Emerging from stealth mode, InsurTech company CoverForce has introduced a dynamic suite of products tailored for agency networks, wholesalers, and software firms. The company’s objective is to digitise an offline market, offering swift and accurate insurance comparisons and purchases with a single click.
At the helm of CoverForce’s operations is a team combining significant tech experience with a profound understanding of insurance. Leading the company is CEO and co-founder, Cyrus Karai. He is joined by two other co-founders, namely Behram Dinshaw, the company’s board chairperson and previously the executive vice president of global small & middle market business centres at Travelers, and Kaivan Wadia, formerly a software development manager at Amazon, who now serves as the chief technology officer.
Under their guidance, an elite team has been established comprising engineers and industry consultants from globally recognised firms like Google, Amazon, The Hartford, Travelers, Allstate Corporation, and McKinsey & Company.
CoverForce CEO Cyrus Karai remarked, “Historically, the commercial insurance industry has been fragmented and lacking a standardised API experience, forcing companies to navigate a complex, time-consuming process that consists of back-and-forth emails and phone calls. We are changing that by helping top insurance companies become digitally accessible to businesses, unlocking access to new alternative distribution channels and strengthening independent agents.”
Detailing their products, CoverForce’s suite includes a commercial insurance API. This offers quick integration and connects to various carriers for immediate access to appetite, quotes, proposals, and policy documents while allowing one-click binding. It also boasts a quote and bind agent portal, which directly links with leading carrier systems, facilitating immediate quote, bind, payment, and issue.
Additionally, CoverForce offers a wholesaler/network management portal that monitors submissions from all Agent Portals, finalises binds requested by retail agencies, and displays analytics about all agencies. Finally, the InsurTech supplies direct-to-consumer online storefronts, This provides a bespoke online shopping journey for businesses, enabling them to select products and obtain competitive quotes from different carriers.
This InsurTech company’s early triumphs can be attributed to its initial $5m seed funding round in January 2022. Key investors included Nyca Partners, Muir Capital, QED Investors, Sidekick Partners, and Moving Capital.
Bill Bloom, an advisory board member at CoverForce and previously the executive vice president at The Hartford and Travelers, shared his thoughts, “The commercial insurance industry is accelerating its embrace of digital technologies. CoverForce is developing a unique independent insurance platform, bringing a streamlined experience to the distribution between agents and carriers. The expertise in the insurance and technology industries that CoverForce brings is impressive. I’m excited to support them in their efforts to evolve the commercial insurance landscape.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
