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Policygenius to Open New Technical and Operations Center in Downtown Durham
Insuretech Firm to Create Over 370 High-Paying Jobs
Durham, NC – Durham County welcomed another innovative business leader on Thursday, August 29, 2019, as Policygenius announced it will be supplementing its existing operations by locating its new technical and operations center in downtown Durham. Durham County Government leaders joined in the celebration at the Durham Chamber of Commerce of the news which will create at least 377 jobs in Durham County and North Carolina over five years with its nearly $6-million investment in Durham.
Policygenius is one of the nation’s leading online insurance marketplaces. The company, founded in 2014 with headquarters in New York City, is an independent insurance broker with an online platform that helps people shop and compare insurance plans from a range of providers. The company offers a variety of insurance products, including health, vision, homeowners, and life insurance. Policygenius is considered an early pioneer in an industry segment known as insuretech and has attracted notice for its business and workplace innovations.
“We are delighted to partner with Policygenius to further enhance the diversity of Durham’s economic profile,” said Durham County Manager Wendell Davis. “Policygenius is an online sales company that places insurance quotes and comparisons at the fingertips of consumers. The company will bring 377 jobs with an average salary of more than $72,000 to our downtown. Many of these jobs will not require an advanced degree. The addition of Policygenius will further contribute to the vibrancy and livability of Downtown Durham. We welcome these employment opportunities to our community.”
Policygenius was named to Inc. magazine’s list of 2019 Best Workplaces in May, and in June Ernst & Young declared co-founder Fitzgerald its 2019 Entrepreneur of the Year for the New York Region. The company has helped 5 million customers shop for insurance. As of May 2019, the company had grown to 200 employees and has grown its business by 200 percent every year since launch.
“Being an up-and-coming tech hub, North Carolina was a logical choice for us,” said Jennifer Fitzgerald, CEO and co-founder of Policygenius. “We’re proud to bring our second headquarters here. The strong support of the state is critical for the success of businesses like ours and we’re excited for what’s to come.”
The North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) led the state’s support for the company’s decision. The expansion of operations for Policygenius followed a $4,997,250 Job Development Investment Grant (JDIG) to the company from the Commerce Department. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by nearly $1.6 billion. Durham County Government is expected to approve an incentive package worth $188,500 as well.
“Durham County is excited to support the creation of more than 370 new jobs in downtown Durham for people with a range of education levels that will be easily accessible to Durham residents,” said Board of Commission Chair Wendy Jacobs. “Policygenius is a perfect fit for Durham. They are a company that provides a fantastic, free online tool that educates people and helps them navigate the often confusing world of health, life, renters and other types of insurance. Policygenius is known as being a great place to work, celebrates a diverse workforce, links with local education partners, provides internships and offers good paying jobs for people with associate and bachelor’s degrees and offers help for others to get the credentials and training they need.”
Other partners on the project with the Department of Commerce and the EDPNC included the North Carolina Community College System and the Greater Durham Chamber of Commerce.
Jacobs was among speakers at the event. Other speakers at the celebration included Fitzgerald; Liz Crabill, North Carolina Department of Commerce Chief Deputy Secretary; Nicole Thompson, CEO Downtown Durham, Inc.; and Geoff Durham, President and CEO, Greater Durham Chamber of Commerce. Others in attendance included N.C. Representative MaryAnn Black, N.C. Senator Mike Woodard, BOCC Vice Chair James Hill, Commissioner Brenda Howerton, County Manager Wendell Davis, Durham County Economic Development Officer Andy Miracle and Durham City Manager Tom Bonfield.