Cover Whale Insurance Solutions, Inc., a commercial trucking insurance provider and rapidly growing Insurtech, announced it has surpassed the $500 million mark in all-time written premiums.
This recent milestone reportedly “represents the company’s rapid growth since it wrote its first commercial trucking policy in March 2020 and solidifies Cover Whale’s position as a driving force within the industry.”
Cover Whale claims it “has generated more than $160 million in written premium 2023 year-to-date.”
This accomplishment follows “a wave of recent announcements from the company, including the industry’s first Chief AI Officer, next phase of its unique Driver Safety Program, new strategic partnerships and top-tier talent joining the executive team to accelerate progress and its unwavering dedication to its mission of using technology to make the world safer.”
Cover Whale’s business model, which “combines easy, instant quotes and binds with its distinctive Driver Safety Program, continues to revolutionize the trucking industry while maintaining a remarkable sub-60 loss ratio.”
AI-driven dash cam technology, telematics, and real-time driver safety coaching improve safety “for both truck drivers and for those with whom they share the road, reduces insurance costs and helps exonerate drivers in accident-related scenarios.”
Dan Abrahamsen, CEO of Cover Whale, said:
“Insurtech is an ever-evolving domain and it is our responsibility to continually introduce new tools that enhance road safety and make our agents’ lives easier. One thing remains the same: our commitment to truck drivers. We take pride in being a reliable source of quality, affordable coverage across the commercial trucking insurance product spectrum. By persistently pursuing advancements in technology, we’re lowering costs, improving road safety and saving lives. We eagerly anticipate launching new tools to sustain our momentum.”
As Cover Whale enters the second half of 2023, its growth can “be attributed to an increasing market acceptance for empowering truck drivers and small trucking fleets – a historically underserved segment within the commercial auto insurance industry.”
Additionally, the company recently expanded into Idaho and Iowa, now reaching truckers with 47 states, “including 32 with its Auto Liability line of business.”
Through fast, affordable coverage, Cover Whale continues “to resonate with its more than 6,000 agents, as evidenced by its achievement in surpassing the $500 million mark in all-time insurance premium.”