Covr Financial Technologies Raises $10M
Covr Financial Technologies , a digital life insurance platform for financial institutions, has raised $10m in Series A funding round. The round saw participation from individual and family investors, current Covr investors – Nyca Partners, Commerce Ventures, Contour Venture Partners and Connectivity Capital Partners, along with a new investor – Allianz Life Ventures.
Founded in 2013 by Todd Ruplinger, Covr offers advisors and their customers a way to research, quote and buy life insurance through partnerships with financial institutions. Since January 2016, the company has doubled its financial institution customer base, representing 20,000 financial advisors and over eight million consumers. The company’s clients include brokerage firm, Morgan Stanley, along with consumer banks such as US Bank and SunTrust.
“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.” – VP of Strategy and Business Development at Allianz Life, Emily Reitan.
“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.” – Head of Insurance Platforms at Morgan Stanley, Michael Finnegan.
“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. 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.” – CEO of Covr, Mike Kalen.
PS. The most recent Glassdoor review on the company is titled “Don’t believe a word they advertise.”