Coverholder: Quote, Personalize & Issue bespoke insurance policies instantly
Coverholder (Insurtech MGA LTD) is a London based startup, revolutionizing the way bespoke policies are sold and distributed. The company is a completely digital MGA (Managing General Agent), offering digitized policies ranging from Professional Indemnity, to Yacht insurance on a SaaS platform.
The platform allows intermediaries to interactively create a risk profile of the customer and tailor a policy to fit the client’s needs. The intermediary can issue the policy directly from the platform, delivering the insurance certificate instantly to the customer. Coverholder digitizes the whole quotation and underwriting process. By interactively evaluating the information collected by the intermediary, it can instantly quote the cost of covering the risk of the customer. Guarantees can be adjusted with complete flexibility, allowing the intermediary to create a product that is fitting with the customers’ needs.
The startup has been offering the platform on the Italian market since April 2017, where now more than 200 intermediaries use the platform daily. Over 15.000 policies have been issued in 2018 with the platform. While the company’s core product is its own SaaS platform, it has also created solutions for captive agency networks, such as that of Allianz in Italy.
In 2018 Coverholder closed a partnership with Swiss RE, followed by broker and Coverholder status at Lloyd’s. Early 2019 several new partnerships with leading insurance carriers have started and the company continues to work closely together with several of the leading Lloyd’s syndicates.
Limits of the current distribution model eliminated
By rethinking the underwriting processes, Coverholder has eliminated the limits of the current distribution model. Today’s industry practices are inefficient, outdated and expensive. Lower premium values are difficult to sell as distribution costs are prohibitive, even though the loss ratios of these micro premiums are typically much better than those of traditional policies. The distribution efficiency of Coverholder enables a much wider reach and easier access to customers that could not be reached profitably.
How it works
Coverholder’s cloud software is designed for brokers, insurers and agents. The insurance management simplifies the capture of the data of the evaluation questionnaire and allows the customization of the guarantees according to the needs of the contractor. Once the quotation has been defined, the certificate can be issued immediately and independently from the office or on the move. Coverholder also includes all the features of CRM, digital signature and online payment of customers’ receipts.
All on one platform:
Interactive Risk Assessment
The intermediary completes an interactive questionnaire, based on the inputs, additional questions are posed to complete a risk profile of the customer.
The information gathered in the questionnaire is automatically enriched with data from public and proprietary sources and an enhanced dataset is created.
The enhanced dataset is evaluated by a machine learning algorithm, which decides whether the risk can be underwritten automatically, or needs further inspection from one of our underwriters.
Instant Quotes and emission
Based on the dataset, the policy is priced instantly, the intermediary can adjust guarantees and commissions to arrive at the desired pricing level for the customer.
Tired of printing 40 pages of a policy document (twice!)? Are your people spending most of their time collecting signatures from a customer? How much time is your back-office spending to get those documents scanned and archived? Coverholder digitally signs the policies and allows the customer to sign all documents online with a Qualified Electronic Signature.
Why we selected Coverholder for DIA Amsterdam
Coverholder drastically improves the customer experience, but it also reduces up to 70% of the operating cost of the intermediaries versus those operating the traditional model. Next to cost-cutting, a more efficient distribution system and lower premium policies are now in reach and small premiums can be sold efficiently.
At DIA Amsterdam Tjeerd Prenger, Co-Founder and COO of Coverholder will show and tell.
Check out their live demo here:
Who is Coverholder?
Coverholder is a London based start-up with operations in Italy and the UK. The company was founded in 2016 and issued its first policy in April of 2017. By the end of 2018 it had intermediated over €6 million of Gross Written Premiums and issued over 15,000 policies.
Coverholder is a Broker and Coverholder at Lloyd’s and has strategic partnerships in place with Swiss RE and the Neon Syndicate at Lloyds. It also participates in the Fabrick open-banking platform promoted by Fintech District in Milan.
Mike Galasso and Feliciano Lombardi were joined in 2018 by Tjeerd Prenger. The team is currently 15 people strong and is growing quickly. In 2019 further geographical expansion is to be expected.
”Coverholder revolutionizes distribution in the insurance industry and helps intermediaries live up to customer expectations in the digital age” Mike Galasso CPO Coverholder
From left to right:
- Mike Galasso, CPO (Chief Product Officer)
- Tjeerd Prenger, COO
- Feliciano Lombardi, CEO