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July 20, 2020

Insurtech start-up Coverly calls it quits on small business insurance

By Verdict Staff

Insurtech start-up Coverly has decided to no longer offering small business insurance but will continue to service existing customers.

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A statement on Coverly’s website states: “Sorry, we are no longer offering small business insurance as we are sadly closing. Don’t worry, you are still covered if you have an active policy.”

The existing customers who have received a renewal quote can renew their policy. However, customers due to renew on or after 14 August will not be able to do so and their policy will cease at its expiry date, the company further stated.

This new development is anticipated to follow Coverly’s parent company Bibby Financial Services (BFS) restructure strategy.

In March, BFS said it was going through a restructure which included closing its Liverpool office and making a number of layoffs.

At the time, Coverly managing director Jodi Cartwright said the start-up would not be impacted by the changes at BFS and insisted that the start-up was ‘continuing to grow’.

Coverly is a trading name of BFS and an appointed representative of Ambant Underwriting Services. The company was founded last year by Cartwright who had previously held executive roles at Aviva and Brokerbility among other insurance companies.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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