Life insurance startup Covr Financial Technologies has opened its corporate office in Hartford, Connecticut.
From this new office, the company is expecting to have a team of around 15. This will include members across their executive office, marketing team, national sales team and predictive analytics/product management team.
The InsurTech provides financial institutions with a digital life insurance platform to simplify and manage the life insurance processes. Its technology can guide a customer through the life insurance procedure giving them various options to choose from and additional lifecycle support such as needs analysis and policy delivery.
Financial advisors can use the service to better expand their client’s financial plans and giving an easy way to offer and sell life insurance products.
Covr CEO Mike Kalen said, “The thriving insurance and insurtech community in Hartford makes this the ideal place for us as we continue to grow. We are thrilled to be here in the heart of this exciting time. The job market for talent, while competitive, is important for Covr. We are finding that there’s talent at every level in Hartford, and that’s critical for our growth and success.”
The InsurTech decided to open an office in Hartford due to a lot of InsurTech support in the local ecosystem. Some of these include Startupbootcamp’s Insurtech Hub, NassauRe’s new Imagine incubator, UConn’s insurtech MBA.
CTNext executive director Glendowlyn L.H. Thames said, “We’re delighted that Covr recognizes that the capital city, the state, and our local insurance companies are working together to ensure Hartford retains its technological leadership in the industry. And we’re so pleased they appreciate the depth of InsurTech talent we offer.”
Last year, the InsurTech pulled in £10m for its Series A round which was backed by investors including, Nyca Partners, Commerce Ventures, Countour Venture Partners and Connectivity Capital Partners.
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