Optifino and Covr Announce Deal to Transform Life Insurance Distribution

Insurtech acquisition unites next-gen AI-powered case design with proven compliance and operational infrastructure

NEW YORK, Sept. 29, 2025 /PRNewswire/ -- Optifino, the digital Brokerage General Agency (BGA) radically simplifying the life insurance experience, and Covr Financial Technologies, an award-winning provider of digital insurance solutions, today announced a transformative merger to create Digital BGA 3.0. This merger unites Covr's robust operational and compliance infrastructure with Optifino's cutting-edge AI-powered case design and analytics platform.

Recognized as a Top-50 life and annuity technology provider in 2024 by Everest Group, Covr brings proven distribution reach, robust agent portals, and enterprise-grade compliance infrastructure, while Optifino contributes advanced AI-driven visualization tools and rapid case design capabilities. The combined company will deliver faster, more sophisticated analyses, empowering advisors with better solutions to serve mass-affluent and high-net-worth markets. The partnership represents a union greater than the sum of its parts that also enables advisors to more easily serve the ultra-high-net-worth segment with complex case designs that meet holistic planning needs.

"Today we begin building what we're calling 'Digital BGA 3.0,'" said Optifino Co-Founder and CEO, David Kleinhandler who will become CEO of the merged company. "This begins the next chapter of life insurance distribution: one where true independence and powerful innovation come together to modernize and simplify permanent and term life insurance experiences for advisors and the families they serve."

Both companies will maintain their current branding, websites, and points of contact, ensuring a seamless transition with minimal disruption to partners, clients, and carriers. Independence remains a defining principle: the merged entity will continue to offer unbiased, multi-carrier comparisons that put clients' best interests first—a strength the leadership teams consider critical to their success.

"Covr's platform will now have expanded potential by adding sophisticated and expert insurance solutions for ultra-high-net-worth clients," said Covr CEO Michael Kalen. "This is a logical and powerful combination that will offer financial institutions and independent agents a better way of providing life insurance solutions for their clients."

"This merger is the result of a 30-year relationship built on mutual respect and collaboration," said Covr Co-Founder Louis Kreisberg. "David Kleinhandler and I have been friendly competitors over the years and know exactly what each firm brings to the table. I'm proud to have helped bring Covr and Optifino together to build something transformative."

When the transaction is completed, Covr will become a wholly-owned subsidiary of Optifino.

Goodwin Proctor served as legal advisor to Optifino in connection with the transaction. Deutsche Bank served as exclusive financial advisor and Eckert Seamans served as legal advisor to Covr Financial Technologies on the transaction.

About Optifino

Optifino is a digital BGA built by accomplished financial services veterans to radically simplify the life insurance user experience. Optimizing financial and life insurance planning with cutting-edge AI to streamline portfolio management, our tools make it easier for advisors to visualize and identify the right insurance products for their clients at the right time. What used to take hours or even days now takes a matter of minutes. See for yourself and follow us on LinkedIn.

About Covr Financial Technologies

Covr is a full-service digital Brokerage General Agency (BGA), offering innovative solutions that simplify the insurance buying process, serving over 30,000 financial professionals and over 100 million customers. Covr's solutions for life insurance, long-term care, and disability income insurance simplify the insurance purchase journey for financial advisors and clients of financial institutions. Headquartered in Hartford, CT, with offices in Houston, TX, Covr innovates the insurance industry through its platform, data-driven insights and superior choice of coverage options. For more information, visit www.covrtech.com or follow Covr on LinkedIn @Covr Financial Technologies.

Contact:

Mark Forman
502-536-7617
[email protected]

Life insurance technology and life insurance are provided by Optifino, Inc. (DBA Optifino Insurance Services in New York) ("Optifino"). Optifino is a licensed insurance producer in all states where it offers products, and acts as an agent for various insurance companies. The information in this press release has been developed by Optifino, Inc., and is for informational purposes only. We do our best to ensure that this information is up-to-date and accurate. Products and specific product features may not be available in all states, and other limitations or restrictions may apply.

SOURCE Optifino