Boise, ID—July 12, 2018—Covr Financial Technologies, a digital life insurance platform for financial institutions, today announced the launch of Covr Insights, a complete inforce policy management system to track, analyze and manage life insurance for financial institutions and brokerage agencies. The launch of Covr Insights represents the third digital product Covr has introduced to the marketplace alongside the growing number of financial institutions, financial advisory firms, banks and credit unions adopting the Covr Advisor and Covr Consumer digital sales platforms.
“Policy management and tracking have long been a thorn in the side of our financial institution partners” said Covr CEO Mike Kalen. “Our partners’ ability to manage their books of business from poor performance, expirations, lapses or policy changes has been a challenge. Covr Insights is the first platform that brings these policies into a single, digital portal. Now, they can do more for their customers because they know more – and in today’s market that is a real competitive advantage.”
Through direct data feeds with over 20 life insurance carriers and notifications delivered to a user-friendly digital dashboard, Covr Insights deploys policy monitoring for 13 different policy characteristics to ensure existing coverages are appropriate and managed through the client’s lifetime. Covr Insights is integrated with Covr’s new business platform which provides simple and objective access to carriers for additional sales and coverage options.
“Inforce policy management is the next logical platform for Covr to offer within our broader mission to simplify the business of life insurance for financial institutions” said Kalen. “Life insurance is a valuable asset as part of a financial plan and Covr Insights helps improve the management of these policies throughout the client relationship. We have been helping some of the most respected financial institutions leverage technology to grow their life insurance business – this provides yet another way for them to serve their customers’ needs.”
The Covr Advisor platform connects life insurance products from over 30 major insurers to financial institutions and financial advisors, enabling them to offer insurance protection that is simple, straightforward, cost effective and transparent to their customers. The Covr Consumer platform is a web-based platform which allows customers of banks, credit unions and other financial institutions offer a direct purchase experience to their clients.
ABOUT COVR FINANCIAL TECHNOLOGIES
Covr is a digital life insurance platform that makes it easy to protect what matters most: you and your family. Covr partners with financial institutions that share the belief that life insurance should be both simple and transparent. Through Covr’s technology, financial advisors and their customers can research and purchase affordable life insurance from well-known insurance companies without the hassles of the traditional process – all within a matter of minutes. Covr’s investors include four leading venture capital firms: Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners. Offices: Boise and Hartford.
The Covr Advisory Board includes Chairman Brian Finn, former president of Credit Suisse First Boston; 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; Gary W. Parr, senior managing director at Apollo Global Management; Neal Wolin, former deputy secretary of the U.S. Department of Treasury and former executive vice president and general for The Hartford Financial Services Group; Robert Kerzner, President and CEO of LIMRA, LOMA and LL Global and former executive vice president, life division of Hartford Life, and Matt Muta, vice president, IT Innovation and Commercial Technology, Delta Air Lines, formerly Microsoft’s global managing director for Hospitality and Travel.