Covr Receives Funding from Sony, Launches New Product Suite

The new products are designed to support the growing trend of self-directed, shop-from-home, insurance buying experiences possible because of emerging technology and robo-advice tools. 

(Image source: Covr website.)

Covr Financial Technologies (Hartford), a digital life insurance platform, has completed its latest funding round with an investment from Sony Innovation Fund by IGV (Tokyo). This funding round coincides with the launch of Covr’s suite of new term life insurance products. Covr declined to report the amount of the funding.

Mike Kalen, CEO, Covr.

Covr describes the new suite of products as AI-driven, and bringing market-leading capability to the financial institutions and insurance companies that use Covr solutions to support the growing trend of self-directed, shop-from-home, insurance buying experiences that are now possible because of emerging technology and robo-advice tools.

“We couldn’t be more thrilled with this investment from Sony Innovation Fund by IGV,” comments Mike Kalen, CEO, Covr. “Wrapping our latest round of funding with a highly recognizable, global brand like Sony, which is also an insurance distribution leader in Asia, is just incredible. This investment and Sony’s global network will go far in helping Covr continue to lead the way in digital insurance innovations in the U.S., and eventually abroad, with solutions such as our newly launched multi-carrier term life insurance platform that includes a growing number of instant-purchase journeys and our proprietary LoanMatch Protector product.”

Gen Tsuchikawa, CEO and Chief Investment Officer, Sony Innovation Fund by IGV.

“We believe Covr reinvents the way life insurance is distributed by leveraging AI and advanced process automation, enabling insurance carriers to broaden their distribution path. This makes it possible for new entrants, such as banks, credit unions, C2C platforms and FinTechs, to efficiently offer policies to their own customers,” comments Gen Tsuchikawa, CEO and Chief Investment Officer, Sony Innovation Fund by IGV. “Thanks to its comprehensive and modular software stack, Covr provides a genuine no-code environment for optimizing policy distribution, selection and issuance. We are quite confident in the growth path of Covr, and we look forward to supporting Mike and his team as they further grow Covr’s footprint.”

Choice, Simplicity and Speed

Covr describes its digital life insurance platform as integrating seamlessly into a financial institution’s existing website or other distribution model. The vendor says this allows the financial institutions to offer a broad range of life insurance products from insurance carriers to their customers. “Today’s consumers expect choice, simplicity and speed when purchasing life insurance, and Covr’s technology is tailored to those demands,” Covr’s statement on the funding and product suite launch says.

“Our partners are finding additional ways to serve their customers with our solutions,” Covr CEO Kalen adds. “We partner with many of the leading financial planning firms, banks, broker dealers, credit unions, consumer lenders, personal finance apps, and other great brands to bring innovation and affordable insurance to their customers.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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