Rebuilding Insurance for the 21st Century

Meet Goodcover.

Think: a San Francisco-based company that’s “rebuilding insurance for the 21st Century” . Also, Goodcover is an insurance company that returns unclaimed premiums to customers, keeping just a flat fee.

While the company is still in its early stages, it has a bit of history. Founders Chris Lotz (Ex-AIG) and Dan Di Spaltro (Ex-Rackspace) originally created a company called Collective, which they later rebranded as Goodcover.

The founders’ mission is to build a digital insurance co-op and to do so, they’ll need “a tech platform to pool risk, appropriate licensing from state governments, and back up capital sources to make sure there’s always enough to pay claims, even in the face of true catastrophes.”

Speaking of licensing, it will be interesting to see if the California Department of Insurance will approve this model, as it had “concerns” in the past regarding a company with a similar model (page 33).

Last, if you’re wondering about Goodcover’s .com domain name, note that it was owned by HugeDomains.com and the asking price in December 2014 was $2,595.