Covr Financial Technologies –Simplicity. Choice. Speed.
In 1995, Covr Financial Technologies Founder & Chief Innovation Officer Todd Ruplinger started a brokerage firm called Mountain Financial, after launching his career as a financial advisor. In just a few years, he’d grown the company to 50 employees, and purchased another firm, National Brokerage, in 2003. He preferred the name of the company he’d just acquired, and Mountain Financial officially became known as National Brokerage.
During his time working in financial services, Todd noticed that there was no technology for processing life insurance applications. The process was cumbersome, clunky, inefficient and time-consuming, a frustration for someone like Todd, who always found himself focused on efficiency and avoiding redundancy.
With the help of a colleague, he built Brokerage Management System to house case status reports in one central location. He then created an online Customer Relationship Management (CRM) system to manage marketing and lead generation through digital communications. The first to bring such options to agents and advisors, the platform also offered marketing follow-up and management with everything from client birthday cards to pre-paid marketing content available.
By 2014, National Brokerage was recognized as a leading force in financial technology, and Regions Bank was looking for a CRM system to adopt. Todd and his team got the bid, Regions leased their CRM system, and started sending business their way. Todd notes that while banks value best practices and efficient systems, agents and advisors tend to be more set in their ways. To help get them on board, his team created 1-Click Coverage in 2015, which offered instant-issue term life insurance that could be approved or denied online immediately.
Regions Bank was still using National Brokerage’s CRM system, but they didn’t need all the marketing aspects that came with it. So, Todd and his team stripped it down, and the earliest version of Covr Advisor was born. The team won an award for 1-Click Coverage, which got the company on the national radar, and offers to buy him out started coming in.
Todd, however, didn’t want to sell. He had a vision to grow the company and eventually get his platform into every bank in the country. At that point, he partnered up with now-Board Chairman Brian Finn to form Covr Financial Technologies.
Armed with his passion for efficiency, Todd then personally visited each and every financial institution that currently partners with Covr to make the sale. By demonstrating how Covr could simplify the clunky, time-consuming life insurance process and help advisors operate with less redundancy, the banks started to buy in.
Where Covr’s competitors tended to operate in silos, only partnering with one insurance carrier, Covr partners with many of the country’s leading insurance providers. Because consumers tend to trust their current financial institution more than anywhere else when buying life insurance, advisors, consumers and carriers alike benefit from the Covr platform’s ability to offer multiple products.
Today, Covr continues to grow and evolve, disrupting the life insurance industry with leading technology and innovative digital tools. Covr Consumer and Covr Insights have joined the original Covr Advisor platform, and more exciting partnerships and developments are underway.
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