InsurTech CoverForce Emerges from Stealth Mode with $5M Seed Funding

CoverForce’s API provides access to top carriers for instant quote and bind capabilities.

(Image source: CoverForce website.)

CoverForce (New York), an independent insurance platform pitching itself as bringing streamlined comparisons and one-click buying to commercial insurance, has emerged from stealth mode, unveiling its comprehensive suite of products made specifically for agency networks, wholesalers, and software companies. The company says its infrastructure and easy-to-integrate API aim to provide digital access and one-stop comparison in an offline market with speed and accuracy.

Cyrus Karai, CEO, CoverForce.

CoverForce reports that its leadership team brings big tech experience and deep insurance knowledge together to build technology that seamlessly integrates into established processes of carriers, agents and wholesalers. CEO and co-founder Cyrus Karai is joined by two additional co-founders: former EVP of global small & middle market business centers at Travelers, Behram Dinshaw, who serves as the company’s chairperson of the board, and former software development manager at Amazon, Kaivan Wadia, who serves as the company’s CTO. The three co-founders have assembled an expert team of engineers and industry advisors, including senior experts from Google, Amazon, The Hartford, Travelers, Allstate Corporation, McKinsey & Company and others, according to the CoverForce statement.

“Historically, the commercial insurance industry has been fragmented and lacking a standardized API experience, forcing companies in need of quotes to navigate a complex, time-consuming process that consists of back-and-forth emails and phone calls,” comments Cyrus Karai, co-founder and CEO, CoverForce. “We are changing that by helping top insurance companies become digitally accessible to businesses, unlocking access to new alternative distribution channels and strengthening independent agents.”

CoverForce’s full product suite includes the following, as described by the company statement:

Commercial Insurance API: Streamlines integration in days while connecting to multiple carriers for instant access to appetite, quotes, proposals and policy documents while enabling one-click binding.

Quote & Bind Agent Portal: Syncs directly into top carrier systems to grant access to appetite guide while enabling instant quote, bind, payment, and issue.

Wholesaler/Network Management Portal: Tracks submissions across all Agent Portals, completes binds requested by retail agencies and showcases placement analytics across all agencies.

Direct-to-consumer online storefronts: Creates a white-labeled online shopping experience for business owners to choose products and get competitive quotes from multiple carriers.

With these customized solutions and over 1,100 standard industry codes on the platform, CoverForce says it is simplifying the submission process while minimizing misclassification of risk. CoverForce reports that, since May 2023, it has on-boarded more than 3,500 users across the country, including the second largest independent agency network—ISU Insurance Agency Network, to access quotes from top property and casualty insurance carriers and bind in a simple click.

The InsurTech’s early success stems from its initial $5M seed funding round in January 2022, led by Nyca Partners (New York) with participation from Muir Capital (San Francisco), QED Investors (Alexandria, Va.), Sidekick Partners (Dallas) and Moving Capital (Santa Monica, Calif.).

“The commercial insurance industry is accelerating its embrace of digital technologies. CoverForce is developing a unique independent insurance platform, bringing a streamlined experience to the distribution between agents and carriers,” comments Bill Bloom, advisory board member at CoverForce and former EVP at The Hartford and Travelers. “The expertise in the insurance and technology industries that CoverForce brings is impressive. I’m excited to support them in their efforts to evolve the commercial insurance landscape.”

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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 or (503) 936-2803.

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