|[December 05, 2012]
Leaky Launches Its Car Insurance Comparison Site Nationwide and Announces Funding to Make Shopping for Insurance Easy and Less Frustrating
SAN FRANCISCO --(Business Wire)--
Leaky.com, a simple way to comparison shop for car insurance, today
announced the launch of its nationwide service. Leaky does away with the
burden of filling out cumbersome and separate forms with each insurance
carrier just to compare car insurance prices offers free insurance
monitoring and alerts so drivers won't miss opportunities to save more
down the road. The company also announced it received $670,000 in seed
round funding from 500 Startups, Box (News - Alert) Group, Start Fund, Y Combinator,
and several prominent angel investors.
"Leaky aims to fundamentally change the experience of shopping for
insurance by streamlining and reimagining the process for something that
has always been a dreaded chore," said Jason Traff, CEO of Leaky.com
"With the positive response to our beta and the time and money we are
helping drivers save (over 5 years and $25 million so far), we are
excited to now launch nationwide and put people in the drivers seat when
it comes to insurance comparisons."
It takes on average between 7 to 10 minutes to fill out forms to obtain
a quote from just one insurance company, a process that has to be
repeated with each different carrier to get multiple estimates. The
Leaky eperience takes only a couple of minutes and the results are
presented in a simple snapshot that allows people, at-a-glance, to
quickly see insurance estimates by carrier and price. On average, people
find they can save up the $362 based on Leaky estimates. Prior to its
nationwide launch, the beta service was available in California only.
"The Leaky team is applying technology in a clever way to take the agony
out of picking car insurance; leveraging data that was always -- until
now -- the domain of traditional insurance agents and carriers," said
Alexis Ohanian, angel investor and entrepreneur known for his work at
Hipmunk and Reddit. "Leaky has identified a huge pain point in the $200
billion auto insurance industry and helped me get the best deal on my
own car insurance."
Leaky spent the last 12 months creating a comparison-pricing engine,
based on the state regulatory documents that car insurance companies are
required to file. The Leaky system accurately estimates how much each
insurance provider will charge. Leaky makes thousands of calculations
per person to provide estimates from multiple insurance companies in a
single snapshot. The Leaky snapshot links people directly to the
insurance providers of their choice to pursue an actual quote.
Key features of Leaky include:
Monitoring: By creating a profile, Leaky will monitor your insurance
and let you know when you are eligible for discounts based on a number
of factors including your driver profile and your accident history.
Change Calculator: If you move to a nearby town or across the country,
add a new driver, or buy a new car - Leaky can quickly calculate how
the changes will affect your insurance rates in any given case.
Customized price estimates from over 100 different insurers across the
Dropping out of MIT's (News - Alert) Sloan School of Management to become an insurance
agent is unlikely path but exactly what Leaky co-founder Jason Traff
did; later teaming up with co-founders Jake Piccolo and Geoffry Sumter
to take the hassle out of the insurance comparison process. The company
raised seed funding in 2012 and is headquartered in San Francisco where
it spent the last 12 months building a price comparison engine to
simplify shopping for insurance.
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