CoverWallet, the first online insurance manager, announced it received $2 million in seed funding from Two Sigma Ventures, Highland Capital Partners, Founder Collective and a long list of strategic angel investors.
The startup, which was in stealth mode until this week, provides small businesses with a concierge-like service that helps businesses deal with the complex, and often confusing, intricacies of commercial insurance.
Serial tech entrepreneur and co-founder, Inaki Berenguer, recognized an opportunity to leverage data, design, and technology to deliver a better experience to the more than 20 million underserved small businesses in the United States that struggle with managing their risk and insurance needs. Many businesses now use consumer friendly online technologies to manage accounting, sales, payroll, banking and HR. But the $100 billion small business U.S. commercial insurance industry is one of the last sectors to adapt to 21st century technology.
"Running a business is challenging enough without having to worry about lawsuits, employee injuries or property damage," Berenguer said. "Although insurance is important for your business, it can easily be frustratingly analog, time consuming and painful. With CoverWallet, we combined our experience in building customer-centric internet products that are both beautiful and intuitive, with a concierge service model. CoverWallet is an insurance management platform that creates efficiencies, saves money, and simplifies the business owner's life."
CoverWallet's customer centric features include automatic risk analysis, document management, benchmarking and data analytics, intelligent data driven risk and insurance assessments, coverage recommendations, peer risk comparisons and claims support. The online platform currently manages commercial insurance including, among others, general liability, commercial property, workers' compensation, professional liability, errors and omissions and cyber liability coverages and policies. The platform provides a better customer experience linked with online servicing options. Insurance experts are available to respond to any questions that might emerge from our analysis. CoverWallet will respond via email, phone, video or online chat, whatever the user finds most convenient, to talk as much or as little as a customer wants.
The CoverWallet founders anticipate that over the next five years every small business will need a digital insurance manager similar to the CoverWallet platform launched this week.
"Shopping and managing insurance policies from multiple brokers can be really painful," said Rashmi Melgiri, CoverWallet's COO and co-founder. "Businesses need a single, central location to rely on for everything from understanding their risks to managing their policies."