Digital brokerage general agency (BGA) Optifino and Covr Financial Technologies have announced a merger to form Digital BGA 3.0.  

The new entity integrates Covr’s compliance and operational infrastructure with the AI-powered case design and analytics platform of Optifino, aiming to refine advisory services for mass-affluent and high-net-worth market segments. 

The collaboration is expected to offer advisors enhanced analytical tools and solutions that are particularly beneficial for serving ultra-high-net-worth individuals with intricate planning needs. 

Covr’s contribution of distribution networks, agent interfaces and compliance systems complements Optifino’s AI-driven visualisation and swift case design technology. 

Both entities will preserve their original branding, web presence and communication channels.  

Following the deal completion, Covr will operate as a fully owned subsidiary of Optifino. 

Optifino co-founder and CEO David Kleinhandler will take on the role of CEO for newly formed entity.  

Kleinhandler said: “Today we begin building what we are calling Digital BGA 3.0. This begins the next chapter of life insurance distribution: one where true independence and powerful innovation come together to modernise and simplify permanent and term life insurance experiences for advisors and the families they serve.” 

Covr CEO Michael Kalen stated: “Covr’s platform will now have expanded potential by adding sophisticated and expert insurance solutions for ultra-high-net-worth clients. 

“This is a logical and powerful combination that will offer financial institutions and independent agents a better way of providing life insurance solutions for their clients.” 

Legal advice for the merger was provided by Goodwin Proctor for Optifino, while Covr Financial Technologies received financial guidance from Deutsche Bank and legal counsel from Eckert Seamans.