Vicente Cancio, Zurich Spain CEO (left) and CoverWallet CEO Iñaki Berenguer. Source: Zurich
14 February 2018Insurance

Zurich taps insurtech CoverWallet for new digital initiative in Europe

Zurich Insurance Group has entered into an exclusive collaboration in Europe with insurtech startup CoverWallet and launched a new digital distribution channel in Spain.

ZurichEmpresas.es, an online platform to offer insurance solutions to small and medium-sized businesses (SMEs), is the first project born from this strategic partnership, Zurich said in a Feb. 13 statement.

Spain will be the first country to implement this innovative model. ZurichEmpresas.es combines the technology of CoverWallet with the expertise and reach of Zurich Spain. It aims to provide SMEs end-to-end insurance solutions, streamlining the entire process for business owners and providing easy access to requests for proposals, price comparisons and policy management. Zurich claims that the process, from quotation through to the final sale, will be conducted online and can be completed within one minute.

Zurich believes that the growth from this initiative will be significant. The company said that it is spending over $700 million a year globally on new digital initiatives.

“Zurich has chosen Spain as the first European country for the launch and implementation of this digital service, whose main goal is to cover and adapt to the current needs of the market. We are very glad to announce ZurichEmpresas.es, since it reinforces our focus on innovation and change towards a new digital model,” said Vicente Cancio, Zurich Spain CEO.

Inaki Berenguer, CEO at CoverWallet, commented: “There is incredible potential to shape the next generation of business insurance through online, data-driven technologies that improve the customer experience.

"We are thrilled to begin this collaboration with Zurich, a preeminent global brand with a rich history, deep insurance expertise, and a shared passion for innovation, to strive towards this potential.”

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More on this story

8 June 2018   Zurich Insurance Group has acquired a minority stake in insurtech start-up CoverWallet. The investment follows a commercial partnership in Europe announced in February.
27 June 2018   New York-based insurtech startup CoverWallet, an online platform helping small businesses to understand, buy and manage insurance, has launched the first application programme interface (API) for commercial insurance.
11 April 2019   Zurich Insurance Group and insurtech start-up CoverWallet have expanded their insurance platform for small and medium-enterprise (SMEs) to Switzerland — the second European country after Spain to implement the innovative model.