CoverWallet - Startup of the Year
Company: CoverWallet, New York, NY, USA
Company Description: CoverWallet is the easiest way for businesses to understand, buy, and manage insurance. Launched in early 2016, CoverWallet combines deep analytics, thoughtful design and state of the art technology to help small businesses with all their insurance needs. CoverWallet delivers a seamless user experience while offering savings, customized coverage and best-in-class service to their customers.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Startup of the Year - Business Services Industries
Nomination Title: CoverWallet - Reinventing the $100 billion small business insurance industry
Tell the story about what this nominated organization has achieved since 1 January 2017(up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the date since 1 January 2016 on which this organization began operations.
The average small business insurance application has 27 pages, and a typical quote can take 7-10 days to get. For small business owners, the process is time-consuming, complex, and generally painful. CoverWallet, which launched in 2016, has changed that and is reinventing the $100 billion small business insurance industry.
Where traditional models interacted with small businesses offline, leaving them underserved and frustrated with how much energy it took to understand and buy different policies, CoverWallet created a seamless online platform. Through its platform, small businesses are able to understand, buy, and manage insurance in one central location. CoverWallet has taken a process that used to take a week and reduced it to minutes, adding transparency and delivering convenience to small businesses.
Businesses can go to the CoverWallet platform, look for information for their specific type of business, see the policies that are recommended, get quotes, buy insurance, and manage it thereafter. CoverWallet, which partners with leading global insurance companies, is carrier-agnostic and puts the customer first, leveraging technology to find the best coverage for their specific needs. This means that customers get the best policies for their business and avoid being overinsured or underinsured.
In 2017, CoverWallet surpassed 800% annual revenue growth. The company raised its Series B in October 2017, bringing the total amount of capital raised to more than $30 million, backed by leading VC firms including Union Square Ventures, Foundation Capital, Two Sigma, and Index Ventures, among others.
Earlier this year, in partnership with Zurich Insurance Group, one of the largest global insurance companies, CoverWallet launched internationally and expanded to Europe. In May, CoverWallet also announced a new B2B platform for carriers and agents, which will be used by The Hanover, one of the largest U.S. insurance businesses. Through the platform, carriers and agents will be able to serve their small business clients better and faster. This is an expansion of CoverWallet's existing direct to small business model.
In the past 12 months, CoverWallet was named the Best InsurTech Solution by the FinTech Breakthrough Awards, one of the top 50 startups to watch by Built in NYC, one of the 100 Leading Global Fintech Innovators by KPMG, and the Best Commercial Insurance Startup by Capital Finance International.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2017 (up to 150 words).
-In October 2017, CoverWallet secured$18.5 Million Series B investment, bringing the total amount raised to more than $30 million
-In February 2018, CoverWallet launched its platform internationally in Europe and partnered with Zurich Insurance, one of the largest global insurance companies
-In May 2018, CoverWallet announced a new platform for carriers and agents, expanding its existing platform that is direct to small businesses. The Hanover, one of the largest U.S. insurance businesses, will be the first to use the platform
Awards since January 2017:
-Recognized by KPMG as one of the 100 Leading Global FinTech Players
-Selected Best Commercial Insurance Startup by Capital Finance International
-Won Best InsurTech Solution from Benzinga Awards
-Won Best InsurTech Solution by FinTech Breakthrough Awards
-Named one of the Top 50 Startups to Watch by Built in NYC
-Named 100 Leading Global Fintech companies promoting ?nancial inclusion by The World Bank
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2017? Overall Innovation