Prudential Financial is set to add 17 million customers to its base following the acquisition of online insurance start-up Assurance IQ. The deal will give Prudential a foothold in an increasingly competitive market for financial services and insurance. Assurance IQ uses machine-learning and data science to accelerate its application process and offers life, health, Medigap, home and auto cover. It plans to use a combination of cash, debt, and equity financing to fund the deal, expected to close in the fourth quarter. After the acquisition, the firm will operate as a wholly-owned subsidiary of Prudential.
Prudential Financial is set to add 17 million customers to its base following the acquisition of online insurance start-up Assurance IQ. The deal will give Prudential a foothold in an increasingly competitive market for financial services and insurance. Assurance IQ uses machine-learning and data science to accelerate its application process and offers life, health, Medigap, home and auto cover. After the acquisition, the firm will operate as a wholly-owned subsidiary of Prudential.