Coverance Insurance Solutions, Inc.
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Coverance Insurance Solutions, Inc. - overview
Established
2017
Location
Long Beach, CA, US
Primary Industry
Insurance
About
Coverance Insurance Solutions, Inc. is a dedicated provider of Medicare-related insurance products, facilitating healthcare navigation for seniors and individuals approaching retirement through personalized insurance plans. Founded in 2017 and headquartered in Long Beach, US, Coverance Insurance Solutions, Inc. specializes in Medicare-related insurance solutions.
The firm has completed 2 deals, with its most recent funding round in September 2020, raising USD 10. 5 mn led by CUNA Mutual Group, with participation from Strandview Capital. The CEO, Christopher Mullins, has played a pivotal role in steering the company’s strategic direction. Coverance Insurance Solutions, Inc.
offers a comprehensive range of Medicare-related insurance products aimed at assisting individuals in navigating their healthcare options. Their core offerings include Medicare Advantage plans, Medicare Supplement plans (Medigap), and Medicare Part D prescription drug plans. These products fill coverage gaps left by Original Medicare, addressing the varied healthcare needs of seniors and eligible individuals, and ensuring accessibility across multiple markets in the United States. The company generates revenue through commissions from the sale of various Medicare insurance products to consumers.
The structure is primarily B2C (business-to-consumer), wherein licensed agents guide clients in selecting suitable Medicare plans based on health needs and budget. Each enrollment into a Medicare plan yields a commission for Coverance, emphasizing the importance of sales agents in their business process. Looking ahead, Coverance Insurance Solutions, Inc. aims to expand its offerings and geographic presence.
While specific new products are in development, the company plans to broaden its market reach significantly. Following the recent funding round of USD 10. 5 mn in September 2020, led by CUNA Mutual Group, the funds will be directed towards enhancing product offerings and entering new markets to better serve their customer base.
Current Investors
Strandview Capital, CUNA Mutual Group
Primary Industry
Insurance
Sub Industries
Insurance Intermediaries, Healthcare IT, Web Applications
Website
www.coveranceis.com
Verticals
HealthTech, InsureTech
Total Amount Raised
Subscriber access only
Coverance Insurance Solutions, Inc. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Growth | Completed | Coverance Insurance Solutions, Inc. | - |
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