CoverWallet reels in capital to expand InsurTech platform in Europe

InsurTech startup CoverWallet has landed an undisclosed investment to continue its European expansion.

The investment from global insurance company Zurich Insurance Group in return for a minority stake in the business. It builds on a commercial partnership between CoverWallet and Zurich in Europe that was announced earlier this year.

Through the commercial partnership, CoverWallet extended its US platform to Europe, enabling Zurich to provide small businesses with a platform to learn about types of policies, get quotes, purchase insurance, and manage their coverage, online, in minutes.

The platform is currently live in Spain, and, bolstered by the investment, CoverWallet will continue to grow its international footprint, expanding to other European countries with Zurich.

“Following our commercial agreement with Zurich, this investment is a testament to the value Zurich sees in CoverWallet and the work we are doing to make insurance easy and convenient for small businesses in Europe,” said Inaki Berenguer, co-founder and CEO at CoverWallet. “Zurich has been a terrific partner as CoverWallet launched internationally, and we are thrilled they decided to invest in our company.

Zurich, powered by CoverWallet, is an application of the B2B platform. It provides real-time quoting, underwriting, binding, billing, and servicing capabilities. The Hanover Group was the first carrier to use the tech platform in the U.S., providing it to agents for its emerging micro-small commercial business, whereas Zurich leverages CoverWallet’s B2B platform to sell its policies directly to small businesses online.

Launched in 2016, CoverWallet surpassed 800% annual revenue growth last year. In October 2017, the company raised $18.5m in its Series B, bringing its total amount raised to more than $30 million at that time. In addition to Zurich, CoverWallet has received funding from renowned investors including Union Square Ventures, Index Ventures, Two Sigma, Foundation Capital, and Starr Companies.

Copyright © 2018 FinTech Global

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