Life insurance firm Covr Financial bags $7.5m in its new funding round

Life insurance platform Covr Financial Technologies has secured a $7.5m investment to bring more products to market.

The round was supported by Connecticut Innovations, Fairview Capital and Aflac Ventures.

Founded in 2016, Covr simplifies the insurance journey for 25,000 financial advisors and 20 million customers. The company provides  a selection of life insurance products from various insurance carriers.

The Covr Advisor digital platform empowers financial advisors to select the needed product for their client, ranging from life, long-term care or disability coverage. The user can compare products and premiums to find the best policy.

Its Covr Consumer service helps banks and credit unions to sell life insurance online. Institutions can choose which products they wish to sell and integrate them with their infrastructure. Policy types include simplified issue term, fully underwritten term and whole life insurance.

Finally, the company’s Covr Insights service lets advisors and financial institutions to manage, track and analyse their insurance policies.

Covr CEO Mike Kalen said, “Our choice-based model provides fast, competitive and streamlined solutions tailored to the needs of financial institutions and their customers. Our next series of innovations will use enhanced AI, big data, and predictive tools to create the best journey and best product fit for our customers.”

Last year, Covr partnered with RetireOne to support its long-term care and disability insurance offerings. As part of the deal, Covr and RetireOne have created a series of educational webinars and provide support for RIAs looking to grow their practices with insurance protections for clients.

Covr Financial Technologies opened its corporate office in Hartford, Connecticut last year.

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