CoverWallet, a NYC-based insurtech startup, received an investment from Zurich Insurance Group (VTX: ZURN).
With the investment, which builds on a commercial partnership announced in February, Zurich Insurance Group has acquired a minority stake in the company.
Through the commercial partnership, CoverWallet extended its U.S. 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, through the investment, the company will continue to grow its international presence, expanding to other European countries with Zurich.
Led by Inaki Berenguer, Co-Founder and CEO, CoverWallet provides a platform for small businesses to understand, buy and manage insurance online, in minutes, via 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.
Zurich, powered by CoverWallet, is an application of the B2B platform CoverWallet announced in May. With the platform, users benefit from real-time quoting, underwriting, binding, billing, and servicing capabilities.