COVU, a Redwood City, California-based AI-powered insurtech that provides an all-in-one AI-enabled digital platform for insurance agencies, launched with $10 million of seed funding.
The round was led by ManchesterStory Group and supported by angel and VC investors across the insurance and technology industries, to launch the platform.
The funding will be used to build and scale COVU toward its first major milestone, one billion dollars of insurance premiums under contract.
Company: Vero Insurance Solutions, LLC.
Raised: $10.0M
Round: Seed Round
Funding Month: Aug 2022
Lead Investors: ManchesterStory Group
Additional Investors:
Company Website: https://covu.com/
Software Category: Digital Insurance
About the Company: Led by insurance industry veterans Ali Safavi and Tasos Chatzimichailidis have pooled their talent and networks to bring COVU to market—the only all-in-one AI-enabled digital platform for insurance agencies. COVU’s mission is to help independent insurance agents and carriers better manage risk and make smarter insurance decisions through AI-driven policy recommendations, business services, and sales support. COVU takes ownership of front and back-office tasks, giving insurance agents time to focus on strengthening customer relationships, growing their business, and embracing digital operations. A combination of technology and services helps agents generate higher customer satisfaction rates, boost retention and cross-selling, and achieve higher profit margins.
Source: https://www.businesswire.com/news/home/20220817005493/en/Insurance-Industry-Titans-Collaborate-to-Form-COVU-Helping-Insurance-Agents-and-Carriers-Build-Customer-Centric-Growth-Oriented-Businesses