Optifino, the digital Brokerage General Agency (BGA), and Covr Financial Technologies, a provider of digital insurance solutions, have announced a transformative merger to create Digital BGA 3.0.
The move aims to combine Covr’s operational and compliance infrastructure with Optifino’s AI-powered case design and analytics platform, creating a next-generation digital BGA that empowers advisors to deliver faster, more sophisticated analyses and solutions for mass-affluent, high-net-worth, and ultra-high-net-worth clients.
The combined entity, branded as Digital BGA 3.0, will allow both companies to maintain their current branding, websites, and points of contact, ensuring minimal disruption for partners, clients, and carriers.
Independence remains central to the merger, as the entity will continue to provide unbiased, multi-carrier comparisons that prioritise clients’ best interests.
When the transaction is finalised, Covr will become a wholly-owned subsidiary of Optifino. “Today we begin building what we’re calling ‘Digital BGA 3.0,'” Optifino Co-Founder and CEO David Kleinhandler said. “This begins the next chapter of life insurance distribution: one where true independence and powerful innovation come together to modernize and simplify permanent and term life insurance experiences for advisors and the families they serve.”
“Covr’s platform will now have expanded potential by adding sophisticated and expert insurance solutions for ultra-high-net-worth clients,” Covr CEO Michael Kalen said. “This is a logical and powerful combination that will offer financial institutions and independent agents a better way of providing life insurance solutions for their clients.”
“This merger is the result of a 30-year relationship built on mutual respect and collaboration,” Covr Co-Founder Louis Kreisberg said. “David Kleinhandler and I have been friendly competitors over the years and know exactly what each firm brings to the table. I’m proud to have helped bring Covr and Optifino together to build something transformative.”
Goodwin Proctor acted as legal advisor to Optifino, Deutsche Bank served as exclusive financial advisor, and Eckert Seamans served as legal advisor to Covr Financial Technologies.
Keep up with all the latest FinTech news here
Copyright © 2025 FinTech Global
