CoverForce Secures $13 Million in Funding to Enhance Insurance Connectivity and Infrastructure

CoverForce Raises $13 Million in Series A Funding

CoverForce, a pioneering platform focused on improving commercial insurance infrastructure, has successfully closed a $13 million Series A funding round. Led by the prominent investment firm, Insight Partners, this financing round also saw participation from Nyca Partners, providing CoverForce with the resources needed to accelerate its mission within the insurance industry.

The founders of CoverForce, Cyrus Karai, Behram Dinshaw, and Kaivan Wadia, are keenly aware of the challenges posed by outdated systems in the insurance sector. With extensive experience in both insurance and technology, they have developed a unified API platform that streamlines processes for quoting, binding, paying, and issuing policies. This innovative approach has already attracted partnerships with over 20 leading insurance wholesalers and networks in the United States, serving more than 9,600 producers nationwide.

An Efficient Marketplace for Insurance

CoverForce’s platform is recognized as a vital marketplace offering quote-and-bind API connections. This enables brokers, wholesalers, and agencies to access instantaneous quotes and efficient binding functionalities. Integrating with major national carriers like AmTrust, Chubb, Liberty Mutual, and Travelers, CoverForce provides coverage across essential commercial lines of business, including Workers' Compensation, General Liability, and Cyber Insurance.
This collaborative network enhances distribution channels and creates cost efficiencies for carriers and Managing General Agents (MGAs), while also offering developers flexible APIs that allow for the integration of insurance workflows into agency-facing software and direct-to-consumer applications.

Kaivan Wadia, the Chief Technology Officer and co-founder of CoverForce, emphasizes the need for modernization in a market that has historically relied on paper and PDF processes, saying, "The insurance market is built on a legacy of paper and PDF — a huge issue in a market worth more than $960 billion."

Wadia articulates that the CoverForce platform significantly reduces integration times from months to weeks, effectively saving its partners millions in research and development expenses.

Advancing Technology and Partnerships

In addition to the funding, the team at CoverForce looks forward to bolstering its engineering capabilities and fostering deeper connections with carriers who aim to enhance their agent's experiences through advanced digital tools. The goal is to partner with organizations that prioritize speed and efficiency as central strategies for competitive advantage.

Cyrus Karai, CEO and co-founder, expressed enthusiasm about the Insight Partners' investment: “We are thrilled to have Insight Partners on board with our Series A. This funding will help us expand our engineering capabilities and build deeper relationships in the market.” He further emphasized the importance of establishing connections with carriers committed to innovation in their agent support systems.

Future Expansion Plans

Looking ahead, CoverForce intends to expand its platform's functionalities, onboarding additional carriers and distributors while also developing AI-driven tools to simplify insurance workflows. The focus will remain on optimizing processes within the insurance ecosystem by cultivating partnerships with carriers that emphasize digital transformation.

Sophie Beshar, Vice President at Insight Partners, remarked on their commitment to CoverForce, stating, “Insight Partners is proud to back CoverForce in their work to transform the way carriers and distributors collaborate.”

With intentions to use these new funds for growth, CoverForce is set to extend its technology's impact across the industry, making strides in facilitating seamless integration between various parties in the insurance process.

Conclusion

As CoverForce continues to innovate the insurance marketplace with its API-driven solutions, it stands at the forefront of technological advancements, ready to reshape the dynamics within commercial insurance. The infusion of $13 million will drive further development of its infrastructure, promising to make insurance operations more efficient, flexible, and modernized for the future.