effective distribution channel for insurance carriers alternative.”
“We’re excited to back Trellis in their mission to simplify the insurance buying process and help consumers make important financial decisions,” added Margaret Lim, managing director at Amex Ventures. “Trellis’ strong user growth momentum and partnership traction demonstrates that their value proposition is resonating.”
Late last year, PYMNTS wrote that Trellis was looking to use its Savvy platform to offer a new way for financial technology companies to let users compare and buy auto insurance.
See also: InsurTech Startup Trellis to Team With FinTechs on Auto Insurance
At the time, the company said it allows several businesses to use its Savvy recommendation program. The platform can be added to apps and websites, and users will switch insurance platforms without having to talk to the companies.