Covr Financial Technologies a digital, life insurance platform, has secured $10m in series A funding from technology venture firms including Allianz Life Ventures, Nyca Partners, Commerce Ventures, Contour Venture Partners and Connectivity Capital Partners
This most recent round brings Covr’s total fundraising to more than $20MM.
Allianz Life strategy and business development vice president Emily Reitan said: “Covr brings a new and innovative technology to the table that has the ability to create positive change in the life insurance industry.
“Financial institutions see protection as an important component of the financial planning discussions they have with their customers – and Covr is in a unique position to tap modern technology to solve this challenge.”
Founded in 2012 by Todd Ruplinger, an innovative insurance veteran, Covr has been experiencing rapid growth. Since January 2016, the company has doubled its’ financial institution customer base, representing 20,000 financial advisors and over eight million consumers.
The Covr roster now includes numerous brokerage firms, including Morgan Stanley, along with leading consumer banks, including US Bank and SunTrust – all of which leverage either one or both of Covr’s digital advisor or consumer platforms.
Morgan Stanley Insurance Platforms head Michael Finnegan said: “Covr is helping us solve an important financial need for our clients.
“They have allowed us to fundamentally change our insurance process to a technology-enabled solution that delivers a positive experience for both the financial advisor and our clients.”
Covr CEO Mike Kalen said: “We continue to be pleased with the progress we are making with our financial institution partners to solve the growing underinsurance gap in our country by helping financial advisors include insurance as part of a financial plan.
“We are thrilled with our continued relationship with our investors and this latest funding will allow us to continue to innovate and support our expanding base of clients.”
Source: Company Press Release