Coterie, a U.S.-based commercial insurtech, announced on Thursday it has teamed up with IBQ, an insurtech that specializes in personal and commercial lines comparative rating, for small business insurance. Coterie reported that the partnership combines its tech-based approach to insurance offerings with IBQ’s technology which enhances the quoting process, simplifying the process for independent insurance agencies.
Bruce Hopkins, IBQ Systems Co-Founder, spoke about the collaboration by stating:
“The Independent agent will appreciate how streamlined Coterie’s quote, bind and issue process is through IBQ’s rating platform. Coterie rates will also be available on the agents direct to consumer channel, which is included with their current IBQ subscription.”
Founded in 2018, Coterie offers API-based commercial insurance for “today’s workforce.” The company claims that it works through the tools users already use to make buying, changing, and renewing insurance easy, as well as time and money-saving.
“Coterie was founded to modernize commercial insurance. The way business gets done is rapidly evolving, but insurance to protect those businesses, isn’t. Coterie is changing that by providing new insurance products, sold in new ways, through new technology.”
Coterie recently secured $8.5 million through its Series A funding round, which was led by RPM Ventures with participation from Allos Ventures, Western & Southern, Intercept Ventures, Frontier Venture Capital, and Sure Ventures. The company previously raised $3.15 million and the latest investment brings the company’s total venture funding to $11.65 million.