Mobile Insurance App Cover Has Raised $11M Round

Cover

After digging into this story, we felt it bore coverage for our readers because it represents an important technology innovation in the insurtech category.  Cover is a new insurance app that enables users to take a photo of the items they want covered on their mobile devices and receive a quote on those from multiple carriers in less than 30 seconds.  And while they are not a direct insurer, they are licensed to offer insurance across the US and already work with over 30 carriers.  The fact that one can add items to be included for coverage simply by taking a photo, which then identifies the items in the photo for insurance quotation through the app, is quite ingenious and represents another major step forward for the insurtech category.  This is clearly one to watch.
(Cindy Taylor, Publisher)

“Today, I’m excited to announce that Cover has raised $11M across our Seed and Series A rounds of funding, with Social Capital leading our most recent financing. Arjun Sethi, founder of Lolapps, MessageMe, purveyor of sound advice and Partner at Social Capital has joined our board. His talent as an operator in consumer mobile is hugely valuable to our team.

Cover is your trusted advisor for insurance and benefits on mobile. We make getting insurance as easy as taking a few pictures and offer a slew of free services to our users, available whether they purchase insurance from us or not. We’ve handled requests for just about anything you can insure – cars, homes, pets, jewelry, farm animals, tanks, and even selfies requesting life insurance.

Starting as a lead-gen business, we processed more than 90,000 requests for insurance through our apps. In less than a year, we’re now licensed to sell insurance across the United States directly, and work with nearly 30 insurance carriers. We’ll soon be able to search the entire insurance market and pinpoint policies tailored to our customers in less than 30 seconds.

Our business is about simplifying getting property insurance, and offering value to our customers beyond what any typical insurance entity could. Product market fit already exists in our space – people buy existing insurance products (though begrudgingly), largely because they’re mandated to by law. Our focus at Cover is on finding ways to change the value equation of insurance in favor of our customers…”

Read Full Post at Coverinsurance