(Image source: GetCovered homepage.)
GetCovered.io, a New York-based insurance software startup aiming to make it simple to buy and track property and casualty insurance online, has announced the completion of a $7 million Series A financing round led by RET Ventures (Park City, Utah) and joined by Updater, Pelican Ventures, and Crocker Mountain. In addition to the capital investment, the round’s strategic investors also offer direct access to more than 6 million rental units and more than 30 million square feet of real estate.
Founded by Brandon Tobman, Dylan Gaines and Ryan Solomon in 2018, GetCovered describes itself as built to bridge the gap between the insurance and real estate sectors.
GetCovered says it works with insurance carriers, agencies, multifamily owner/operators, and proptech companies to ensure that tenants purchase a community’s minimum required policy—for both residential and commercial leases—and tracks policies throughout the term of the lease. GetCovered provides its partners with a customizable frontend for tenants to purchase insurance from A-rated carriers as well as a backend policy admin portal for COI verification, tracking, billing and policy administration. Their API integrations and white-labeled offerings make it easy for any insurance agencies to sell policies online, with their own custom branding.
“Our mission has been to become the Shopify of Insurance and give the smaller Insurance Agencies access to the same digital tools the large companies have, and this capital infusion will help turn that vision into a reality,” comments Brandon Tobman, CEO, GetCovered.
GetCovered describes its work in the industry as helping both agencies and carriers modernize their own technology so they can sell any insurance products online at scale and administer billing and payments to compete with today’s InsurTechs. GetCovered reports that it has more than five hundred insurance carriers and agencies as clients.
GetCovered lists its commercial partners as including Updater, a New York-based provider of a platform to support people in the process of moving, as well as Marsh, NFP, Confie and other major insurance agencies.
Unique Approach to Partnership Distribution
“GetCovered’s unique approach to partnership distribution helps them acquire customers much more cost-efficiently than their direct-to-consumer competitors,” comments John Helm, Partner, RET Ventures. “Besides its clear value to property managers, the company also has synergies with several of our portfolio companies, which made GetCovered a very compelling investment opportunity for us.”
GetCovered says its API integrates fully with a wide range of property management software, including Yardi Voyager, Onesite, MRI and Entrata, creating further efficiencies for the real estate industry by embedding insurance tracking within their existing processes. The platform also powers several insurance-related proptech companies, including Belong Homes, Obie Risk and Knox Financial.
Helping Residents Sign Up for the Right Insurance
As part of improving the process of moving, Updater helps its users easily enroll in key services at their new home—including utilities, internet service and insurance. GetCovered and Updater have signed a commercial agreement to help residents more efficiently sign up for the right insurance policies at the appropriate minimum requirements.
“Updater is dedicated to building a more delightful and less stressful moving experience. Providing our users with a seamless experience for setting up insurance at their new home is critical for a great move,” says David Greenberg, Founder and CEO, Updater. “GetCovered’s unique platform will not only benefit millions of Updater users, but also hundreds of our real estate partners, which is why we’re thrilled to support GetCovered’s mission.”