NEW YORK--(BUSINESS WIRE)--Starr Companies announced today a partnership with CoverWallet to develop new insurance products optimized for the online channel. Starr will leverage CoverWallet’s cutting-edge technology to optimize and grow operations to reach a broader market.
“We are thrilled to partner with Starr Companies and the legendary Hank Greenberg, globally recognized as the insurance visionary who, during his previous 37 years, created the largest financial services company in the world,” said Inaki Berenguer, cofounder and CEO of CoverWallet. “We believe that this partnership, combined with our unique technology, will build on our momentum, setting us ahead of any future player in the space.”
Through the partnership, the companies will jointly develop new insurance products simplifying the click-to-bind process and reinventing the insurance life cycle. The technology is expected to lower operational costs resulting in savings for the customer.
“We wanted to team up with a technology leader, with strong data and design capabilities, to radically transform the customer experience when buying insurance,” said Maurice R. Greenberg, chairman of Starr Companies. “With CoverWallet, we have found a partner that is innovative and ambitious with respect to online insurance.”
As part of the partnership, CoverWallet has also received additional funding from Starr Companies. CoverWallet previously raised $10MM from Union Square Ventures, Index Ventures, Highland Capital Partners, Founder Collective and Two Sigma Ventures.
About Starr Companies
Starr Companies (Starr) is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C.V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on five continents; through its operating insurance companies, Starr provides property, casualty, and accident & health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, Hong Kong and Singapore each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong). Starr’s insurance company subsidiary domiciled in China has an A.M. Best rating of “A-” (Excellent). For more information visit us at www.starrcompanies.com.
About CoverWallet
Headquartered in New York City, CoverWallet is the easiest way to understand, buy and manage insurance for your business. The company combines data, design and technology to help small businesses deal with their insurance needs, whether from their smartphone or online. With an intelligent assessment system and concierge-like service, CoverWallet saves time and provides peace of mind by making managing insurance simple and intuitive. Backed by Union Square Ventures, Index Ventures, Highland Capital Partners, Founder Collective and Two Sigma Ventures, the company is actively disrupting the $100 billion small business insurance market. CoverWallet won 2017 Best Insurtech Solution from Benzinga and has been recently named “One of the Most Entrepreneurial Companies in America” by Entrepreneur Magazine. For more information, please visit www.coverwallet.com.
