Insurtech company CoverWallet, which claims to seek to ‘reinvent insurance for small business’ through the provision of a concierge-like service that helps businesses navigate the complexities of commercial insurance, has announced that it will now offer its platform to insurance agencies. CEO Inaki Berenguer said that 16 agencies are already making use of the platform and that a further 100 are on the waiting list.
CoverWallet’s platform enables those seeking insurance to easily understand, buy and manage small business policies at varying levels of complexity, and ‘CoverWallet for Agents’ has been developed in response to requests from agents to have the same access to a wide range of quotes – and the ability to bind policies in ‘real time’.
“In the US, there are 40,000 agencies, and half a million agents that unfortunately don’t have access to the same tools that we have,” said Berenguer. “And they don’t have the resources to invest in technology. We give you a login and password, and then every time that you talk to a customer, you can use our platform to sell faster, simpler, quicker. They can get multiple quotes from one quick application, buy coverage online, full end-to-end experience, no cost for them, access to top carriers … very simple.”
When an agent sells a policy, CoverWallet keeps what it describes as a small and ‘competitive’ part of the commission amount; the agent keeps the majority.
“Everything in the insurance industry is full of PDFs, [and] real paper documents going back and forth via email,” added Berenguer. “It takes time to download, to upload it to another place, key in the information. [With us] that is all done digitally. We use software and machine learning to replace what humans do, and then we [position] humans to only provide advice instead of doing things that don’t add value.”