Covr Financial Technologies Inks $10M Series A
BOISE, ID, Digital, multi-carrier life insurance platform for financial institutions, today announced it has raised $10 million in Series A funding.
Covr Financial Technologies, a digital, multi-carrier life insurance platform for financial institutions, today announced it has raised $10 million in Series A funding. In addition to Covr's existing individual and family investors that made additional investments during this funding round, Covr's current venture partners all participated including Nyca Partners, Commerce Ventures, Countour Venture Partners and Connectivity Capital Partners and were joined by new investor Allianz Life Ventures. This most recent round brings Covr's total fundraising to more than $20MM.
"Covr brings a new and innovative technology to the table that has the ability to create positive change in the life insurance industry," said Emily Reitan, vice president of Strategy and Business Development for Allianz Life."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.
"Covr is helping us solve an important financial need for our clients" said Michael Finnegan, Head of Insurance Platforms at Morgan Stanley. "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."
"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 ," said Mike Kalen, Covr's CEO. "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."
Covr is a digital life insurance platform that makes it easy to protect what matters most: you and your family. Covr partners with financial institutions that share the belief that life insurance should be simple and transparent and part of a total financial plan. Through Covr's technology, financial advisors and their customers can research and purchase affordable life insurance from well-known insurance companies without the hassles of the traditional process - all within a matter of minutes. Covr's investors include five leading venture capital firms: Allianz Life Ventures, Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners. Covr Technology Offices: Boise, Hartford and Austin.
The Covr Advisory Board includes Chairman Brian Finn, former president of Credit Suisse First Boston; 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; Gary W. Parr, senior managing director at Apollo Global Management; Neal Wolin, former deputy secretary of the U.S. Department of Treasury and former executive vice president and general for The Hartford Financial Services Group; Robert Kerzner, President and CEO of LIMRA, LOMA and LL Global and former executive vice president, life division of Hartford Life, and Matt Muta, vice president, IT Innovation and Commercial Technology, Delta Air Lines, formerly Microsoft's global managing director for Hospitality and Travel.
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