How to get a free car insurance quote from your local CNA
CNA is a service that lets people buy insurance for cars, trucks and vans from an insurance broker through a smartphone app.
CNA charges $99 per year, but its user base is small and the price is only a fraction of what other companies charge.
Its user base, however, is growing fast and now it is expanding to include vehicles from other industries, like airlines and construction, according to the Wall Street Journal.
The Wall Street Journals report claims that the CNA app will soon have a user base of 5 million users and a valuation of $6.7 billion.
For now, its pricing is limited to one-time, cash-in-full purchases and its app doesn’t include a credit card option.
But its future could be bright, as the app is available for Android, iOS and Windows phones, the Journal says.
If the app works as advertised, the Wall St Journal notes that it could become a $50 billion business.
CNA, which is owned by the CME Group, has over 700,000 brokers in more than 140 countries and has over $500 billion in annual revenue.
In October, CNA reported that it earned $1.3 billion in revenues in the second quarter of 2017.