Company name: CoverWallet
CEO name: Inaki Berenguer
Location: New York, NY
Company website: coverwallet.com
Twitter handle: @CoverWallet
FINtech sector: Risk Management
Elevator pitch: CoverWallet is simplifying insurance for small businesses through data, design, and technology. We provide educational tools and resources, a quick digital quoting process, as well as our innovative insurance management platform.
Year formed: 2015
Number of employees: 55
Stage: Post-Series A, In revenue
Notable investors: Index Ventures, Two Sigma, Union Square Ventures
Tell us a bit about your company and what it does.
Launched in early 2016, CoverWallet provides a concierge-like service that is reinventing how small businesses deal with commercial insurance. We’re combining data, design, and technology to simplify the complexities of insurance and provide a digital solution to fundamentally change how business owners buy and manage policies. CoverWallet’s online platform provides a better customer experience, through online education, tailored service, and digital management capabilities. We’re currently helping clients manage a varied set of commercial insurance policies such as general liability, commercial property, workers compensation, directors and officers, professional liability, errors and omissions and cyber liability coverages.
How is it different than other companies in the same space?
CoverWallet's digital purchase process allows companies to get a quote and coverage in minutes, as opposed to days or weeks. And our insurance management platform helps to reduce errors and hassle by putting all documents and the ability to request certificates at your fingertips. These are processes still managed offline by companies nationwide.
What is your revenue model? How will the company make money?
CoverWallet acts as a digital broker.
Who is your target market? How big is the opportunity?
The small business insurance market is about $100 billion in size. We work with small and mid-size businesses in all stages and industries, from tech startups to established retail businesses.
Why are you and your team capable of succeeding?
Our team's background in creating unique digital solutions and UX expertise.
What is your company’s next target/milestone?
We’re making CoverWallet the go-to destination for small business insurance. Millions of businesses start their search for insurance online, and we’re going to be the solution they decide on. No more calling local agents, seeing which will take your business or be available when you need help. CoverWallet will be the only site you need to visit. We're building our technological solutions and carrier relationships to provide digital capabilities to an ever-broadening set of industries.
Can you tell us one unusual fact about your company?
Our co-founders, Rashmi Melgiri and Inaki Berenguer, actually came up with the idea for CoverWallet after seeing firsthand the difficulties businesses face when it comes to managing insurance. The company Inaki was working at the time was trying to close a deal, but first needed to provide their certificate of insurance and full policy. The company’s agent was out of the office for a few days, and no one could get ahold of him. They looked around and found that this is a common difficulty that businesses face, and there was a clear opportunity to create a simple digital experience.