Covr Financial Technologies Launches New Insurance Product Suite with Investment from Sony Innovation Fund by IGV
HARTFORD, Conn., April 29, 2021 /PRNewswire/ — Covr Financial Technologies (Covr), a leading digital life insurance platform, has completed its latest funding round with an investment from Sony Innovation Fund by IGV. This funding comes in conjunction with the launch of Covr’s suite of new AI-driven term life insurance products, which bring market-leading capability to the financial institutions and insurance companies that use Covr solutions to support the growing trend of self-directed, shop-from-home, insurance buying experiences that are now possible because of emerging technology and robo-advice tools.
“We couldn’t be more thrilled with this investment from Sony Innovation Fund by IGV. Wrapping our latest round of funding with a highly recognizable, global brand like Sony, which is also an insurance distribution leader in Asia, is just incredible,” said Mike Kalen, Covr CEO. “This investment and Sony’s global network will go far in helping Covr continue to lead the way in digital insurance innovations in the U.S., and eventually abroad, with solutions such as our newly launched multi-carrier term life insurance platform that includes a growing number of instant-purchase journeys and our proprietary LoanMatch Protector product.”
“We believe Covr reinvents the way life insurance is distributed by leveraging AI and advanced process automation, enabling insurance carriers to broaden their distribution path. This makes it possible for new entrants, such as banks, credit unions, C2C platforms and FinTechs, to efficiently offer policies to their own customers,” said Gen Tsuchikawa, CEO and Chief Investment Officer at Sony Innovation Fund by IGV. “Thanks to its comprehensive and modular software stack, Covr provides a genuine no-code environment for optimizing policy distribution, selection and issuance. We are quite confident in the growth path of Covr, and we look forward to supporting Mike and his team as they further grow Covr’s footprint.”
Covr’s industry-leading digital life insurance platform integrates seamlessly into a financial institution’s existing website or other distribution model. This allows these financial institutions to offer a broad range of life insurance products from the leading insurance carriers to their customers. Today’s consumers expect choice, simplicity and speed when purchasing life insurance, and Covr’s technology is tailored to those demands. “Our partners are finding additional ways to serve their customers with our solutions,” Kalen said. “We partner with many of the leading financial planning firms, banks, broker dealers, credit unions, consumer lenders, personal finance apps, and other great brands to bring innovation and affordable insurance to their customers.”
With Covr’s multi-carrier term insurance platform, customers can apply for life insurance online in minutes, with real-time quotes available from the leading insurance carriers. Leading the way in the journey are product offerings from Bestow, Haven Life, Banner Life and Americo, which all offer fully digital, instant-decision capability, and Covr’s technology to help clients find the product that fits best for them.
“Customers today expect simplicity and choice when it comes to protection products – and expect that it’s done quickly,” Kalen said. “Our platform allows our financial brands and other partners to meet this demand with a digital, white-labeled solution.”
Unique among Covr’s product offerings is LoanMatch Protector, a new product designed to mirror the remainder of an existing mortgage, small business loan or other debt. The coverage adjusts to the client’s precise need, saving consumers up to 30% and offering the market-leading ability to complete the entire process in 15 minutes.
About Covr Financial Technologies Inc.
Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its white label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust. Covr currently serves over 25,000 financial advisors and over 20 million customers across over 30 financial institutions. For more information, visit covrtech.com or follow us @covrtech and on LinkedIn.
Covr’s investors include nine leading venture capital firms: Nyca Partners, Commerce Ventures, Allianz Life Ventures, Connectivity Capital Partners, Contour Venture Partners, Aflac Ventures, Fairview Capital, Connecticut Innovations and Sony Innovation Fund by IGV. Covr’s Advisory Board includes financial services leaders, including Chairman Brian Finn, former president of Credit Suisse First Boston; Joe Plumeri, Vice Chairman of the Board of Directors of First Data Corporation and former CEO of Citibank North America; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; Brady Dougan, former CEO of Credit Suisse; Gregg Fleming of Rockefeller Capital and Bob Kerzner, formerly CEO of LIMRA.
About Sony Innovation Fund by IGV
Innovation Growth Ventures (IGV) is a venture capital firm formed in 2019 by Sony Corporation, Daiwa Capital Holdings Co., Ltd. and external limited partners. Managed by the Sony Innovation Fund (SIF), IGV invests in mid to late-stage startup companies across Japan, the U.S., Europe, Israel and India.
SOURCE Covr Financial Technologies, Inc.