CoverWallet Launches Cutting-Edge InsurTech Platform for Commercial Insurance Exclusively for Agents

NEW YORK–([1])–CoverWallet[2],
the leading insurtech company that makes it easy for small businesses to
understand, buy, and manage insurance online, today announced CoverWallet
for Agents
[3], a dedicated platform for insurance agents. Through the
technology platform, agents benefit from a fast, simple, and efficient
way to provide commercial insurance to businesses, with a single point
of entry to access top carriers for multiple types of policies.

“Since launching our sleek and intuitive technology platform for small
businesses, we have had countless requests from agents to work with
CoverWallet,” said Inaki Berenguer, CEO and Co-Founder of CoverWallet.
“Today there are 40,000 insurance agencies in the U.S., and we are
making it easy for agents to harness the power of data, design, and
technology to serve more clients better and faster than ever before.”

CoverWallet for Agents leverages the award-winning CoverWallet platform
and provides agents with instant quotes, online bindable policies, and
real-time proof of coverage. Through a dynamic online application that
uses data and analytics, agents instantly receive quotes from top
carriers for lines of business including General Liability, Business
Owners Policy, Workers Compensation, and Professional Liability. The
platform is currently integrated with top national carriers including
Chubb, Starr, CNA, and AmTrust.

CoverWallet has more than quadrupled its business in the past year and
has tens of thousands of customers. According to CB Insights, the small
business insurance market is valued at $100 billion. With the launch of
CoverWallet for Agents, the company increases its distribution to the
millions of businesses that buy insurance through insurance agents.

“We were able to launch CoverWallet for Agents re-using the advanced
technology that we built from the ground up for our small business
platform,” said Aman Khaira, Vice President of Product at CoverWallet.
“Agents are an integral part of small business insurance, and we are
making it easy for them to leverage technology without needing to build
their own complex integrations or to have direct relationships or
appointments with carriers.”

Prior to publicly launching the platform, CoverWallet conducted a pilot

“Being able to quickly get quotes for multiple carriers with competitive
premiums is a huge advantage in today’s fast-paced, consumer-driven
marketplace,” said Joel Wagner, founder of WHINS Insurance Agency and a
member of the pilot program. “CoverWallet’s platform is amazingly easy,
and we encourage other independent brokers to take advantage of their
unique system.”

Sheri Bongers from Denver Insurance added, “CoverWallet for Agents is
user friendly and has been quickly incorporated into my routine. The
application is fast, generating immediate quotes. It’s easy to update,
bind, and sign, and payment is done electronically.”

In addition to helping small businesses obtain coverage, agents also
benefit from:

  • Financing integrated at checkout with a click of a button for
    customers who prefer to pay annual insurance over time, with multiple
    forms of accepted payments including credit cards, debit cards, or
    bank accounts
  • A dynamic and searchable online appetite guide that indicates how
    likely an account is to get an instant quote based on its location and
    class of business
  • Automated risk analysis, benchmarking, and data analytics to see what
    coverage will cost and the policies businesses in a specific industry
    typically purchase
  • A simple document management system and instant online generation of
    certificates of insurance
  • Automation for adding additional insureds to policies
  • Predictive analytics for coverage recommendations, as well as peer
    risk comparisons and claims support

With the launch of the new platform, Michael Konialian has been promoted
to Vice President and General Manager of CoverWallet for Agents. For
more information on CoverWallet for Agents and to start using the
platform, please visit[4].

About CoverWallet

CoverWallet is the leading tech company reinventing the $100 billion
U.S. commercial insurance market for small businesses. Based in New York
and launched in 2016, it has received more than $30 million in funding
from renowned investors including Union Square Ventures, Index Ventures,
Two Sigma, and Foundation Capital, as well as Zurich Insurance Group and
Starr Companies. Powered by deep analytics, thoughtful design, and
state-of-the-art technology, the company is the easiest way for small
businesses to understand, buy, and manage insurance online.


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