HARTFORD, Conn., Dec. 1, 2020 /PRNewswire/ -- Covr Financial Technologies today announced a sweeping set of enhancements for insurance solutions for customers of financial brands. Covr's market-leading digital consumer insurance platform has long enabled consumers to get quotes, apply, and buy easily online from multiple top carriers through platforms white labeled for advisory firms, banks, credit unions, personal finance apps, and other financial brands. This release follows sales growth of 250% in 2020 compared to 2019 as consumer preferences continue to shift to digital sales driven by online support tools.
Covr's consumer platform introduces an intuitive interface and AI-driven needs analysis tools that improve the ability to help consumers pick the optimal products for their needs and more opportunities for consumers to apply and buy online in real-time from a broad selection of top carriers. Covr's platform includes a range of consumer-friendly features, including the ability to autofill an application from their driver's license photo, the option to save and finish applications later, and the tools to track an application's progress in real time. Consumers can also access omni-channel support from licensed agents if needed.
Covr is dedicated to making the insurance process simpler, faster, and more digital. Life insurance used to take multiple visits, followed up with a medical check-up and multiple rounds of back and forth. Covr's digital platform and features like e-signature and e-delivery reduces the time involved significantly, with several options to apply and buy policies online in the same day for consumers who qualify.
"Covr's new consumer platform is a game changer for the industry and for our financial brand partners. Our platform creates a new revenue stream for our partners and creates additional customer loyalty. There is nothing like it in the market that combines speed, choice from multiple carriers, and personalization to ensure the best fit and rates for consumers. Truly a win-win for our partners and those they serve," said Ron Alexander, Covr's President and Chief Innovation Officer. "We're proud to announce this new platform with some of the best insurance carriers in America."
Navy Federal Financial Group, a wholly-owned subsidiary of the world's largest credit union, is a longstanding Covr partner and sees growing interest in life insurance among their membership. "Navy Federal is committed to bringing protection products like life insurance to our members, and this year we've seen tremendous growth in applications through our relationship with Covr," said Diane Young, COO of Navy Federal Financial Group. "We look forward to this continued success in the new year in the effort to provide our members with the latest technology to better manage their financial well-being."
Covr's platform is fully configurable to the financial partner, using their brand and customer journey to drive high engagement. Covr's unique ability to tailor the journey to each financial institution makes onboarding easy and increases brand value.
About Covr Financial Technologies, Inc.
Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its white label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust. Covr currently serves over 25,000 financial advisors and over 10 million customers across over 30 financial institutions. For more information, visit covrtech.com or follow us @covrtech and on LinkedIn.
Covr's investors include eight leading venture capital firms: Nyca Partners, Commerce Ventures, Allianz Life Ventures, Connectivity Capital Partners, Contour Venture Partners, Aflac Ventures, Fairview Capital, and Connecticut Innovations. Covr's Advisory Board includes financial services leaders, including Chairman Brian Finn, former president of Credit Suisse First Boston; Joe Plumeri, Vice Chairman of the Board of Directors of First Data Corporation and former CEO of Citibank North America; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; Brady Dougan, former CEO of Credit Suisse; Gregg Fleming of Rockefeller Capital and Bob Kerzner, formerly CEO of LIMRA.
SOURCE Covr Financial Technologies