CAMBRIDGE, Mass., December 11, 2023– Surround Insurance, a national digital insurance agency serving tech savvy consumers, today announced that it has partnered with Zolve, a cross border neobank helping immigrants across the world gain access to financial services, to provide auto and non-owned auto insurance to Zolve customers.
Reports indicate that more than 2.5 million people immigrate to the US annually, contributing over $75 billion to the economy. Additionally, with over 45 million foreign-born residents, there is a significant opportunity to support their financial needs, including affordable auto loans and insurance.
These individuals are in need of unique auto insurance offerings as they begin their driving experience in the country. Common auto insurance questions from people moving to the US include:
- How do I buy car insurance if I have an international driving license?
- What kind of auto insurance coverage do I need if I’m new to the U.S.?
- Can Expats and other foreign visitors in the US buy car insurance?
- How can I save money on car insurance if I don’t have a US driver’s license?
Surround has created the marketplace and sales expertise to service these specific auto insurance needs, as well as renters and homeowners insurance, for foreign drivers.
“Our aim is to provide a one-stop shop for immigrants to take care of their financial needs in the United States. We currently offer a variety of products, including checking accounts, credit cards, remittances, auto loans, and insurance. Our latest offering is auto insurance, which is a complex market for anyone to navigate, especially as an immigrant.,” said Raghunandan G, Founder and CEO of Zolve. “Surround's auto and non-owned auto insurance offerings, paired with their unparalleled customer service, made them an ideal partner for us by providing Zolve customers with an auto insurance solution uniquely primed for their needs.”
“While getting settled in the US can be daunting, Zolve has become a market leader allowing safe and secure ways for US immigrants from around the world to access financial offerings that aid in building their life in a new place," said Surround co-founder and CEO, Kate Terry. “We have worked hard to create an experience that uniquely caters to the needs of foreign drivers and offer an auto insurance solution to this underserved population in the US”
If you are new to the US, have a foreign driver’s license, and are looking for auto insurance, you can click here for more details.
About Surround Insurance
Surround is simply the best way to get started with insurance. Based in Cambridge, Massachusetts, the Surround Insurance team is passionate about changing the insurance experience for consumers in their 20s and 30s who drive innovation in the modern economy. We combine innovative new products with expert advice through independent agents, mobility platforms, embedded channels, and directly through the Surround Insurance Agency.
Zolve is building a financial world without borders by developing financial services for global citizens. Founded to help immigrants build their financial futures globally, Zolve offers a full-featured financial services app, an FDIC-insured U.S. checking account and a high-limit credit card to new immigrants in partnership with Community Federal Savings Bank, Member FDIC the moment they arrive. In February 2021, Zolve raised $15 Million in seed funding, led by Accel and Lightspeed. In October 2021, it raised another $40 Million in one of the largest Series A funding rounds and a $100Mn warehouse debt facility from Community Investment Management in 2023. For more information on Zolve's credit, deposit, and loan products purpose-built for global citizens, visit https://zolve.com/.
Zolve is a financial technology company, not a bank. The Zolve Debit Card, and Zolve Credit Card, and Zolve Azpire Credit Card are issued by Community Federal Savings Bank, Member FDIC and the Zolve account is offered by Community Federal Savings Bank.