Insurtech pioneer CoverHound announced today that it has closed a $58 million Series D round. The funding was led by global insurance firm, Hiscox, and featured participation from a variety of major insurance providers including Chubb, Aflac Ventures, and Japan’s MS&AD. The company’s total capital now stands at more than $112 million.
“The future of digital insurance will continually shift to more non-traditional insurance brands,” CoverHound CEO Keith Moore said. “CoverHound has built the leading P&C platform to enable any brand’s customers to easily quote, compare, and buy personal, business, and cyber insurance.”
In a statement, CoverHound said the new capital would help fuel continued development of its CyberPolicy subsidiary, as well as support expansion of its offices beyond Northern California to Charlotte, North Carolina. The funding will also support the firm’s international growth plans, including expansion into Japan.
Since inception, CoverHound has sold more than 200,000 policies, providing insurance consumers with the ability to shop for and select insurance solutions online. CoverHound’s curated list of best insurance options for both personal and business insurance needs brings choice and transparency to the insurance market.
Additionally, the company’s licensed advisors help make sure that insurance buyers receive any and all eligible discounts that may apply to their policies. Using CoverHound is free – the company is paid by the carriers on the platform – helping keep insurance costs low for consumers.
Giving the company high marks for sharing its “passion for making material strides in the changing SMB landscape,” Hiscox USA EVP of Small Business Insurance Kevin Kerridge praised the company for “leading the charge in providing a best-in-class digital cyber solution for businesses.” Kerridge highlighted CoverHound’s CyberPolicy subsidiary, which helps SMEs deal with the potential costs of cyberattacks by providing first party coverage for immediate responses costs associated with a data breach, as well as third party coverage to claims brought by customers and clients.
Launched in 2016, CyberPolicy became the first marketplace for SMEs to shop and purchase cyber insurance online in minutes. The subsidiary’s offerings have since expanded to include 98% of small business types with as much as $250 million in revenue.
“Cyber insurance is one of the fastest growing insurance products for small businesses,” said GM of Small Business Insurance at Progressive Insurance, Bill Kampf, whose firm partnered with CoverHound’s CyberPolicy last year. “Progressive wants to make finding insurance easier for the small business owner, and by working with CyberPolicy, we can offer consumers an efficient platform to shop for cyber insurance and easily find coverages to help protect their business.”
Founded in 2010, and based in San Francisco, California, CoverHound demonstrated its platform at FinovateFall 2013. The company partnered with Clearsurance, an online insurance consumer data publisher, last September. CoverHound’s Head of Engineering and Product, Kjersten Elias, was featured in an interview with Women in Business back in November.