Digital life insurance platform Covr Financial Technologies has bagged $10m in its Series A funding.
The round was supported by its existing individual and family investors and venture firms which includes Nyca Partners, Commerce Ventures, Countour Venture Partners and Connectivity Capital Partners.
Allianz Life Ventures also took part in the funding, making its first investment to the InsurTech company.
Founded in 2012, the company partners with financial institutions to help advise their customers with insurance buying. Through the solution, customers are able to research, compare and purchase insurance policies from various insurance companies.
Financial institutions and financial advisors can use the platform to help improve the customers’ insurance and financial health. Consumers are able to use Covr to find the best protection for them and purchase the policy in an easier way, while insurance carriers can access a buyer marketplace.
The company has witnessed strong growth over recent years, having doubled its financial institution customer base since 2016, according to the company. Some of its clients include Morgan Stanley, US Bank and SunTrust.
Covr Policy Insights will also give financial institutions all of the policy information of their consuemrs, helping them to identify sales opportunities or risks in the policy book.
Allianz Life vice president of strategy and business development Emily Reitan said, “Covr brings a new and innovative technology to the table that has the ability to create positive change in the life insurance industry.
“Financial institutions see protection as an important component of the financial planning discussions they have with their customers – and Covr is in a unique position to tap modern technology to solve this challenge.”
Following this round, Covr’s total funding efforts have reached over $20m. Last year, the company bagged $5m in a round backed by Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners.
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