Prudential Shuts Down $2.35B Acquired Insurance Tech Startup Assurance IQ After Five Years

Prudential is shutting down Assurance IQ, the insurance tech startup it acquired for $2.35 billion in 2019, citing a strategic shift to focus on its core businesses. Assurance, a Seattle-based unicorn, had used technology to match consumers with insurance, but faced challenges including missed financial targets and regulatory scrutiny.