Clearcover Insurance closes Series C funding with $50 million raised

Clearcover Insurance | January 06, 2020

Clearcover Insurance closes Series C funding with $50 million raised
Clearcover, a California-based insurtech, has closed $50 million in Series C funding. A release said that the funding round was led by OMERS Ventures, with Michael Yang, managing partner, joining Clearcover’s board. Previous investors – which include American Family Ventures, Cox Enterprises and IA Capital Group – also participated in the round. Clearcover will use the funding to continue building the machine learning technology it utilizes to offer customized auto insurance coverage to customers. The new capital will also be used to accelerate the company’s growth in new states, as well as integrating additional distribution channels in the automotive and financial services space.

Spotlight

This report provides an analysis of the impact of the tax on health insurance premiums beginning in 2018. In addition, we provide the allocation of these taxes across each state and by a line of business and also describe the potential effect that the taxes and increased premiums will have on enrollment. In summary, we estimate that the tax on health insurance will increase premiums by 2.6% in 2018, and between 2.5% and 2.7% in subsequent years when the amounts collected in taxes is mandated to increase at the same level as a premium trend. In 2018, this amount equates to $158 per individual in the non-group market, $185 per single contract and $500 per family contract in the small group market, $188 per single contract and $540 per family contract in the large group market, $245 per Medicare Advantage member (including Special Needs Plans and Employer Group Waiver Plans), and $181 per Medicaid managed care enrollee.

Spotlight

This report provides an analysis of the impact of the tax on health insurance premiums beginning in 2018. In addition, we provide the allocation of these taxes across each state and by a line of business and also describe the potential effect that the taxes and increased premiums will have on enrollment. In summary, we estimate that the tax on health insurance will increase premiums by 2.6% in 2018, and between 2.5% and 2.7% in subsequent years when the amounts collected in taxes is mandated to increase at the same level as a premium trend. In 2018, this amount equates to $158 per individual in the non-group market, $185 per single contract and $500 per family contract in the small group market, $188 per single contract and $540 per family contract in the large group market, $245 per Medicare Advantage member (including Special Needs Plans and Employer Group Waiver Plans), and $181 per Medicaid managed care enrollee.

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B2B Insurtech Platform Boost Raises $20M in Series B to Make the Insurance Market More Accessible for All Companies

Boost | May 21, 2021

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