Covr Financial Technologies, LLC

Covr Financial Technologies provides a digital platform that simplifies the insurance purchasing process, offering life, long-term care, and disability insurance to consumers and financial institutions for enhanced service delivery. Founded in 2013, Covr Financial Technologies operates out of Boise, US, focusing on streamlining insurance sales for financial institutions and consumers. The company has engaged in 6 deals, with its latest funding round being a Series B in April 2022, raising USD 15. 000 mn led by Stone Point Capital.

Covr was co-founded by Javier Gallego, Jennifer Hevelone, Morgan Noret, Tanner Thompson, and Todd Ruplinger, and is currently led by CEO Michael Kalen and Tanner Thompson. Covr Financial Technologies specializes in simplifying the insurance purchasing process by offering an integrated platform that provides life insurance, long-term care insurance, and disability insurance for consumers. The company's core product suite enables financial institutions to easily incorporate these insurance offerings into their services, thereby enhancing customer engagement and satisfaction. Covr partners with 29 leading insurance carriers, ensuring a diverse array of options for consumers and institutions alike.

The primary clients served by Covr include financial institutions, banks, and individual consumers across various U. S. markets. By streamlining the insurance application and approval process, Covr aims to address the complexities traditionally associated with purchasing insurance, making it accessible and efficient for end users.

Covr Financial Technologies generates revenue primarily through its partnerships with financial institutions that utilize its insurance tools and services. These partnerships facilitate the distribution of insurance products directly to consumers, creating a B2B model where financial institutions serve as intermediaries. The company receives compensation based on the volume of insurance policies sold or through structured fees associated with the services they provide. Specific pricing plans for Covr's offerings are tailored to the needs of institutional partners and their clientele, encompassing flagship products that enhance customer experiences in the insurance domain.

In April 2022, Covr Financial Technologies raised USD 15. 000 mn in Series B funding led by Stone Point Capital to accelerate its growth and continue building its digital insurance technology. The company plans to release new product features and enhance its platform, targeting expansion into additional U. S.

markets over the next 12 months.