InsurTech startup CoverWallet launches commercial insurance platform exclusively for insurance agents
Over the year, we’ve covered CoverWallet, an online platform that makes it easy for small businesses to understand, buy, and manage insurance online. Now the startup is expanding its insurtech platform with CoverWallet for Agents, a dedicated platform for insurance agents. Through the technology platform, agents benefit from a fast, simple, and efficient way to provide commercial insurance to businesses, with a single point of entry to access top carriers for multiple types of policies. In connection with the launch of the new platform, CoverWallet also announced that Michael Konialian has been promoted to Vice President and General Manager of CoverWallet for Agents.
Founded in 2015 by Inaki Berenguer and Rashmi Melgiri, the New York-based CoverWallet offers range of insurance include general liability, workers’ compensation, commercial property, BOP, professional liability, E&O, medical malpractice, umbrella insurance, D&O, cyber liability, inland marine, EPLI, commercial auto, disability, health, and product and pollution liability. Its services are provided to firms in the administrative, agricultural, construction, consulting, contractor, education, finance, food, healthcare, management, manufacturing, mining, non-profit, scientific, and real estate industries.
“Since launching our sleek and intuitive technology platform for small businesses, we have had countless requests from agents to work with CoverWallet,” said Inaki Berenguer, CEO and Co-Founder of CoverWallet. “Today there are 40,000 insurance agencies in the U.S., and we are making it easy for agents to harness the power of data, design, and technology to serve more clients better and faster than ever before.”
CoverWallet for Agents leverages the award-winning CoverWallet platform and provides agents with instant quotes, online bindable policies, and real-time proof of coverage. Through a dynamic online application that uses data and analytics, agents instantly receive quotes from top carriers for lines of business including General Liability, Business Owners Policy, Workers Compensation, and Professional Liability. The platform is currently integrated with top national carriers including Chubb, Starr, CNA, and AmTrust.
CoverWallet has more than quadrupled its business in the past year and has tens of thousands of customers. According to CB Insights, the small business insurance market is valued at $100 billion. With the launch of CoverWallet for Agents, the company increases its distribution to the millions of businesses that buy insurance through insurance agents.
CoverWallet is the leading tech company reinventing the $100 billion U.S. commercial insurance market for small businesses. Based in New York and launched in 2016, it has received more than $35 million in funding from renowned investors including Union Square Ventures, Index Ventures, Two Sigma, and Foundation Capital. Powered by deep analytics, thoughtful design, and state-of-the-art technology, the company is the easiest way for small businesses to understand, buy, and manage insurance online.
“We were able to launch CoverWallet for Agents re-using the advanced technology that we built from the ground up for our small business platform,” said Aman Khaira, Vice President of Product at CoverWallet. “Agents are an integral part of small business insurance, and we are making it easy for them to leverage technology without needing to build their own complex integrations or to have direct relationships or appointments with carriers.”
Prior to publicly launching the platform, CoverWallet conducted a pilot program. “Being able to quickly get quotes for multiple carriers with competitive premiums is a huge advantage in today’s fast-paced, consumer-driven marketplace,” said Joel Wagner, founder of WHINS Insurance Agency and a member of the pilot program. “CoverWallet’s platform is amazingly easy, and we encourage other independent brokers to take advantage of their unique system.”
Sheri Bongers from Denver Insurance added, “CoverWallet for Agents is user friendly and has been quickly incorporated into my routine. The application is fast, generating immediate quotes. It’s easy to update, bind, and sign, and payment is done electronically.” In addition to helping small businesses obtain coverage, agents also benefit from:
• Financing integrated at checkout with a click of a button for customers who prefer to pay annual insurance over time, with multiple forms of accepted payments including credit cards, debit cards, or bank accounts
• A dynamic and searchable online appetite guide that indicates how likely an account is to get an instant quote based on its location and class of business
• Automated risk analysis, benchmarking, and data analytics to see what coverage will cost and the policies businesses in a specific industry typically purchase
• A simple document management system and instant online generation of certificates of insurance
• Automation for adding additional insureds to policies
• Predictive analytics for coverage recommendations, as well as peer risk comparisons and claims support