Startup name: Coverholder (Insurtech MGA)
Registered Office: Italy, Assago
Established in: 25/05/2016
Startup Category: Fintech
Competitions/Prizes won: (Winner Magic Wand, Digital Magics, Finalist Start-up Bootcamp)
Founders: Feliciano Lombardi, Mike Galasso, Tjeerd Prenger
Coverholder is a fully Digital Managing General Agent. Now what does that mean? We are a wholesale organisation in the insurance industry. We take insurance capacity from the national and international markets (Such as Lloyd’s in London) and we make that available to local agents and brokers. We do it in a highly innovative way, our experts start by analysing the underwriting philosophy of the insurance product and set out a framework under which the underwriting decision would be made by an underwriter and the pricing implications certain risk profiles might have. We then translate that to a digitised policy.
We offer these digitised insurance policies on a proprietary platform, our cloud-based software simplifies and accelerates the insurance brokerage and underwriting process as the rules are interpreted at the beginning of the process. The intermediary therefore can dedicate all his time at giving the best advice to the customer, creating a bespoke product. At the same time, the answers to particular risk profiles are immediate and so is the pricing. The platform even emits the insurance certificate digitally, this makes it possible to conclude the business in a single customer interaction, drastically reducing the cost of distribution, while improving the customer experience.
Further advantages are that it allows carriers to access segments of the market
that were previously not addressable due to high cost, as well as enabling Micro Insurance.
Our White label solutions and API platform makes it easily accessible to all partners, not only traditional insurance agents and brokers, but also banks and online platforms can now access and commercialize insurance policies in a very simple way.
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