The Hanover is the first carrier to use CoverWallets’ new B2B platform for agents and carriers
Small commercial insurtech start-up CoverWallet has announced the launch of a new B2B platform for insurance carriers and agents. In conjunction with that announcement, the small commercial platform announced that it already had secured its first customer, with the Hanover Insurance Company becoming the first insurance carrier to sign-up for the platform. The partnership will allow the Worcester-based insurer to provide the platform to partner agents working within its emerging micro-small commercial business.
“The Hanover wanted to provide our agents with a consumer-facing platform that supported the growth of their lower premium policies in a cost-efficient way,” said Willard Lee, Vice President and Chief Business Innovation Officer at The Hanover. “CoverWallet has built a robust digital experience with an intuitive interface that allows our agents to concentrate on their value-add services. We look forward to leveraging its state-of-the-art technology in combination with our unique products and disciplined underwriting to support our agents’ micro business clients.”
“The partnership between The Hanover and CoverWallet demonstrates how carriers and agents can leverage technology to service their customers better and faster,” said Inaki Berenguer, Co-Founder and CEO of CoverWallet. “The Hanover is an ideal partner with a rich history of innovation and one of the very best companies in the independent agency channel. We are thrilled about the opportunities ahead.”
The new B2B platform will help agents and carriers manage the entire lifecycle of their customers
Initially, an online platform selling small commercial insurance directly to consumers, CoverWallet is broadening its horizons by offering its technology and services via its B2B platform.
According to the official announcement, CoverWallet’s B2B platform provides a bevy of services to both carriers and agents including:
- real-time quoting,
- underwriting,
- binding,
- billing, and
- servicing capabilities to improve overall productivity and reduce technical and operational costs for agents and carriers.
In addition, the platform is operational 24 hours a day, seven days a week and can be tailored and customized according to a carrier’s specific needs.
“Using state-of-the-art technology, our team built a platform for The Hanover’s agents to provide a transparent, convenient, and simple way for agents to efficiently sell and manage micro-small business insurance,” said Aman Khaira, Vice President of Product at CoverWallet. “Our B2B online platform is fully-automated, allowing customers to get what they need online in minutes.”
The result is a new consumer-facing interface that will allow agents to harness CoverWallet’s technology to reduce input inefficiencies and enhance the overall customer experience that agents can provide their clients.
More about CoverWallet in its own words…
Launched in early 2016, CoverWallet combines deep analytics, thoughtful design and state of the art technology to help small businesses with all their insurance needs. CoverWallet delivers a seamless user experience while offering savings, customized coverage and best-in-class service to their customers. In a matter of minutes, any business can get peace of mind, buying and managing their insurance, all through CoverWallet’s online platform.
The start-up already has raised more than $35 million in funding from leading venture capital firms, and the company recently announced an expansion to Europe as well as a second location in Rochester, NY. The company says it is focused on becoming the platform of choice for small business insurance, leveraging technology and making the process more transparent and simpler for carriers and agents.
