Insurtech Covr secures $10m funding from Allianz, other investors
Covr Financial Technologies, a Boise, Idaho-based digital life insurance platform, has raised $10 million in Series A funding from technology venture firms including Allianz Life Ventures.
Covr's current venture partners including Nyca Partners, Commerce Ventures, Countour Venture Partners and Connectivity Capital Partners also participated in the latest round, which brings the company's total fundraising to more than $20 million.
Founded in 2012 by Todd Ruplinger, Covr claims to have doubled its financial institution customer base since January 2016 which now includes brokerage firms and consumer banks.
"We continue to be pleased with the progress we are making with our financial institution partners to solve the growing underinsurance gap in our country by helping financial advisors include insurance as part of a financial plan," said Mike Kalen, Covr's CEO. "We are thrilled with our continued relationship with our investors and this latest funding will allow us to continue to innovate and support our expanding base of clients."
Emily Reitan, vice president of strategy and business development for Allianz Life, added: "Covr brings a new and innovative technology to the table that has the ability to create positive change in the life insurance industry. Financial institutions see protection as an important component of the financial planning discussions they have with their customers – and Covr is in a unique position to tap modern technology to solve this challenge."
Michael Finnegan, head of insurance platforms at Morgan Stanley, commented: "Covr is helping us solve an important financial need for our clients. They have allowed us to fundamentally change our insurance process to a technology-enabled solution that delivers a positive experience for both the financial advisor and our clients."
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