Starr Companies, led by former
AIG chairman and CEO Maurice R. Greenberg, has announced a partnership with insurtech company CoverWallet to create new insurance products optimized for the online channel.
The partnership will allow Starr to leverage the insurtech’s technology to improve its operations and reach a broader market. Both companies will “jointly develop new insurance products simplifying the click-to-bind process and reinventing the insurance life cycle,” a release explained. It is hoped that the technology developed would lower operational costs, resulting in savings for Starr’s customers.
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“We are thrilled to partner with Starr Companies and the legendary Hank Greenberg, globally recognized as the insurance visionary who, during his previous 37 years, created the largest financial services company in the world,” said CoverWallet cofounder and CEO Inaki Berenguer. “We believe that this partnership, combined with our unique technology, will build on our momentum, setting us ahead of any future player in the space.”
“We wanted to team up with a technology leader, with strong data and design capabilities, to radically transform the customer experience when buying insurance,” added Starr Companies chairman Maurice R. Greenberg. “With CoverWallet, we have found a partner that is innovative and ambitious with respect to online insurance.”
CoverWallet has also received additional funding from Starr Companies as part of the partnership. Previously, the insurtech company raised $10 million from investors Union Square Ventures, Index Ventures, Highland Capital Partners, Founder Collective and Two Sigma Ventures.
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