Access CoverageCorp Inc., the Charlotte, N.C. Internet-based business insurance technology and solutions provider, announced that it has raised $8 million in a second-round financing. The leader in this round has been Capital Z Partners, a global alternative asset management firm based in New York. Capital Z Partners was joined by The Hartford Financial Services Group Inc., LC39 Ventures and Selective Insurance Company. Exact terms of the transaction were not disclosed.
CoverageCorp will apply the capital towards continued system development of the company’s Virtual Insurance Platform (VIP) technology and operational expansion. The VIP platform automates the process of delivering multiple-carrier, bindable underwriting decisions through a single entry format to agents, brokers and other financial intermediaries. CoverageCorp hopes through the use of its technology, carriers will cut costs and improve the consistency of the application of their underwriting rules. The VIP platform will potentially save agents, brokers and other financial intermediaries the time and cost of filling out forms; thereby significantly reducing the turn-around time necessary to get multiple-carrier, bindable underwriting decisions from carriers.
Bruce A. Flachs, CEO of CoverageCorp, expressed enthusiasm that the company’s growth potential attracted new investment from The Hartford and LC39, and the continued support of Capital Z and Selective.
Matt Popoli, an associate at Capital Z Partners, commented that by developing the techological leadership of the VIP system, “CoverageCorp continues to gain traction in the marketplace…we continue to be excited about the company’s model of being a technology enabler to insurance carriers, insurance brokers, and financial institutions.”
Joseph Gauches, executive vice president of e-business and technology solutions at The Hartford, stated the investment in Coverage Corp has reinforced The Hartford’s commitment to the application of advanced technologies in the insurance sector.
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