Zurich takes minority stake in US SME insurtech

plant with money

Zurich has invested in US start-up Cover Wallet, enabling it to provide small businesses with a platform to buy its insurance policies.

Cover Wallet is an insurance platform which provides SME businesses with a platform to get quotes, purchase insurance and manage their coverage online. The commercial partnership will enable Zurich to use the platform and sell its own policies to SMEs.

Following its investment, Zurich will acquire a minority stake in the start-up and the commercial partnership will help Cover Wallet expand into multiple areas of the European market. The start-up is already active in Spain.

Zurich declined to comment on how much it had invested in the firm.

A spokesperson from Cover Wallet told Post: “We are currently in the process of evaluating several different markets, including areas outside of Europe. 

 “The platform is co-branded Zurich and Cover Wallet as a joint initiative. Cover Wallet is an end-to-end digital platform that handles the full lifecycle of insurance for small businesses. We help them understand the policies they need for their specific business, purchase policies, and manage claims, certificates, billing, and renewals all through the online platform.”

In October 2017, Cover Wallet raised $18.5 million during a Series B funding round, bringing its total amount raised to more than $30 million at that time.

In addition to receiving financial backing from Zurich, Cover Wallet has received funding from investors including Union Square Ventures, Index Ventures, Two Sigma, Foundation Capital, and Starr Companies.

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