NEW YORK, May 3, 2018 /PRNewswire/ -- CoverWallet, the leading small business insurance startup, today announced the launch of a new online B2B platform for carriers and agents to manage the entire lifecycle of their customers. The Hanover Insurance Group, Inc. is the first carrier to use the technology and will provide the platform to agents for its emerging micro-small commercial business.
The CoverWallet B2B platform provides real-time quoting, underwriting, binding, billing, and servicing capabilities to improve overall productivity and reduce technical and operational costs for agents and carriers. The online platform is available 24/7 and can be customized depending on the carrier's needs.
"The partnership between The Hanover and CoverWallet demonstrates how carriers and agents can leverage technology to service their customers better and faster," said Inaki Berenguer, Co-Founder and CEO of CoverWallet. "The Hanover is an ideal partner with a rich history of innovation and one of the very best companies in the independent agency channel. We are thrilled about the opportunities ahead."
"Using state-of-the-art technology, our team built a platform for The Hanover's agents to provide a transparent, convenient, and simple way for agents to efficiently sell and manage micro-small business insurance," said Aman Khaira, Vice President of Product at CoverWallet. "Our B2B online platform is fully-automated, allowing customers to get what they need online in minutes."
Through the partnership, The Hanover will provide CoverWallet's new platform to its independent agents looking for a robust solution to address the micro segment of small commercial businesses. With the platform, the customer will need to input less information, resulting in greater efficiency and further enhancing the customer experience.
"The Hanover wanted to provide our agents with a consumer-facing platform that supported the growth of their lower premium policies in a cost-efficient way," said Willard Lee, Vice President and Chief Business Innovation Officer at The Hanover. "CoverWallet has built a robust digital experience with an intuitive interface that allows our agents to concentrate on their value-add services. We look forward to leveraging its state-of-the-art technology in combination with our unique products and disciplined underwriting to support our agents' micro business clients."
CoverWallet has raised more than $35 million in funding from leading venture capital firms, and the company recently announced its expansion to Europe. The company is dedicated to becoming the platform of choice for small business insurance, leveraging technology and making the process more transparent and simpler for carriers and agents.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions in a dynamic world. The Hanover distributes its products through a select group of independent agents and brokers. Together with its agents, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. Through its international member company, Chaucer, The Hanover also underwrites business at Lloyd's of London in several major insurance and reinsurance classes, including marine, property and energy. For more information, please visit hanover.com.
Launched in early 2016, CoverWallet combines deep analytics, thoughtful design and state of the art technology to help small businesses with all their insurance needs. CoverWallet delivers a seamless user experience while offering savings, customized coverage and best-in-class service to their customers. In a matter of minutes, any business can get peace of mind, buying and managing their insurance, all through CoverWallet's online platform.
The Hanover Insurance Group
SOURCE The Hanover Insurance Group, Inc.; CoverWallet