CoverHound, the property and casualty (P&C) insurance platform for digital distribution, announced last week it secured $58 million through its Series D funding round, which was led by specialist insurer Hiscox, with participation from insurance providers Chubb, Aflac Ventures and Japan-based MS&AD.
Founded in 2010, Coverhound offers digital shoppers instant quotes and curated comparisons of real insurance options from property and casualty insurance carriers in the U.S.
“CoverHound adds transparency and simplicity to the insurance industry, offering fast, accurate, and actionable rates from a curated list of leading property & casualty insurers available for both your personal and business insurance needs.”
CoverHound also reported that it has successfully sold more than 200,000 policies and continues to deliver fast, accurate and actionable business and personal insurance options since its launch. The investment allows CoverHound to expand its offices beyond San Francisco and Westlake Village, California to Charlotte, North Carolina and drive the company’s international expansion efforts into Japan and other global markets. It will also support CoverHound’s already strong branded partnership growth, with more well-known partnerships with banks, large insurers and technology providers already lined up for 2019.
Hiscox USA EVP of Small Business Insurance Kevin Kerridge, stated:
“We are delighted to have this opportunity to work more closely with one of the few truly digital agencies that shares our passion for making material strides in the changing SMB landscape. CoverHound, as reflected more recently through its CyberPolicy brand, is leading the charge in providing a best-in-class digital cyber solution for businesses, and we are excited to be part of that both as a carrier and the lead investor in this funding round.”
CoverHound CEO Keith Moore added:
“The future of digital insurance distribution will continually shift to more non-traditional insurance brands. 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 an industry that’s been heating up with a flurry of new entrants, we feel blessed that we know exactly who we are and what we excel at. We have no desire to be an insurance carrier or an online search engine purely for price comparisons. CoverHound and CyberPolicy are digital, trusted advisors for curated choice for anyone needing personal or business insurance.”