Insurtech Koffie Labs has partnered with Sutton National Insurance Company and its reinsurance panel to provide insurance to truckers.
Koffie will leverage this partnership to launch its admitted products in more than ten US states by the end of 2021.
The insurtech, which operates as a managing general agent, began underwriting in two states from 1 July 2021.
Concurrently, Koffie announced that Boost Insurance will serve as its program administrator.
The company stated that the trucking insurance rates are rising at the rate of 15% annually, which is affecting small fleets disproportionately.
Koffie leverages technology to provide instant, and fully digital policies along with building insurance products for emerging risks like self-driving vehicles.
Sutton National CEO Shane Haverstick said: “Koffie offers competitive rates and an excellent product for fleets that prioritize driver, fleet, and vehicle safety. We’re excited to watch Koffie’s forward-thinking approach to technology shape this challenged market in the months and years to come.”
Koffie CEO Ian White said: “Our partnership with Sutton National means we are now writing policies on best-in-class admitted paper for safety-conscious truckers. We’re excited to offer our customers the dependability and financial strength that comes with Sutton’s name and experienced team.”
In February this year, Koffie raised $4.5m through venture financing.
A month later, it partnered with connected operations cloud company Samsara to enhance fleet safety and insurance.