Capital raise helps accelerate digital innovation in life insurance simplification
Hartford, CT (July 28, 2020) – Covr Financial Technologies (Covr) announces an additional round of investments from Connecticut Innovations, Fairview Capital, Aflac Ventures and its existing investors totaling $7.5 million. This is Covr’s third fund raising round and provides further validation of Covr’s differentiated insurance technology and customer experience. Covr, started in 2016, remains focused on its mission of simplifying the life insurance sales process for financial institutions, financial advisors and their customers.
Covr simplifies the insurance journey for over 25,000 financial advisors and 20 million customers of financial institutions. Their ‘digital first’ approach to life insurance, long-term care, disability income insurance and supplemental insurance products has dramatically simplified the process for financial advisors and financial institutions to offer protection products to their clients.
“Covr is pleased to add Connecticut Innovations, Fairview and Aflac Ventures to our investors. Their support will help us continue to grow and bring digitally-enabled insurance solutions to the market that make insurance simpler and more accessible,” said Mike Kalen, CEO, Covr. “Our choice-based model provides fast, competitive and streamlined solutions tailored to the needs of financial institutions and their customers. Our next series of innovations will use enhanced AI, big data, and predictive tools to create the best journey and best product fit for our customers.”
Covr also plays an active role in the thriving insurtech community in Connecticut and is an example of insurance innovation in the state’s capital city of Hartford. “Connecticut Innovations is thrilled to invest in Covr and we’re confident that its digitally-enabled sales and service models will continue to lead innovation in the insurtech space,” said Peter Longo, Senior Managing Director at Connecticut Innovations.
Covr partners with financial institutions to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted insurance products from leading insurance carriers, advanced insurance planning solutions, an easy way to compare rates, and the ability to purchase within minutes. Through its white-label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust. Covr currently serves over 25,000 financial advisors and 20 million customers across 30 financial institutions. For more information, visit covrtech.com or follow us @covrtech and LinkedIn.
Covr’s investors include eight leading venture capital firms: Nyca Partners, Commerce Ventures, Allianz Life Ventures, Connectivity Capital Partners, Contour Venture Partners, Aflac Ventures. Fairview Capital, and Connecticut Innovations. Covr’s Advisory Board includes financial services leaders, including Chairman Brian Finn, former president of Credit Suisse First Boston; Joe Plumeri, Vice Chairman of the Board of Directors of First Data Corporation and former CEO of Citibank North America; 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; Gregg Fleming of Rockefeller Capital and Bob Kerzner, formerly CEO of LIMRA.