New insurtech Coverly prepares for launch
There’s a new insurtech business in the works, Coverly, looking to launch in Q1 2019 with on-demand insurance products for SMEs.
The insurtech is backed by Bibby Financial Services (BFS), and offers pay-as-you go insurance and will use feedback and SME usage data to shape the customer experience.
Managing director of Coverly, Jodi Cartwright says: “Small business owners still can’t access a truly digital, on demand experience when looking to cover and manage the insurance for their businesses.
“The current model is archaic and doesn’t fit the needs of modern businesses. SMEs want to be able to manage their insurance needs digitally and on-the-go, 24 hours-a-day, and it’s this control that Coverly provides.”
Prior to Coverly, Cartwright held positions at Aviva, Brokerbility and a start-up digital broker.
According to her, over 90% of the population don’t understand their insurance cover, and two-fifths of SMEs don’t know what they’re covered for. “There’s still work to be done in simplifying both the experience and language used in the industry,” she notes.
“We’re creating something unique using in-depth SME feedback, which is both straight-talking and provides a really easy experience for busy business owners.”
In the team, there’s also the product director, Bryan Phillips, former head of product innovation at BFS. Phillips has also held roles with the BBC, Santander and Digital Production Partnership.
Phillips adds: “We are going to radically transform the commercial insurance experience for SMEs through intelligent data integration and a simple interface that gives back to the business, the time and control they need.
“Additionally, being free from legacy systems and conventional question sets allows us to bring something unique and fresh to the market, with an insurance experience that is fit for a modern business.”
BFS supports more than 7,000 UK businesses with funding and foreign exchange solutions.