Covr Financial raises $5 million
Covr Financial Technologies, a digital personal insurance platform, closed today on a $5 million fund raising from four leading venture capital firms: Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners.
Covr simplifies the insurance-buying experience for consumers, enabling them to purchase insurance online within minutes. The Covr platform connects personal insurance products from nearly twenty major insurers to financial institutions and financial advisers, enabling them to deliver digitally an integrated line of personal insurance products to their customers. The platform also provides education and training on products, insurance-product marketing and insurance-licensed telephone support.
The company said it has closed on thousands of policies and is growing rapidly.
Covr CEO Bill Benjamin said, “Covr is excited about partnering with these outstanding venture capital firms. Their extensive experience, business expertise and relationships will help propel Covr’s growth. Our expectation is to use these funds to fulfill Covr’s strategic growth initiatives and expand talent.”
Hans Morris, managing partner of Nyca Partners and lead investor, said, “Covr is clearly the best platform to speed and simplify the insurance sales process, by tying together consumers, carriers and leading financial institutions. Covr’s management has done a superior job of managing its growth, and these additional funds will enable Covr to further enhance its platform, and meet the demands of several leading financial institutions in our pipeline.”
“Covr’s competitive edge is its ability to call upon outstanding executives from the ranks of insurance, technology, marketing and financial industries to serve its clients and grow its business,” said Benjamin.
This advantage, Benjamin noted, is exemplified by the Covr Advisory Board: Brian Finn, former president of Credit Suisse First Boston; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney;Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; Brady Dougan, former CEO of Credit Suisse; Gary W. Parr, senior managing director at Apollo Global Management; Neal Wolin, former deputy secretary of the U.S. Department of Treasury and former executive vice president and general for The Hartford Financial Services Group; Matt Muta, vice president, IT Innovation and Commercial Technology, Delta Air Lines, formerly Microsoft’s global managing director for Hospitality and Travel.
