State Fund Insurance Agency Inc

What State Fund Insurance Agency Inc does

State Fund Insurance Agency Inc. is an independent insurance agency headquartered in Boston, Massachusetts, with a secondary office in Winter Park, Florida. Founded in 1993 and operating as a privately-held corporation, the firm functions as an aggregator and broker rather than a risk-bearing carrier, representing more than 20 insurance companies to deliver competing quotes to customers. Its core platform is a quote-generation and policy-management infrastructure that lets multiple carriers bid for the same customer's business via online forms, scheduled phone appointments, and direct phone sales. The product portfolio spans personal lines (auto, motorcycle, RV/ATV, homeowners, hazard, renters, condo, flood, umbrella), commercial lines (commercial auto, commercial business, workers' comp, condo association, surety bonds), and marine insurance (boat, jet ski, yacht), supported by service utilities including 'Binder in a Blink' expedited verification, carrier payment portal aggregation, policy change requests, and 24/7 claims reporting.

The agency earns revenue primarily through commissions paid by carrier partners on policies sold, with pricing quote-based and varying by coverage, deductible, limits, and individual risk factors. Customer discounts (multi-car, safe driver, professional organization, payment method) and flexible billing (including automatic checking withdrawal) are standard offerings. Go-to-market is sales-led, centered on inbound phone calls, online quote forms, email/fax, and scheduled consultations, with supporting content marketing through an educational blog and earned media coverage in Microsoft/Sidewalk Newsletter, FOX 25 News, and WBZ-CBS. The customer base is a long-tail mix of individual consumers and small businesses, with testimonial evidence of multi-year client retention dating back to 2009.

Technically, the platform is best characterized as rule-based automation rather than an AI-native system: no proprietary models, ML pipelines, or AI capabilities are disclosed. The integration ecosystem is broad across carriers but narrow in technical surface area — there is no public API, SDK, or documented third-party integrations, and the firm operates entirely via its proprietary website and carrier-direct portal links. Operating geographies are concentrated in Massachusetts and Florida, with the Florida footprint appearing to be a strategic growth vector given the state's property insurance market dislocation since 2022.

Name

State Fund Insurance Agency Inc

Legal name

State Fund Insurance Agency Inc.

Website

https://statefundins.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

51–100 employees

Short description

State Fund Insurance Agency Inc. is a Boston-based independent insurance agency founded in 1993 that aggregates quotes from 20+ carriers across personal, commercial, and marine lines, serving consumers and small businesses primarily in Massachusetts and Florida via phone, online, and in-person sales channels.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Public Liability (Premises/Operations) (FSAJADAD)

akta.pro secondary industry

Standalone Umbrella Liability (FSAJANAE)

Keywords

• Independent insurance agency
• Personal auto insurance
• Commercial business insurance
• Property casualty coverage
• Multi-carrier insurance quotes

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Commissions: State Fund Insurance earns commissions from multiple insurance carriers for policies sold. As an independent agency, they represent over 20 insurance companies and earn commission revenue when customers purchase policies through their quoting service.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

State Fund Insurance Agency Inc is an independent insurance agency that aggregates personal, commercial, and marine insurance products from more than 20 carrier partners and resells them to consumers and small businesses through quoting, policy service, and claims support. The agency uses automated quote generation and coverage comparison to have multiple carriers compete for each customer, then services the resulting policies through phone, email, fax, text, online forms, and in-person offices in Boston, MA and Winter Park, FL.

