Optifino and Covr announce merger
Optifino, a digital brokerage general agency offering life insurance products, is merging with Covr Financial Technologies, a company enabling financial services companies to offer life insurance products to their customers.
This merger unites Covr’s operational and compliance infrastructure with Optifino’s “AI-powered” case design and analytics platform.
Founded in 2016, Covr publicly disclosed $53 million in funding. Some of its backers include Aflac Ventures and Allianz Life Ventures.
Optifino was founded in 2022 and last year it announced a $6.3 million funding round.
When the transaction is completed, Covr will become a wholly-owned subsidiary of Optifino. Both companies will maintain their current branding.
“Today we begin building what we’re calling ‘Digital BGA 3.0’. This begins the next chapter of life insurance distribution: one where true independence and powerful innovation come together to modernize and simplify permanent and term life insurance experiences for advisors and the families they serve.” – Optifino Co-Founder and CEO, David Kleinhandler who will become CEO of the merged company.
“Covr’s platform will now have expanded potential by adding sophisticated and expert insurance solutions for ultra-high-net-worth clients. This is a logical and powerful combination that will offer financial institutions and independent agents a better way of providing life insurance solutions for their clients.” – Covr CEO Michael Kalen.
