Cover launches own insurance product in Texas

US InsurTech Cover has begun selling auto insurance policies in Texas, three years after launching its insurance brokerage platform.

Cover is now operating as a managing general agent, while contining to act as a broker for its partner carriers.

Using the start-up’s app, customers in Texas will now be able to receive a quote in as little as three minutes, and if they are unable to offer a preferable rate Cover will also display rates from its partners.

A survey conducted by Cover found that 62 per cent of drivers find shopping for auto insurance frustrating, with almost 30 per cent also saying they felt it took too much of their time.

“By using smartphone technology to make insurance more intuitive, Cover is on a mission to take the frustration out of buying a policy, making it simple for drivers to find great coverage and better rates,” said Cover CEO and co-founder Karn Saroya. “Knowing that Texans already pay some of the highest premiums in the country we want to take complexity out of insurance and empower drivers to find the best rates they can.”

Cover’s platform works with over 30 insurance companies in the US. The free-to-download app helps consumers to find the best coverage for car, home, renters, pet, jewellery, phone and electronics, homeowner and commercial insurance.

A user takes a photo or video of the product they wish to protect, Cover will then explore the market and find the best insurance rate available. Once it has been purchased, the user can use the app to manage it.

Late last year, the InsuTech, has closed its Series B round on $16m, with Tribe Capital acting as the lead backer.

Copyright © 2019 FinTech Global

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