Covr Completes $15m Series B Fundraising Round

April 7, 2022

HARTFORD, Conn., April 7, 2022 /PRNewswire/ — Covr Financial Technologies (Covr), a leading digital life insurance platform, has completed its Series B fundraising round including new investor Stone Point Ventures, and strong existing investor participation from Sony Innovation Fund by IVG, Aflac Ventures, Allianz Life Ventures, Connecticut Innovations, Fairview Capital, Contour Venture Partners, Commerce Ventures and Tribeca Early Stage Partners.

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E*TRADE Launches Digital-First Life Insurance Offering

October 28, 2021

E*TRADE joins forces with Covr to offer life insurance in as little as 15 minutes and many times without a medical exam

While nearly one in three consumers say the pandemic has made them more likely to purchase life insurance, actual policy ownership hit 10-year low

ARLINGTON, Va. and HARTFORD, Conn., Oct. 28, 2021 /PRNewswire/ — E*TRADE Financial Holdings, LLC and Covr Financial Technologies, Inc. today announced that E*TRADE customers will have access to life insurance products through and Covr’s digital insurance solution.

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Digital Insurance Roundup

January 15, 2021

Covr Financial Technologies, Americo Financial Life and Annuity Insurance Company, and global reinsurer SCOR announce the launch of LoanMatch Protector, a life insurance policy customized to a consumer’s loan amortization schedule. 

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Covr, Americo And SCOR Launch Life Insurance Product Aligned With The Home Loan Process

January 15, 2021

Covr Financial Technologies, Americo Life, Inc. and SCOR launched the LoanMatch Protector product. This is a first-of-its-kind life insurance policy that is customized to a consumer’s specific loan amortization schedule, according to a press release.

Loan originators and brokers are able to offer the product during or after the closing process of a loan. The product can be digitally integrated into any platform that an LO or broker uses, which also makes it easier for consumers to apply and receive approval. It can also serve as an additional profit center for a mortgage company or lender, with the ability to receive a commission on policies that are purchased.

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Covr Announces Industry-Leading New Digital Insurance Platform

December 1, 2020

Insurance simplified for Americans looking for online insurance solutions from trusted financial brands

HARTFORD, Conn., Dec. 1, 2020 /PRNewswire/ — Covr Financial Technologies today announced a sweeping set of enhancements for insurance solutions for customers of financial brands. Covr’s market-leading digital consumer insurance platform has long enabled consumers to get quotes, apply, and buy easily online from multiple top carriers through platforms white labeled for advisory firms, banks, credit unions, personal finance apps, and other financial brands. This release follows sales growth of 250% in 2020 compared to 2019 as consumer preferences continue to shift to digital sales driven by online support tools.

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Covr Financial Technologies Announces New Head of Direct Distribution

October 7, 2020

Covr Strengthens Consumer Platform Capabilities with Hire of Todd Ewing

HARTFORD, Conn., Sept. 23, 2020 /PRNewswire/ — Covr Financial Technologies (Covr) continues to see significant growth in its consumer business and is pleased to announce Todd Ewing as the Head of Direct Distribution.  Todd comes to Covr with nearly 30 years of experience in insurance direct distribution and direct-to-consumer leadership, including leadership roles at SelectQuote, InsWeb, and Transamerica. For the past 9 years he has also served as executive consultant for dozens of direct marketers, brokerage general agencies and insurtech companies, and helped build and run numerous start-ups.    

Todd will be responsible for the Covr Consumer platform which includes leading the consumer sales team as well as significant involvement in account management, product development, business development and setting the overall vision for Covr’s consumer division.  Todd’s decades of work around enabling customers to find the right policy to fit their needs using technology will be vital as banks and credit unions continue to develop their insurance offerings. 

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Covid-19 Catalyzed Advisor Insurance Planning On This Digital Platform

July 29, 2020

As more advisors and consumers turn to online and virtual settings to offer and receive advice, they’re accelerating the insurance industry’s digitization, according to the CEO of digital insurance platform Covr.

Within 12 months, advisors and consumers on Covr’s platforms using fully digital journeys for insurance increased from 10% of sales to now 62% of sales.

“Our sales through financial advisors at Covr are 59% higher than last year,” said Mike Kalen, Covr’s founder and CEO. “Sales in our direct-to-consumer channel are up by 270%. Both those channels have been positively affected by consumer attitudes towards life insurance during the pandemic.

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Covr Financial Technologies Raises $7.5M with Investments from Connecticut Innovations, Fairview Capital and Aflac Ventures

July 28, 2020

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. 

About Covr Financial Technologies

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 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. 


Technology Touching ‘Every Aspect’ Of Insurance In Pandemic

June 23, 2020

Insurers and everyone along the distribution chain have long anticipated the impending technology infusion that would transform the delivery of life insurance and related products to consumers.

That technology transformation crept closer at a glacial pace until the COVID-19 pandemic pushed an industry that relies on face-to-face contact to accelerate its plans.

And something happened along the way to the new cyber-reality: insurers, middlemen and agents all learned they can rely on technology to forge a new way of selling insurance products.

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Coronavirus boosts insurance demand, creating a tailwind for fintech

June 18, 2020

The coronavirus pandemic and resulting market volatility has financial advisors rethinking the role insurance plays in client portfolios. 

“There absolutely has been a significant uptick” in demand for life insurance and annuities, says John Yackel, Envestnet’s head of strategic initiatives. More than 100,000 advisors have used the firm’s Insurance Exchange, he says, adding, “People are looking at different options for the way they deliver a plan.”

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