CoverEase and Beam Benefits | October 07, 2022
CoverEase, a digital insurance broker, announced today a partnership with the digitally-native employee benefits provider, Beam Benefits, via the addition of Beam's dental and vision products to their digital platform. CoverEase is the first company in the United States to offer businesses the ability to get instant online dental and vision quotes for their employees.
The new integration adds Beam's dental and vision options to the company's marketplace which quotes workers' compensation, business liability and property, cyber liability insurance, group health insurance and term life insurance for up to $2 million in coverage.
CoverEase CEO Shawn Edgington shared her excitement for the future of CoverEase with the incorporation of Beam, As our platform evolves and expands with additions like Beam Benefits, we're able to accelerate innovation, reduce costs, and save business owners time and money.
"Beam is thrilled to partner with CoverEase, a proven leader in the employee benefits ecosystem, Through our integration, businesses using CoverEase can access dynamic & transparent dental and vision benefit pricing. We are excited about the technology enabling this partnership, and look forward to working further with CoverEase and their customers."
-Alex Frommeyer, Co-founder and CEO of Beam Benefits
CoverEase uses decades of best practices research, plus today's most advanced InsurTech to un-complicate the complicated. This approach results in a lightning fast, easy and awesome way to shop, compare, and buy business insurance and employee benefits.
CoverEase, a digital insurance broker, has reinvented the way businesses shop, purchase, and save on the insurance products that businesses need most. CoverEase utilizes an online "Amazon-like" shopping experience with unmatched quotes from the best insurance brands in the country. CoverEase, headquartered in Livermore, California, with offices in New York, is WBENC certified and led by CEO Shawn Marie Edgington.
About Beam Benefits:
Beam Benefits is a digitally-native employee benefits company that offers dental, vision, life, disability, and supplemental health coverage for employers of all sizes. The company simplifies and modernizes the $100+ billion ancillary benefits industry through its intuitive online platform, self-service tools, AI-powered underwriting, and thoughtful coverage for improved overall wellness. Its Beam Perks™ program* offers incentives to members and rewards them for healthy behaviors. Beam has raised over $160 million in funding and is available in 44 states across the U.S.
CoverTree and Socotra | October 03, 2022
CoverTree, an insurtech MGA based in Michigan, partnered with Socotra, the core platform provider of choice for innovative insurers, to launch easy and affordable insurance for owners, renters, and landlords of manufactured homes. With Socotra, CoverTree can now automate 92% of its applications with straight-through processing, enabling their customers to purchase a policy online in less than three minutes and save up to 40% in premiums.
Traditionally, manufactured homes have been committed to delivering exceptional customer service and affordable insurance for the historically underinsured manufactured home market, As a result, policyholders faced excessive monthly premiums and lower reimbursements.
CoverTree chose Socotra as its core platform in order to leverage next-generation property data and automate underwriting. With straight-through processing for 92% of their applications, CoverTree has reduced their cost of acquisition and passed along those savings to customers through more favorable pricing. Socotra also empowers CoverTree to deliver a seamless, omnichannel buying experience that allows customers to quickly purchase a policy through a website, mobile app, or digital insurance agency.
“CoverTree is committed to delivering exceptional customer service and affordable insurance for the historically underinsured manufactured home market, Socotra has provided a powerful and reliable policy core to power our modern customer experience, automate processes, and reduce costs. Unlike other core platform providers, Socotra offers open APIs that enable us to easily and seamlessly integrate with third-party data providers, such as Cape Analytics, and our custom-built frontend. In less than six months from kickoff, CoverTree was able to start writing policies in five states and now has plans to expand to additional ones in the coming months.”
-Adarsh Rachmale, CEO of CoverTree
Chosen by 27 carriers and insurtechs in the last 18 months, Socotra provides the insurance industry’s most open and agile platform powerful enough for today’s innovators. With Socotra, insurers can bring any insurance product to market with out-of-the-box capabilities, Socotra App MarketPlace, or by integrating through open APIs any custom or third-party technology in the insurance ecosystem, such as a proprietary rating engine, a digital frontend experience, or an automated claims solution.
We work with a lot of people in this business, Socotra is the best partner by far. From weekly check-ins to ongoing support, they’ve simplified the process and empowered our lean team every step of the way,said Rachmale.
We’ve been impressed by CoverTree and their powerful mission since day one, The tech-savvy team at CoverTree has developed an innovative solution for a historically underserved market, and I’m proud that Socotra can help support their rapid launch and customer-first approach to insurance,said Dan Woods, CEO of Socotra.
CoverTree is an insurtech company headquartered in Detroit, Michigan. The company focuses on bringing digital distribution, automated underwriting, and data-driven pricing to specialty personal lines of insurance. CoverTree’s manufactured home product is available in Arizona, Indiana, Michigan, New Mexico, Ohio, Illinois, and Tennessee.
Socotra brings unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
CoverGo and Noria Capital | November 21, 2022
CoverGo, the leading global no-code insurance SaaS platform for P&C, health, and life, is expanding to the Middle East after a US$15 million Series A funding, with a Middle East insurance fund Noria Capital joining as one of the strategic investors.
CoverGo has been adopted by a growing number of P&C, health and life insurance companies and emerging insurtech companies across the globe to build and launch all types of insurance products within days, develop omni-channel distribution and digitize policy admin and claims. CoverGo's clients include AXA, Bupa, MSIG (MS&AD), Dai-ichi Life, DBS Bank, Bank of China Group Insurance and many others.
CoverGo has recently set up its presence in the Dubai International Financial Centre (DIFC) and became part of DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia region.
CoverGo's expansion in the Middle East is led by newly appointed Regional Director George Majdalani. George is a senior executive with over 17 years in digital insurance transformation and health insurance innovation.
"CoverGo's next-generation no-code platform provides insurance companies with an unbeatable speed to market and cost savings while driving efficiencies across the whole value chain. CoverGo is uniquely positioned to become the insurance platform market leader, in particular for health insurance in the Middle East, and help companies accelerate their digital transformation without heavy IT development, We are excited to support CoverGo on its growth journey and expansion in the Middle East as well as the African market."
-Rakan Abunayyan, General Partner of Noria Capital
Middle East insurance companies are realizing now more than ever that custom IT development is too slow and costly while rigid legacy systems can't satisfy changing customer needs and product requirements. As a result, we have seen a fast-growing demand for CoverGo as a truly configurable no-code platform, The strategic investment from Noria Capital will further accelerate CoverGo's growth in the Middle East and provide relationships with key partners and insurance companies in the region,said Tomas Holub, Founder & CEO of CoverGo.
CoverGo's no-code API-driven insurance platform is a perfect fit for the Middle East insurance stakeholders who are looking to launch and efficiently manage new innovative products and enable seamless digital distribution without disrupting their existing systems, said George Majdalani, Regional Director, MENA.
About Noria Capital
Noria is a venture capital fund that works with Insurtech startups during their growth and scaleup phases. The fund's mission is to bring innovation to the insurance industry in the Middle East & Africa.
CoverGo is the leading global no-code insurance platform for P&C, health, and life, enabling insurance companies to transform digitally in the most flexible, scalable and cost-effective way.