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April 30, 2021

Covr Financial Technologies secures investment from Sony Innovation Fund by IGV

By Verdict Staff

Covr Financial Technologies (Covr), a Connecticut-based digital life insurance platform, has closed its latest funding round, drawing investment from Sony Innovation Fund by IGV.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
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The insurance software provider secured a $2.3m investment from Sony’s venture capital fund, reported Hartfordbusiness.com.

Following this investment, Covr wrapped up the funding round with $12m.

This funding comes as Covr launched a suite of new AI-driven term life insurance products.

These products are aimed at bringing capability to financial institutions and insurance firms to enhance shop-from-home, insurance buying experience for their customers.

Covr CEO Mike Kalen said: “This investment and Sony’s global network will go far in helping Covr continue to lead the way in digital insurance innovations in the U.S., and eventually abroad, with solutions such as our newly launched multi-carrier term life insurance platform that includes a growing number of instant-purchase journeys and our proprietary LoanMatch Protector product.”

Sony Innovation Fund by IGV CEO and chief investment officer Gen Tsuchikawa said: “We believe Covr reinvents the way life insurance is distributed by leveraging AI and advanced process automation, enabling insurance carriers to broaden their distribution path. This makes it possible for new entrants, such as banks, credit unions, C2C platforms and FinTechs, to efficiently offer policies to their own customers.”

Covr’s multi-carrier term insurance platform allows customers to apply for life insurance online in minutes.

Customers are provided with real-time quotes from leading insurance carriers.

One of its product offerings include LoanMatch Protector, which mirrors the remainder of a current mortgage or other debt.

Adjusting to the client’s actual requirement, the coverage saves consumers up to 30% and allows them to complete the complete process in 15 minutes.

Covr currently serves more than 25,000 financial advisors and over 20 million customers across more than 30 financial institutions.

Free Report
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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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