Zurich, CoverWallet Launch Online Insurance Platform for Smaller Firms in Switzerland

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Zurich Insurance Group’s investment in CoverWallet is bearing fruit, with Zurich now providing insurance for small and medium-sized businesses in Switzerland via CoverWallet’s online platform.

CoverWallet uses analytics and state-of-the-art technology to simplify how small businesses buy insurance. Zurich acquired a minority stake in the digital business insurance agency startup in June 2018, after the companies launched a similar online platform in Spain a little more than a year ago in an initial stab at working together.

Juan Beer, CEO of Zurich Insurance in Switzerland, said in prepared remarks that the partnership will target “micro-enterprises and startups, which usually lack the time and resources to deal with the topic of insurance protection.”

The new Switzerland effort allows for CoverWallet’s platform to offer Zurich’s insurance policies. Zurich/CoverWallet claim that their collaboration enables businesses to easily learn about the types of coverage they need and get “real-time quotes.” They can also purchase insurance and manage their insurance online in minutes, CoverWallet and Zurich assert.

Inaki Berenguer, CEO and co-founder of CoverWallet, said in prepared remarks, the companies’ deepening partnership has been possible thanks to their initial effort in Spain “exceeding our goals.”

“We are excited to expand into additional countries to make insurance easier for businesses around the world,” Berenguer said.

Separately, CoverWallet added Courtney Leimkuhler to its board of directors. Leimkuhler is a former Marsh & McLennan Cos. executive, having served as CFO and interim COO of Marsh and CFO of the Risk and Insurance Services segment during her stint there from 2013 to 2017.

Source: CoverWallet/Zurich Insurance

A version of this article first appeared in Insurance Journal’s sister publication, Carrier Management.

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