Coverdash Launches Embedded Business Insurance Solutions
Coverdash has announced the launch of its insurance solutions and the closing of an oversubscribed seed round.
The business-focused InsurTech said in a Monday (Jan. 23) blog post that it makes it easier for eCommerce merchants, gig workers and other business owners to buy and manage business insurance.
“We have created a frictionless transactional experience that is unseen within the insurance landscape,” Coverdash Co-Founder and CEO Ralph Betesh said in the post. “Our mission is to empower partners with these capabilities and help finally make insurance accessible and simple for business owners across the nation.”
The Coverdash announcement comes two weeks after investment firm Vista Equity Partners bought InsurTech Duck Creek Technologies for $2.6 billion.
Duck Creek CEO Michael Jackowski said at the time that the deal will allow Duck Creek to “continue supporting [property and casualty (P&C)] insurance carriers’ move to the cloud.”
On the same day, Jan. 9, London-based InsurTech Superscript announced it had raised £45 million (about $56 million) in a Series B funding round to further develop its underwriting and broking capabilities and grow its range of insurance products.
PYMNTS research has found that consumers are hungry for more direct and seamless ways of obtaining coverage.
For example, 45% of consumers would be “very” or “extremely” interested in bank-embedded offers that would be responsive to major events or purchases that could give rise to a need for protection, according to the “Embedded Insurance Report,” a PYMNTS and Cover Genius collaboration.
Coverdash provides buyers of business insurance with a dashboard through which they can manage, monitor and control their coverages, according to the blog post.
The InsurTech also enables its insurer partners to easily offer insurance to existing customers with a single line of code via Coverdash’s embedded technology, the post said.
With the new capital from the funding round that was led by Bling Capital, Coverdash will boost its product innovation, go-to-market initiatives and hiring, per the post.
“The development and adoption of commercial insurance APIs [application programming interfaces] within the InsurTech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation,” Bling Capital Founder and General Partner Ben Ling said in the post. “We view Coverdash as the future of business insurance and embedded distribution.”