Covr

Covr provides white-label platforms for life insurance providers and financial advisors. Covr offers platforms under two segments, Covr Consumer and Covr Advisor. The Covr Consumer segment enables life insurance providers to operate online platforms to sell life insurance policies digitally. The platforms are equipped with AI-based analytical tools and offer digital advice for users to gather information on different insurance products, compare coverage across policies, get instant quotes, and directly purchase policies online. The company also provides omnichannel sales support if customers require personal assistance with applications. 

Covr Advisor offers financial advisors AI-driven tools and dashboards that enable advisors to communicate with customers, determine the extent of coverage needed, compare policies and premiums, and complete life insurance applications on behalf of their customers online. In addition, the company launched Covr Pro, a digital insurance platform aimed to serve independent financial advisors in August 2022. The platform provides self-directed tools to obtain real-time quotes from insurance carriers, drop-tickets, and end-to-end service support for independent advisors to offer life, long-term care, linked-benefit, and disability insurance.

Key customers and partnership

As of January 2023, the company served over 30,000 financial advisors and had more than 40 million customers spanning more than 30 financial institutions.

In addition, it formed a partnership with Smart Choice , an independent agent network, to roll out Covr Pro to more than 9,500 agencies in January 2023.

Funding and financials

In April 2022, the company raised USD 15 million in Series B funding in a round that saw participation from existing investors such as Sony Innovation Fund, Aflac Ventures, and Allianz Life Ventures. The company aimed to use the funds to support growth and expand its product portfolio.