Insurtech startup CoverWallet launched new digital insurance package for venture-backed startups | Tech News

It’s been a while since we wrote about CoverWallet, an insurtech startup that provides commercial insurance platform exclusively for small and medium-sized businesses. Back in May 2019, CoverWallet partnered with Aon to further expand its services beyond the United States and serve clients in Australia.

A lot has changed since then. In sign of confidence in the New York-based startup, Aon acquired CoverWallet in November 2019 to accelerate growth of CoverWallet’s core offerings and apply underlying technology to broader digital client experience platform.

Today, CoverWallet (now an Aon company) announced the launch of new digital insurance package for venture-backed startups. With this new management liability package, VC-backed startups can instantly buy and manage Directors & Officers insurance (D&O), Employment Practices liability (EPL), and Fiduciary coverage online.

Founded in 2015 by Inaki Berenguer and Rashmi Melgiri, CoverWallet is an Aon company dedicated to making commercial insurance simple, fast and convenient. With leading carriers as partners, CoverWallet helps customers around the world quickly get the insurance coverage they need so that they can get back to what matters – growing and managing their business. Powered by deep analytics, thoughtful design and state-of-the-art technology, CoverWallet is reinventing the $200 billion commercial insurance market for small and medium-sized businesses.

The management liability package is designed for companies from Seed through Series C and adds to the insurance policies already available through CoverStartups, a dedicated platform for high-growth companies. Based on a proprietary algorithm that assigns a Rating Factor using a VC’s past performance, the product categorizes investors into tiers based on their track records and due diligence processes. For startups, the result is a shorter application process and more precise coverage to protect against their risks.

“After launching CoverStartups two years ago, we saw the need for a better insurance experience and product for high-growth startups when it came to management liability, and especially D&O coverage,” said Inaki Berenguer, CEO and co-founder of CoverWallet. “By continuing to take a customer-centric approach and harnessing new datasets, CoverWallet is able to deliver startups a faster, simpler and more convenient experience for buying and managing insurance.”

The management liability offering, which was developed in collaboration with Boost, is fully admitted, which means the it’s licensed by state insurance commissioners. The management liability builds on CoverStartups’ existing insurance offerings that include General Liability, Worker’s Compensation, Errors & Omissions, Cyber Liability, Commercial Property and Professional Liability, enabling startups to buy and manage their insurance all in one place.

The management liability package also includes access to a seamless online platform to manage insurance efficiently, and the ability to pay in monthly installments or in full. The management liability package is also staffed with a dedicated team that specializes in insurance for growth companies to answer any questions. Finally, the liability includes coverage for Employee Stock Ownership Plans (ESOPs), which are key to founders and employees.

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