Thursday, October 6th, 2022

Insurtech’s platform takes on company back-office duties


COVU, headquartered in California, is supposed to be greater than the digital platforms brokers and brokers more and more use and function to streamline their operations. Safavi payments the corporate as a brand new mannequin that mixes components nicely past a know-how platform (comparable to outsourcing).

“Sometimes, what the platform is outlined as within the conventional sense in the best way that you just’re utilizing it’s as a instrument – software program that an company might begin utilizing, which is cool, however the agent must discover ways to use it to achieve success,” Safavi mentioned. “In our case, we’re not giving the agent a instrument. We’re managing their e book for them. We’re telling them we’ll do your end-to-end work administration for you, and it’ll assist you to develop. It is going to open up your time so you’ll be able to preserve doing what you need to do.”

COVU launched in its present kind in early 2022, after fine-tuning by Safavi and his co-founders. It has gained traction shortly, leaping from 4 workers in January to greater than 40 presently. The corporate additionally introduced on Aug. 17 that it has secured $10 million in seed funding meant to construct and scale COVU. ManchesterStory Group led the spherical, supported by angel and VC traders from the insurance coverage and know-how industries.

Safavi mentioned the cash is double what the corporate initially sought out. Investor curiosity surpassed expectations.

“We realized there’s a good quantity of demand from traders for this mannequin,” Safavi mentioned.

The funding success is significant, Safavi defined, including he stays centered on the larger image.

“Being an entrepreneur, you’re completely satisfied for a number of days after which again into execution mode and also you’re on the lookout for the following large milestone,” he famous.

New mannequin

COVU combines a platform with a surrogate that handles back-office work.

The objective of the platform is to assist impartial insurance coverage brokers and carriers higher handle their danger and make smarter insurance coverage choices by means of AI-driven coverage suggestions in addition to enterprise service and gross sales stories. COVU calls it a “turnkey providing” the place it takes possession of entrance and back-office duties so insurance coverage brokers can focus extra on constructing buyer relationships, rising their enterprise and embracing digital operations.

COVU combines cell self-service with on-demand service from professionals when wanted, the corporate defined. Brokers offload their back-office and front-office processes utilizing COVU’s know-how infrastructure and system. On the identical time, insurance policies and prospects proceed to be recorded on the service beneath the company, with all buyer communication co-branded with the agent.

The platform can also be designed to assist company/dealer prospects streamline their wants.

“It’s referred to as an all-in-one AI-enabled platform as a result of it additionally has our spin to it,” Safavi mentioned. “We predict sooner or later, AI will play a really sturdy position in offering danger suggestions to prospects to assist them navigate their danger administration and insurance coverage administration.”

Accomplice ‘integration’

COVU refers to businesses that tackle its platform as companions, although it additionally views the companions’ prospects as their very own.

“We see the tip buyer as the one who wants danger administration and safety. The businesses are our companions, and we assist them higher handle their prospects collectively,” Safavi defined. “As soon as we work with businesses, we truly cope with the purchasers instantly.”

COVU doesn’t combine with its company companions. Relatively, it strikes all the pieces it wants into its platform to be able to manage and get began.

The gross sales pitch is that businesses don’t need to spend extra on COVU than what they’re usually spending on managing their work.

First comes an exploration or discovery name with COVU’s manufacturing/know-how crew to debate processes, wants, gaps and information switch. The events additionally discover if the company has any workers that may very well be moved over to COVU because it takes over again/entrance workplace features.

That step is to make sure providers aren’t disrupted and to stop any company layoffs as COVU ramps up. COVU hires any affected workers to assist handle the again workplace, Safavi mentioned.

“In the event that they don’t have any service workers, we assign workers to the company, so we assist with filling in all of the gaps,” he defined.

Companies don’t want to fret about API integration. COVU has its personal API integration with different tech distributors, nevertheless.

Companies can go away the association each time they need, they usually nonetheless personal each particular person account. COVU manages all the pieces else.

“We even have our personal app that’s going to permit the shopper to do self-service and all the pieces else,” Safavi mentioned. “As a result of we’re just one platform, we handle all the pieces. The agent doesn’t have to fret about” the remaining.

At present, COVU has a number of company prospects and already manages “tens of tens of millions of {dollars} of premium,” Safavi added.

 



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