InsurTech CoverHound raises $58m
Written by Peter Walker
Digital insurance platform CoverHound has raised a $58 million Series D funding round, led by specialist insurer Hiscox, with additional investors including insurers Chubb, Aflac Ventures and Japan-based MS&AD.
The latest investment brings the total capital raised since its launch in early 2010 to over $112 million.
Over the past eight years, CoverHound has sold more than 200,000 property and casualty policies. Via its subsidiary CyberPolicy, the startup also helps small businesses compare, quote and buy cyber insurance online.
In addition to fuelling the continued development of CyberPolicy, this funding round allows CoverHound to expand its offices beyond San Francisco and Westlake Village in California, to Charlotte, North Carolina and drive international expansion efforts into Japan and other global markets.
The investment will also support partnerships with banks, large insurers and technology providers lined up for 2019. In November, CyberPolicy began providing cyber insurance options through Progressive Insurance to provide more small businesses access to cyber insurance. While in May, CoverHound partnered with Hiscox to offer cyber insurance via CyberPolicy.
Chief executive Keith Moore commented that the future of digital insurance distribution will continually shift to more non-traditional insurance brands.
“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.”