A naukri.com initiative
Alleywatch
1M
167
Commercial Insurance Platform CoverForce Lands $13M to Modernize $960B Industry
- CoverForce, a commercial insurance platform, secured $13M in funding to modernize the $960B industry, connecting carriers and agencies through a marketplace for quote-and-bind API connections.
- The platform enables digital interactions for instant quoting, payment, binding, and policy issuance across various business lines like Workers’ Compensation and Cyber, reducing integration times and enhancing operational efficiency for over 9,600 producers.
- The $13M Series A funding was led by Insight Partners, Nyca Partners, Gaingels, and Sidekick, marking a significant milestone for CoverForce's growth and future plans.
- CoverForce's infrastructure platform streamlines the quoting and binding processes, offering bindable quotes through carrier APIs, improving speed and efficiency in policy issuance.
- The company targets the Property and Casualty (P&C) insurance market, with a focus on digitizing distribution channels for agencies, brokers, and partners to enhance purchasing experiences.
- CoverForce's business model revolves around enabling instant quote-and-bind experiences for carriers and MGAs, along with building tailored solutions for large-scale enterprise customers.
- The company's recent progress includes expanding carrier integrations to over 15 major carriers and forming strategic partnerships with agencies and wholesalers since its Seed round.
- The funding process for the $13M Series A round progressed swiftly, with Insight Partners identified as an ideal long-term partner due to their expertise in infrastructure businesses and hands-on support.
- CoverForce's key success factors include trust from customers, strong execution capabilities, and value creation, leading to high customer satisfaction and recognition of its impact in the industry.
- In the upcoming months, the company aims to focus on enhancing engineering capabilities, scaling carrier connections, refining API functionalities, and facilitating smoother customer onboarding.
Read Full Article
10 Likes
For uninterrupted reading, download the app