Interesting news on gig-economy business insurance from TechCrunch:
- Coverdash, an insurtech firm, launched its digital insurance product for small businesses, e-commerce merchants and gig-economy workers in all 50 states.
- The company raised $2.5m in seed capital in a round led by Bling Capital, with participation from AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, Cameron Ventures, and strategic angel investors.
- Coverdash's platform aims to make insurance accessible to small businesses of all shapes and sizes and one that was seamless and simple, it works with over a dozen carriers to offer policies including liability, property, workers’ compensation, and cyber.
- The Coverdash’s future scale and revenue will likely come from policies sold through partners that will embed its technology into their websites.
- The funding will be used for go-to-market initiatives, product and technology development, and hiring.
Introducing Coverdash: The Future of Business Insurance
Small businesses, e-commerce merchants, and gig-economy workers now have access to a revolutionary new insurance solution, thanks to Coverdash. The insurtech firm recently launched its digital insurance product in all 50 states, after raising $2.5 million in seed capital in a round led by Bling Capital.
Making Business Insurance Accessible and Simple
Coverdash's platform aims to make insurance more accessible to small businesses of all shapes and sizes. The company works with over a dozen carriers to offer policies including liability, property, workers’ compensation, and cyber insurance. The process is seamless and simple, allowing customers to get a quote, bind policies together, pay for them and manage them in a matter of seconds, without having to speak to a human being or redirecting to a payment portal or carrier portal.
"We felt like this wasn’t in alignment with small business expectations in the U.S., specifically tech-enabled small businesses," said Ralph Betesh, one of the co-founders of Coverdash. "So the team set out to build a product that would make insurance accessible to small businesses of all shapes and sizes and one that was seamless and simple."
Embedding Technology for Business Partners
Though the company is offering policies in a direct-to-consumer format, Betesh said the Coverdash’s future scale and revenue will likely come from policies sold through partners that will embed its technology into their websites. The company secured 35 of these partners pre-launch, providing an end-to-end insurance experience with a single line of code.
"We view Coverdash as the future of business insurance and embedded distribution," said Ben Ling, founder and general partner at Bling Capital.
Investing in the Future of Business Insurance
The new funding will be used for go-to-market initiatives, product and technology development, and hiring. This is a significant step forward for Coverdash, which aims to revolutionize the insurance industry for small businesses.
"The development and adoption of commercial insurance APIs within the insurtech industry has reached a tipping point, enabling innovative companies with the opportunity to drive true growth and transformation," said Ling.
In conclusion, Coverdash is here to change the game for small businesses, providing them with a simple and accessible insurance solution. Its future looks bright, and we can't wait to see how it will continue to revolutionize the business insurance industry.