Two new players have announced their intention to collaborate ona fresh technology-driven insurance offering aimed at smallbusiness owners.
|StarrCompanies and CoverWalletteamed up to launch the new web-based insurance agency, which willfocus on click-to-bind processes and lower operational costs thatcan be passed along as savings to the consumer.
|Related: When worlds collide: Insurers andInsurTech
|"We believe that this partnership, combined with our uniquetechnology, will build on our momentum, setting us ahead of anyfuture player in the space," Inaki Berenguer, cofounder and CEO ofCoverWallet, said in a press release. CoverWallet is based in NewYork City.
|Starr Companies is an international company helmed by insuranceindustry superstar Maurice "Hank" Greenberg, formerly the CEO ofAIG. Berenguer characterized Greenberg as a global visionaryresponsible for launching the "largest financial services companyin the world."
|Greenberg said in the same press release that Starr Companiessees in CoverWallet a strong technology partner with the data anddesign chops necessary to modernization the insurance industry.
|"With CoverWallet, we have found a partner that is innovativeand ambitious with respect to online insurance," Greenbergsaid.
|As part of the partnership, CoverWallet received additionalfunding from Starr Companies. CoverWallet reports that itpreviously raised $10 million from Union Square Ventures, IndexVentures, Highland Capital Partners, Founder Collective and TwoSigma Ventures.
|See also:
|This insurance company is secure in its techinnovation strategy
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