Product overview

State Fund Insurance Agency Inc is an independent insurance agency operating as a quote aggregation and lead-generation platform. The company partners with over 20 insurance carriers to offer consumers multiple competitive quotes and coverage options. The product portfolio consists of personal lines insurance (Auto, Motorcycle, RV/ATV, Homeowners, Hazard, Renters, Condo, Flood, Umbrella), commercial insurance (Commercial Auto, Commercial Business, Worker's Compensation, Condo Association, Surety Bonds), and marine insurance (Boat, Jet Ski, Yacht). Supporting services include Binder in a Blink for quick insurance verification, Make a Payment for carrier payment portal access, Request a Change for policy modifications, policy copy requests, and Claims Reporting. The company operates primarily in Massachusetts with additional presence in Florida, serving customers through online quote forms, phone, email, and fax.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Insurance Personal auto insurance coverage providing liability, collision, and comprehensive protection for vehicles, with available discounts for safe drivers, multi-car households, and membership organizations. Sold to individuals and families.
• Motorcycle Insurance Insurance coverage for motorcycles and related vehicles, available as part of the company's personal lines portfolio for individual consumers.
• RV/ATV Insurance Insurance coverage for recreational vehicles and all-terrain vehicles, providing protection for leisure vehicles owned by individuals.
• Homeowners Insurance Homeowners insurance protecting against fire, theft, vandalism, and natural disasters, with optional coverages including flood insurance and liability protection, sold to homeowners.
• Hazard Insurance Hazard insurance providing coverage for property damage from covered perils, sold to property owners.
• Renters Insurance Insurance coverage for renters protecting personal belongings and liability for tenants.
• Condo Insurance Insurance coverage specifically designed for condominium owners, covering personal property and liability.
• Flood Insurance Flood insurance coverage protecting properties against flood damage, often required in high-risk areas, offered through Wright Flood and other carrier partners.
• Umbrella Insurance Personal umbrella liability insurance providing additional coverage beyond auto and homeowners policy limits for individual consumers.
• Commercial Auto Insurance Commercial vehicle insurance for businesses covering company vehicles, trucks, and fleets, sold to small business owners.
• Commercial Business Insurance General commercial business insurance protecting businesses against property damage, liability, and business interruption, sold to small business owners.
• Worker's Compensation Insurance Workers' compensation insurance providing coverage for employee injuries and illnesses sustained on the job, sold to small businesses for compliance.
• Condo Association Insurance Insurance coverage for condominium associations, protecting common areas and shared property, sold to condo association boards.
• Surety Bonds Surety bond services for businesses requiring performance, payment, or contract bonds, sold to contractors and small business owners.
• Boat Insurance Marine insurance for boats covering physical damage, liability, personal property, and towing assistance with broad navigation territories across the continental U.S. and Canada, sold to boat owners.
• Jet Ski Insurance Insurance coverage for personal watercraft (jet skis) including physical damage and liability protection, sold to individual watercraft owners.
• Yacht Insurance Marine insurance for yachts providing coverage for physical damage, liability, personal property, and emergency assistance, sold to yacht owners.
• Binder in a Blink Expedited insurance binder request service for mortgagees, banks, real estate agents, closing attorneys, and dealerships to obtain proof of insurance quickly.
• Make a Payment Online premium payment service connecting policyholders with carrier-specific payment portals for multiple insurance carriers.
• Request a Change Online service for policyholders to request modifications to their insurance policies including adding/removing vehicles, drivers, properties, and coverage changes.
• Request a Copy of Your Policy Service allowing policyholders to request copies of their insurance policy documents.
• Claims Reporting Claims reporting service providing contact information and online claim links for multiple insurance carriers, available 24/7.

Quantifiable outcome

• Shop over 20 insurance companies to find the best coverage and rates for each customer

Named customers7 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

31 partnerships are on record, tiered minor.

