Cover Whale Insurance Solutions, Inc., a commercial auto Insurtech that’s using data to “make our nation’s roads safer,” recently announced today that it has “exceeded $100 million in written premium.”
During the two years since its founding, Cover Whale has “stealthily revolutionized the world of commercial auto insurance by providing agents and brokers substantially faster service than traditional insurers.”
Cover Whale’s foundation of technology, data, and machine learning analytics “recast the commercial auto segment, bringing a forward-looking and continuous underwriting model to market.”
With a client base that’s grown nearly 400% in one year, the company claims that it’s “clear Cover Whale’s wholesale and retail commercial insurance partners find tremendous value in the service provided.”
Cover Whale’s strategy “is two-pronged: provide agents and brokers service at 21st century speeds and mentor policyholders on safe driving practices”. It’s “an approach that benefits everyone, on the road and in the wallet.”
Kevin Abramson, President, stated:
“To our knowledge, we are the fastest growing insurTech to $100 million in under two years. Maybe even more impressive is the idea that we are delivering market-leading loss ratios to our carrier partners. InsurTech 2.0 is about delivering hyper-growth, but not at the expense of profitability. And we encourage all our policyholders to be better drivers by coaching them on simple ways to improve their road behavior and making the roads safer.” This coaching is based on real-time telematics and driver behaviors.
Shortly after its launch, Cover Whale “flipped the traditional insurTech playbook of fundraise first, service second, in order to meet pressing needs created by the pandemic.”
Founder and CEO Dan Abrahamsen remarked:
“While other insurTechs wait until seed funding to provide services, we built the software and started doing business when it was most needed: when truck drivers were pandemic first responders. In March and April 2020 the world was figuring out how to work and shop from home, creating an immediate demand for many more trucks on the road. While traditional insurance providers were still requiring agents and brokers to wait for days, or even weeks, for a quote—or declination—Cover Whale was able to get drivers’ policies bound in a fraction of that time.”
Cover Whale announced a $15.5 million seed round in October 2021, “the largest North American insurTech seed fund to-date, and continues to grow both in staff and in service area.”
As of April 2022 the Insurtech “is offering non-admitted products throughout much of the United States and recently began to roll out its admitted product offering in Florida and Georgia, with North Carolina, South Carolina, and Nevada in the coming weeks.”
As noted in a release shared with CI, Cover Whale, “an Insurtech founded by experienced insurance and technology veterans, focuses on underwriting, technology, and data to launch innovative insurance programs.”
Cover Whale “provides the most agent-friendly online platform, providing a simple solution for fast insurance quotes.”
Products are “available exclusively through CoverWhale.com, with capacity from multiple leading insurance markets.”