CoverForce provides an API that enables large agencies and corporations to obtain bindable quotes from Tier 1 property and casualty insurance carriers through a single submission form. This platform streamlines the commercial insurance quoting process, allowing users to quickly compare options and bind policies, thereby enhancing operational efficiency for over 4,000 producers nationwide.
Funding
$18M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Commercial insurance brokers and large organizations face a time-consuming and complex process when seeking quotes from multiple property and casualty (P&C) insurance carriers. The need to submit information separately to each carrier and then manually compare the resulting quotes leads to inefficiencies and delays. This process also makes it difficult to quickly identify the best coverage options and bind policies in a timely manner.
Solution
CoverForce offers an API and quote & bind platform designed to streamline the commercial insurance quoting process. The platform enables large agencies, wholesalers, and corporations to obtain bindable quotes from Tier 1 P&C insurance carriers through a single, standardized submission form. By providing a centralized hub for quote comparison and policy binding, CoverForce empowers users to quickly assess options from multiple carriers and efficiently bind policies. The platform's API allows for integration into existing systems, further enhancing operational efficiency and enabling rapid client placement.
Target Audience
CoverForce primarily targets large insurance agencies, wholesalers, Professional Employer Organizations (PEOs), and corporations seeking to streamline their commercial insurance quoting and binding processes. The platform also caters to carrier partners looking to digitally connect with their appointed agencies and ecosystem partners aiming to reduce tech lift with a single point to their carriers.
Features
- Single submission form for multiple Tier 1 P&C insurance carriers
- API for integration into existing agency management systems and corporate platforms
- Quote comparison tool for rapid assessment of coverage options
- On-platform policy binding capabilities
- Support for various commercial insurance lines, including Workers’ Compensation, Business Owners Policies, General Liability, Cyber, Commercial Auto, and Product Liability
- Access to over 1,000 industries for targeted insurance solutions
- Efficient carrier placement, directing premiums to preferred carriers
- Data-driven insights into book of business for optimized growth strategies