• American Traditions FloridaminorChannel Partner/ Reseller/ DistributorInsurance carrier partner offering Florida property insurance products through State Fund Insurance agency
• Bunker Hill InsuranceminorChannel Partner/ Reseller/ DistributorInsurance carrier partner providing property and casualty coverage through State Fund Insurance
• Castle Key (Allstate)minorChannel Partner/ Reseller/ DistributorAllstate subsidiary carrier partner for property and casualty insurance products
• Chubb Insurance / AceminorChannel Partner/ Reseller/ DistributorPremium insurance carrier partner specializing in high-value property and casualty coverage
• Citizens Property Insurance CorporationminorChannel Partner/ Reseller/ DistributorFlorida state-sponsored insurance carrier for high-risk property coverage
• Commerce Insurance / MapfreminorChannel Partner/ Reseller/ DistributorRegional carrier partner providing auto and home insurance in Massachusetts and surrounding states
• Foremost InsuranceminorChannel Partner/ Reseller/ DistributorSpecialty insurance carrier partner for manufactured housing, motor homes, and specialty property coverage
• Hanover InsuranceminorChannel Partner/ Reseller/ DistributorRegional property and casualty insurance carrier partner
• Narragansett Bay Insurance CompanyminorChannel Partner/ Reseller/ DistributorRegional insurance carrier partner serving the Northeast market
• Openly InsuranceminorChannel Partner/ Reseller/ DistributorModern insurance carrier partner offering homeowner policies
• Plymouth RockminorChannel Partner/ Reseller/ DistributorRegional insurance carrier partner specializing in auto and home coverage in the Northeast
• Progressive InsuranceminorChannel Partner/ Reseller/ DistributorNational insurance carrier partner providing auto and property coverage
• Safeco Insurance Company of AmericaminorChannel Partner/ Reseller/ DistributorLiberty Mutual subsidiary carrier partner for personal lines coverage
• Travelers (Commercial, Flood, Home and Auto)minorChannel Partner/ Reseller/ DistributorMajor insurance carrier partner offering commercial, flood, home, and auto insurance products
• Slide InsuranceminorChannel Partner/ Reseller/ DistributorSpecialty insurance carrier partner for property coverage
• Wright FloodminorChannel Partner/ Reseller/ DistributorNational flood insurance carrier partner providing FEMA-supported flood coverage
• Cypress Property and CasualtyminorChannel Partner/ Reseller/ DistributorRegional property and casualty insurance carrier partner
• Encompass/AllstateminorChannel Partner/ Reseller/ DistributorAllstate-affiliated carrier partner for bundled personal insurance coverage
• Fireman's Fund/American AutominorChannel Partner/ Reseller/ DistributorInsurance carrier partner for property and casualty coverage
• Heritage InsuranceminorChannel Partner/ Reseller/ DistributorRegional insurance carrier partner specializing in coastal property coverage
• Mass Property and Rhode Island / Fair PlanminorChannel Partner/ Reseller/ DistributorState pooling insurance partners providing property coverage in Massachusetts and Rhode Island markets
• Modern USA FloridaminorChannel Partner/ Reseller/ DistributorFlorida-focused insurance carrier partner for property coverage
• National General InsuranceminorChannel Partner/ Reseller/ DistributorInsurance carrier partner for auto and property coverage
• New York Fair PlanminorChannel Partner/ Reseller/ DistributorNew York state pooling insurance partner for property coverage
• Olympus Insurance CompanyminorChannel Partner/ Reseller/ DistributorRegional insurance carrier partner for property coverage
• Security First Insurance CompanyminorChannel Partner/ Reseller/ DistributorFlorida-based insurance carrier partner for property coverage
• Stillwater InsuranceminorChannel Partner/ Reseller/ DistributorInsurance carrier partner for property and casualty coverage
• ShoreOne InsuranceminorChannel Partner/ Reseller/ DistributorRegional insurance carrier partner for property coverage
• Swyfft and Clear Blue InsuranceminorChannel Partner/ Reseller/ DistributorInsurance carrier partners for property coverage
• Universal North AmericaminorChannel Partner/ Reseller/ DistributorInsurance carrier partner for personal property coverage
• USLIminorChannel Partner/ Reseller/ DistributorInsurance carrier partner for commercial and personal lines coverage

Scale indicators2 records

Recent moves1 record

Expansion highlights5 records

Direct peers

• Hub International: Mid-to-large independent insurance brokerage operating on a multi-carrier, multi-line distribution model with a heavy footprint in personal and commercial P&C. Same agency-broker structure and revenue model as State Fund.
• Acrisure: High-growth independent insurance brokerage aggregating multiple carriers across personal, commercial, and specialty lines. Operates the same multi-carrier agency model and competes for the same SMB and consumer segment.
• Brown & Brown, Inc. National independent insurance agency brokerage that distributes multiple carriers across personal, commercial, and specialty lines, just like State Fund's model, but at vastly greater scale. Highly comparable business model with carrier-agnostic quote aggregation.

Emerging players

• Hippo Insurance: Insurtech homeowner-insurance provider that sells direct-to-consumer and cuts out traditional agents; comparable as a competitive disruption targeting the same homeowners book State Fund distributes.
• Lemonade: AI-driven D2C insurtech selling homeowners and renters policies online with no human intermediary; the canonical disruptor of the multi-carrier agency model that State Fund operates.

Regional players

• Frankenmuth Insurance: Mutual regional P&C carrier and distributor serving the Midwest/East Coast, comparable to State Fund's regional carrier partners (e.g., Hanover, Plymouth Rock). A relevant regional comparison given State Fund's MA/FL focus.
• Plymouth Rock Assurance: Northeast-focused auto and home carrier already a State Fund partner; comparable as a regional carrier competing for the same MA/Northeast consumer book that State Fund distributes into.
• Tower Hill Insurance: Florida-focused property insurer operating in the same FL coastal/coverage market that State Fund addresses through its Winter Park office. Comparable as a regional carrier counterpart.

Broad incumbents

• Arthur J. Gallagher & Co. Global insurance brokerage and risk-management firm with a multi-carrier distribution model that dwarfs State Fund, but operates in essentially the same agency-intermediation category for P&C, commercial, and specialty lines.
• Marsh McLennan: World's largest insurance broker and risk advisor with a multi-carrier distribution platform that overlaps with State Fund's general agency functions, though focused more on enterprise and commercial vs. personal lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Fund Insurance Agency Inc