Revolutionary API provides access to top carriers for instant quote and bind capabilities
NEW YORK, NY / ACCESSWIRE / October 25, 2023 / Today, CoverForce, the first independent insurance platform bringing streamlined comparisons and one-click buying to commercial insurance, officially emerged from stealth mode, unveiling its comprehensive suite of products made specifically for agency networks, wholesalers, and software companies. The company's infrastructure and easy-to-integrate API aim to provide digital access and one-stop comparison in an offline market with speed and accuracy.
CoverForce's leadership team brings big tech experience and deep insurance knowledge together to build technology that seamlessly integrates into established processes of carriers, agents and wholesalers. Chief executive officer and co-founder Cyrus Karai is joined by two additional co-founders: former executive vice president of global small & middle market business centers at Travelers, Behram Dinshaw, who serves as the company's chairperson of the board, and former software development manager at Amazon, Kaivan Wadia, who serves as the company's chief technology officer. Together, the three co-founders have assembled an expert team of engineers and industry advisors, including senior experts from Google, Amazon, The Hartford, Travelers, Allstate Corporation, McKinsey & Company and more.
"Historically, the commercial insurance industry has been fragmented and lacking a standardized API experience, forcing companies in need of quotes to navigate a complex, time-consuming process that consists of back-and-forth emails and phone calls," said Cyrus Karai, co-founder and CEO of CoverForce. "We are changing that by helping top insurance companies become digitally accessible to businesses, unlocking access to new alternative distribution channels and strengthening independent agents."
CoverForce's full product suite includes:
- Commercial Insurance API: Streamlines integration in days while connecting to multiple carriers for instant access to appetite, quotes, proposals and policy documents while enabling one-click binding.
- Quote & Bind Agent Portal: Syncs directly into top carrier systems to grant access to appetite guide while enabling instant quote, bind, payment, and issue.
- Wholesaler/Network Management Portal: Tracks submissions across all Agent Portals, completes binds requested by retail agencies and showcases placement analytics across all agencies.
- Direct-to-consumer online storefronts: Creates a white-labeled online shopping experience for business owners to choose products and get competitive quotes from multiple carriers.
With these customized solutions and over 1,100 standard industry codes on the platform, CoverForce is simplifying the submission process while minimizing misclassification of risk. Since May 2023, CoverForce has on-boarded more than 3,500 users across the country, including the second largest independent agency network - ISU Insurance Agency Network, to access quotes from top property and casualty insurance carriers and bind in a simple click.
The insurtech's early success stems from its initial $5M seed funding round in January 2022, led by Nyca Partners with participation from Muir Capital, QED Investors, Sidekick Partners and Moving Capital.
"The commercial insurance industry is accelerating its embrace of digital technologies. CoverForce is developing a unique independent insurance platform, bringing a streamlined experience to the distribution between agents and carriers," said Bill Bloom, advisory board member at CoverForce and former executive vice president The Hartford and Travelers. "The expertise in the insurance and technology industries that CoverForce brings is impressive. I'm excited to support them in their efforts to evolve the commercial insurance landscape."
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About CoverForce
CoverForce has built a foundational, easy-to-integrate API that digitally connects agencies and corporate customers with insurance carriers. For agents, the company's core infrastructure and customized software enables instant quotes from top, best-fit carriers and one-click bind and pay. For carriers, the company unlocks new distribution channels while guaranteeing control over access. A product of the University of Pennsylvania's Innovation Fund, CoverForce has welcomed more than 3,500 users to its platform in the recent months of operation - thanks in part to investors and advisors from Nyca Partners, Muir Capital, QED Investors, Microsoft, Uber and Walmart.
For more information, visit www.coverforce.com.
CoverForce Media Relations
Emily Mann
Caliber Corporate Advisers
[email protected]
SOURCE: CoverForce