Insurtech company CoverForce has collaborated with Great American Insurance Group to provide US agents and brokers with digital access to a range of insurance products.
Through this partnership, CoverForce will offer digital access to Great American’s workers’ compensation, business owner’s policy and other commercial products.
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Great American’s customers will also gain access to CoverForce’s suite of features, including the quote & bind agent portal and management portal, which integrates with agency management systems.
With the insurtech company’s technology, agents and brokers can speed up appointments with Great American, while wholesalers have the ability to monitor submissions from start to finish.
CoverForce claimed that the integration with Great American’s API suite has reduced the underwriting process time from weeks to minutes.
CoverForce CEO and co-founder Cyrus Karai said: “CoverForce brings market-leading one-click convenience, simplicity and error-free processing to the way retail and independent agents, brokers, wholesalers and carriers interact, while also providing them with the tools to manage those interactions.
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By GlobalData“We are proud to be one of Great American’s largest alternative distribution partners, demonstrating that our solutions, built in lock-step with carriers, are developed for large wholesalers, brokerages and network groups at scale.”
Great American divisional VP of alternative distribution Kristen Mielcarek said: “We are excited to further our commitment to deliver a market-leading digital experience for business owners’ and workers’ compensation policies and our appointed agents through this partnership.
“With CoverForce’s modern technology, our products are more accessible to retail agencies, independent agencies and wholesalers, giving us a better understanding of the appetite while drastically reducing the time between requesting a quote and purchasing a policy.”
CoverForce, which emerged from ‘stealth mode’ in October 2023, has seen rapid growth since its $5m (A$7.68m) seed funding in January 2022.
The funding round was led by Nyca Partners and saw participation from Muir Capital, QED Investors, Sidekick Partners and Moving Capital.
In under a year of operation, CoverForce is said to have onboarded more than 3,500 users and partners across the US.
This includes partnerships with independent agency networks such as ISU Insurance Agency Network and agency management system NowCerts.
These collaborations have enabled CoverForce’s users to access quotes from leading property and casualty insurance carriers and bind policies with one click through its API.
