Clearcover Insurance closes Series C funding with $50 million raised

Clearcover Insurance | January 06, 2020

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

In early 2018, Insurance Innovators and Earnix surveyed over 500 insurance professionals to assess the value of personalization in the insurance sector. The insights present an industry expecting a significant change in the way insurance products are developed and sold, in order to meet the growing demand of consumers who expect highly personalized products that meet their unique needs. For those already making strides towards personalization – the survey showed that they are already reaping the benefits.

Spotlight

In early 2018, Insurance Innovators and Earnix surveyed over 500 insurance professionals to assess the value of personalization in the insurance sector. The insights present an industry expecting a significant change in the way insurance products are developed and sold, in order to meet the growing demand of consumers who expect highly personalized products that meet their unique needs. For those already making strides towards personalization – the survey showed that they are already reaping the benefits.

Related News

INSURANCE TECHNOLOGY

Fenris and Sureify Have Formed a New Partnership

Fenris | June 08, 2022

Fenris Digital (Fenris), an insurance data sourcing innovator with a suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with enterprise life insurance platform Sureify to deliver Life Events Monitoring and Alerts (LEMA) to Sureify's LifetimeENGAGE users to increase customer interaction and, ultimately, satisfaction. Fenris Life Event Monitoring and Alerts will be made available on Sureify's LifetimeENGAGE platform, which helps carriers and brokers build long-term relationships with policyholders by driving health and wellness activities, purchase decisions, financial education, and more. Sureify's carrier and broker customers will receive real-time alerts concerning changes in the lives of policyholders that would need a review of current coverage because of Fenris' life event alerts being made available through its platform. The lives of our client's policyholders are changing faster than ever. Insurance providers need to be aware of these changes in real time so they can engage with their customers at exactly the right moments. By integrating with Fenris, we're investing to ensure that, through our clients, modern policyholders' needs are being almost proactively met, which is immense." Sureify COO Ryan Swanson. Data is at the heart of a carrier's engagement practices that lead to informed agents guiding policyholders along the customer lifecycle, Working with Sureify to make our real-time alerts available to the life insurance space will give agents, brokers, and carriers the insight they need at the right time to nurture their relationship with policyholders." Jennifer Linton, CEO and Founder of Fenris. Fenris enables traditional, innovative, and embedded insurance companies to better acquire customers by leveraging data repositories of 255+ million persons, 130+ million homes, 30+ million small businesses, and total coverage of all properties in the United States. Through real-time alerts that prompt outreach to policyholders, Fenris' Life Event Monitoring and Alerts promotes engagement, raises retention rates, and leads to business growth.

Read More

RISK MANAGEMENT

Distinguished Programs Introduces New Express Umbrella Coverage

Distinguished Program Holdings LLC | February 15, 2022

Distinguished Programs ("Distinguished"), a national insurance program manager, today officially announces the relaunch of its Express Umbrella program which includes the Express Real Estate Umbrella and Express Community Associations Umbrella products. The program offers limits up to $5M and caters to community associations, homeowner associations, condominium associations and small commercial buildings. "The Express Umbrella program is perfect for real estate clients who are looking for additional coverage, but don't necessarily need high limits, The limits are up to $5M and brokers can submit business anytime through the Distinguished Online Portal. The streamlined process allows more flexibility for brokers to submit on their own time without office hour restrictions." - Chris Larson, Product Manager for the Express Umbrella program. Initially, the coverage will be non-admitted as the program is built out and the necessary state filings are obtained. Key coverages in the program will include Director & Officers ("D&O") Follow Form, Pay On Behalf, Defense Outside Limits, and Zero Retention. "The Express Umbrella is a pillar for our Community Associations program, This product is designed to address the excess liability coverage demands for community associations. With our other product offerings including package, crime, and D&O, brokers can submit business for all their community association clients' insurance needs in one place." - Barbara Bartson, Managing Vice President of Community Associations program at Distinguished. Brokers can submit business for the Express Community Association Umbrella and the Express Real Estate Umbrella by visiting the Distinguished website. About Distinguished Programs Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs' high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service.

Read More

INSURANCE TECHNOLOGY

Carvana and Root, Inc. Exclusively Partner to Develop Industry-First Integrated Auto Insurance Solutions for Carvana Customers

Carvana | August 12, 2021

Carvana (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, and Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company (“Root”), the leading insurtech carrier, today announced an exclusive partnership to develop integrated auto insurance solutions for Carvana’s online car buying platform. In connection with the partnership, Carvana will invest approximately $126 million in Root, Inc., subject to customary regulatory approvals. “This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.” “In Root, we have found a partner that shares our customer focus and technology-driven approach to delivering exceptional customer experiences. We are excited to build on the success of our existing partnership by creating a unique, integrated solution,” said Carvana CEO Ernie Garcia. “We look forward to introducing our customers to Root’s seamless insurance process and believe that this integrated offering will deepen and extend our customer relationships between transactions.” “Carvana has revolutionized the used car buying experience for consumers. This partnership further elevates the Carvana experience by integrating insurance alongside car purchasing and financing decisions,” said Root CEO Alex Timm. “This integrated solution will give Root exclusive access to a scaled and growing channel of prospective customers at the important insurance decision point of buying a car, which positions us to deliver on an immediate customer need and drive sustainable policyholder growth.” Under the terms of the investment agreement, Carvana will invest approximately $126 million of primary capital in Root, Inc. in a convertible preferred security, convertible at $9.00 per share, into approximately 14 million Class A shares in Root, Inc., or an ownership interest of approximately 5% on a fully diluted basis as of today. The investment agreement also provides CAbout Caarvana with warrants for Class A shares in Root, Inc. that are linked to the performance of the commercial partnership. Ardea Partners LP is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Root in connection with this transaction About Carvana Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 45,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s proprietary automated Car Vending Machines. About Root, Inc. Root, Inc. is the parent company of Root Insurance Company. Root is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience. Root’s mobile-first customer experience is designed to make insurance simple.

Read More