Small business insurance provider CoverWallet is teaming with Starr Companies to produce new online insurance products targeting small business.
CoverWallet is a fintech insurance provider that debuted early in 2016. It manages policies with a concierge-style service on its digital platform.
“We are very excited to have Starr and the legendary Hank Greenberg join us in our mission to simplify the end to end experience of business insurance,” CoverWallet CEO Inaki Berenguer said. “To reinvent such a large industry, CoverWallet aims to work with individuals and companies that are leaders at what they do. We could not pass up the opportunity to add Starr to the list of existing insurance partners.”
The combined efforts will focus purchase simplification and a reinvention of the insurance life cycle. Costs for small business owners should be lowered through the use of technology, CoverWallet cofounder and COO Rashmi Melgiri said.
“Consumer-friendly online solutions will define the new generation of leaders in the $100B U.S. small business insurance market, as business owners expect easy-to-use digital products similar to those already available in other financial services industries.”
Starr is now a minority shareholder in CoverWallet, joining previous investors Union Square Ventures, Index Ventures, Highland Capital Partners, Founder Collective and Two Sigma Ventures.
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