Two new players have announced their intention to collaborate on a fresh technology-driven insurance offering aimed at small business owners.
Starr Companies and CoverWallet teamed up to launch the new web-based insurance agency, which will focus on click-to-bind processes and lower operational costs that can be passed along as savings to the consumer.
"We believe that this partnership, combined with our unique technology, will build on our momentum, setting us ahead of any future player in the space," Inaki Berenguer, cofounder and CEO of CoverWallet, said in a press release. CoverWallet is based in New York City.
Starr Companies is an international company helmed by insurance industry superstar Maurice "Hank" Greenberg, formerly the CEO of AIG. Berenguer characterized Greenberg as a global visionary responsible for launching the "largest financial services company in the world."
Greenberg said in the same press release that Starr Companies sees in CoverWallet a strong technology partner with the data and design chops necessary to modernization the insurance industry.
"With CoverWallet, we have found a partner that is innovative and ambitious with respect to online insurance," Greenberg said.
As part of the partnership, CoverWallet received additional funding from Starr Companies. CoverWallet reports that it previously raised $10 million from Union Square Ventures, Index Ventures, Highland Capital Partners, Founder Collective and Two Sigma Ventures.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
