CoverForce raises $13 million

CoverForce, a provider of quote-and-bind API connections in commercial insurance, announced a $13 million Series A funding round led by Insight Partners with participation from Nyca Partners.

Co-founded by Cyrus Karai, Behram Dinshaw, and Kaivan Wadia, CoverForce built an API platform that allows agents to quote, pay, bind and issue policies. Since its launch, CoverForce has become “a go-to marketplace” for commercial insurance connectivity, partnering with over 20 of the largest insurance agency wholesalers and networks and supporting more than 9,600 producers nationwide.

The platform integrates with national carriers like AmTrust, Chubb, Liberty Mutual, and Travelers, and covers major commercial lines of business such as Workers’ Compensation, General Liability, Business Owner’s Policies, and Cyber.

“The insurance market is built on a legacy of paper and PDF — a huge issue in a market worth more than $960 billion. CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs.” – Kaivan Wadia, CTO and co-founder of CoverForce.

“We are thrilled to have Insight Partners on board with our Series A. This funding will help us expand our engineering capabilities and build deeper relationships in the market. In particular, we’re seeking to partner with carriers who are empowering their agents with cutting-edge, digital tools — essentially those who are making an investment in speed as a key element of winning.” – Cyrus Karai, CEO and co-founder of CoverForce.

“Insight Partners is proud to back CoverForce in their work to transform the way carriers and distributors collaborate. Their deep relationships with carriers and agencies, combined with the strength of their product and team, make them a standout player in the industry. We’re excited to partner with CoverForce as they scale their impact.” – Sophie Beshar, Vice President at Insight Partners.