Cover the whale Insurance Solutions, a New York-based insurtech startup, has raised $ 15.5 million to make it easier for millions of people to access insurance.
The seed financing round was led by Ambac Financial Group and TigerRisk Partners ’Applied Financial Technologies subsidiary. Dan Abrahamsen, Founder and CEO of Cover Whale, mentioned the turn by saying:
“This round of funding is a wonderful moment for the Cover Whale team. The support of such sophisticated investors has been a remarkable demonstration of our commitment to our vision. With this level of funding, Cover Whale will be able to invest more in our proprietary technology-enabled platform, and will continue to attract a highly talented team from the industry sector. ”
Cover Whale was created in 2019 with the mission to revolutionize the insurance industry by gathering the latest technologies in data collection, data analysis and automatic learning to facilitate access to commercial auto insurance coverage. Platforms developed by Insurtech startups can be used by owners, agents and brokers to provide a dedicated account representative and specialized staff to oversee day-to-day maintenance.
Cover Whale uses a large amount of real-time data to intervene when a driver’s negative behavior is detected, allowing for reduced loss ratios and insurance costs, which can be corrected immediately. Claude LeBlanc, President and CEO of Ambac, said the following about the startup’s vision:
“Insurtech platforms like Cover Whale, which are able to use subscribers through data to send a link to fast and cost-effective coverage in a matter of minutes, are market leaders in offering automated distribution solutions in the commercial car space.”
According to IBISWorld, The U.S. commercial auto insurance industry replaced $ 51.5 billion in 2021, up from more than $ 39 billion in 2016. With this growing demand, the platform has experienced a rapid growth rate over the past year, expanding its team to only 5 employees. More than 80 employees and contractors. Now, insurtech The startup aims to become a major player in the industry sector by helping those who need commercial auto insurance at all stages of the coverage process.