US commercial insurtech emerges from stealth mode with $5m seed funding
A New York-based insurtech platform for commercial insurance has emerged from stealth mode with $5 million Seed funding. The company's leadership team includes senior experts from Google, Amazon, The Hartford, Travelers, Allstate and McKinsey.
CoverForce has unveiled a suite of products for agency networks, wholesalers, and software companies. Its commercial insurance API provides access to carriers for instant quote and bind capabilities.
CoverForce platform is designed to simplify the submission process while minimising misclassification of risk.
The company is led by chief executive officer and co-founder Cyrus Karai. He is joined by two additional co-founders: former executive vice president of global small & middle market business centers at Travelers, Behram Dinshaw, who serves as the company’s chairperson of the board, and former software development manager at Amazon, Kaivan Wadia, who serves as the company’s chief technology officer. Together, the three co-founders have assembled an expert team of engineers and industry advisors, including senior experts from Google, Amazon, The Hartford, Travelers, Allstate Corporation, McKinsey & Company and more.
The insurtech raised an initial $5M seed funding in January 2022, led by Nyca Partners with participation from Muir Capital, QED Investors, Sidekick Partners and Moving Capital.
“Historically, the commercial insurance industry has been fragmented and lacking a standardized API experience, forcing companies in need of quotes to navigate a complex, time-consuming process that consists of back-and-forth emails and phone calls,” said Karai. “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.”
Bill Bloom, advisory board member at CoverForce and former executive vice president The Hartford and Travelers, said: “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.”
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