Prudential acquires analytics-driven insurtech startup Assurance for $2.4B

Newark, N.J.-based Prudential Financial announced Sept. 6 an agreement to acquire Assurance IQ, a Bellevue, Wash.-based platform using advanced data analytics to manage consumers' health, life, Medigap and auto insurance options.

Under the terms of the agreement, Prudential will pay an initial $2.35 billion for the acquisition, followed by $1.15 billion more should Assurance achieve certain growth objectives in subsequent years. Assurance will become a wholly owned Prudential subsidiary, with the CEO and president of the analytics startup both retaining their positions.

Under the acquisition, which is expected to close early in the fourth quarter of this year, Assurance's on-demand, direct-to-consumer platform will be added to Prudential's financial wellness offerings, and will help the insurance giant reach a more economically diverse consumer base.

"Assurance was founded to protect and improve the personal and financial health of every individual," Michael Rowell, Assurance's co-founder and CEO, said in a statement. "We are excited to create an ecosystem that reaches more people and new markets with a more expansive suite of products to drive our combined growth."

More articles on data analytics:
Cloudera acquires AI analytics firm Arcadia Data
Deloitte: Healthcare lagging in data modernization efforts
CommonSpirit's Dr. James Reichert: Think beyond data, technology when building an analytics platform

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