MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: CoverWallet
Name/Title: Maxime Rieman, Director of Product Marketing
Industry Segment (PFM, lending, etc.): InsurTech
Target Markets (region or country): United States
LTP: Tell us a little bit about yourself.
Maxime Rieman: I joined CoverWallet in 2016 in order to help small businesses better understand the digital solutions available to them with regards to insurance. Educating and assisting consumers about financial products has been a core focus of mine, which initially led me to join the company. Previously, I launched the personal insurance teams at NerdWallet, and helped them to create an innovative brokerage comparison product.
LTP: Give us a paragraph pitch of your company.
MR: Founded in 2015, CoverWallet provides a concierge-like service that is reinventing how small businesses deal with commercial insurance. We’re combining data, design, and technology to simplify the complexities of insurance, and fundamentally change how business owners buy and manage policies. As a business owner, you’re able to determine industry risks and recommended coverages through our Advice tool, get a quote and policy online, and track all policy and certificate information through our management platform.
LTP: In a sentence or two, what problem are you solving today?
MR: According to the SBA, there are 28 million small businesses in the United States and while many begin their search for insurance online, the majority have historically purchased their policies through brick-and-mortar agents. Commercial insurance has been one of the last industries to take advantage of digital solutions to reduce issues related to managing policies offline. CoverWallet is focused on a single-solution approach in which business owners can handle all aspects of insurance from a simple online platform. Whether you need to determine the coverages to protect your business or track third-party certificates for compliance, our solution makes it simple to save time and reduce errors.
LTP: Who are you selling to?
MR: CoverWallet works with small and mid-size businesses across the United States. We’ve helped startups, accelerators, coworking spaces, and established businesses manage their risk and insurance. CoverWallet helps clients manage a varied set of commercial insurance policies such as general liability, commercial property, workers compensation, directors and officers, professional liability, errors and omissions, and cyber liability coverages.
LTP: Why did you start the company?
MR: Our Founders, Inaki Berenguer and Rashmi Melgiri, created CoverWallet after personally experiencing some of the difficulties small businesses regularly face with regards to insurance. The company Inaki worked with previously was trying to close a deal, but first needed to provide multiple coverage documents though the company’s agent was out of the office for a few days; no one could get ahold of him. After spending hours trying to resolve the issue, Inaki and Rashmi looked around and found that this is a common difficulty businesses face, and there was a clear opportunity to create a simple digital experience. They started CoverWallet, and have since built an innovative product which can save millions of businesses time and money.
LTP: What's the most important change coming to your segment in the next 3–5 years?
MR: The $100B US small business insurance market is on the verge of a big paradigm shift. Business owners are beginning to expect to deal with insurance online, in the same way, they use consumer-friendly online technologies to deal with banking, payroll, accounting, or sales.
LTP: What’s your next milestone?
MR: CoverWallet’s platform has made it simple for many business owners to get a quote and purchase insurance online, but there is still a variety of scenarios which are currently deemed too complex to handle without an offline component. We’re working with carriers, using our expertise in big data and UI/UX to significantly increase the number of businesses for which an online solution is available.
LTP: Anything else you want to say to our audience?
MR: At CoverWallet, we’re dedicated to helping businesses through all aspects of the insurance process, not just purchase. If you want to assess coverage needs and determine if you have gaps, our Advice tool lets you do so in a few simple clicks. If your business works with outside parties from which you require proof of insurance of certain coverage requirements, all this information can be tracked within our MyCoverWallet platform, even if you work with a different broker. If you have any questions about your business insurance or would like to get started finding the right coverage, you can reach out to us anytime through our website or by calling (646) 844-9933.
Bonus User’s Choice!
LTP: What's one thing you wish customers knew before a sales meeting?
MR: While CoverWallet doesn’t have traditional sales meetings, we do receive a number of customer questions as to how different policies work for them. For each business, the set of coverages needed may vary; though there are some multi-faceted insurance products which are available to provide a simpler solution. An example that’s applicable to many clients is a Business Owners Policy, which combines elements of general liability, commercial property, and business interruption coverages.
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