Insurance Titans Team Up to Create COVU, Helping Insurance Agents and Carriers Build Sustainable, Growth-Based Businesses – FinTech Futures

AI Intelligence Company Launches with $10 Million in Seed Funding

REDWOOD CITY, Calif.–(BUSINESS WIRE)–#BusinessInsurance-Insurance industry veterans Ali Safavi and Tasos Chatzimichailidis have combined their skills and networks to bring COVO sell — the only AI-enabled digital platform for insurance companies. Joining them are co-founders, machine learning, AI and data scientists Amir Kargar and Amin Zarshenas.

The founding team has raised $10 million in seed funding, led by The ManchesterStory team and backed by angels and VC investors in the insurance and technology industries, to launch the platform. The funds will be used to build and expand COVU to its maximum, $1 billion insured under contract.

COVU’s mission is to help independent insurance agents and carriers better manage risk and make smarter insurance decisions through AI-driven insights, business services and sales support. As a revolutionary offering, COVU takes ownership of front-end and back-end operations, giving insurance agents time to focus on strengthening customer relationships, growing their business and embracing digital services. The integration of technology and services enables agents to create prices that satisfy customers, encourage retention and cross-selling and achieve greater profitability.

Dealing with Big Problems

Most independent insurance companies spend about 40% of total revenue and agents spend 70% of their time on back office and administrative tasks instead of focusing on growth. However, these efforts have not translated into quick or easy journeys for insurance companies. In order to retain customers and reduce waste, the journey must be improved. COVU delivers this by combining the convenience of self-service over the phone with on-demand professional services, tailored to create a seamless customer experience.

“By listening to the market, we realized that many organizations do not want to be bought to improve their business, but they need professional help to improve and expand. What they want is a one-stop platform and a partner to help them overcome the challenges they faced such as poor productivity, customer alignment and failure to grow,” said Safavi, head of COVU.

COVU’s end-to-end digital platform reduces manual tasks and day-to-day stress. Organizations can streamline back office and front office operations using COVU’s modern tools, and improve employee resource management. Policies and customers continue to be recorded on the carrier under the organization, and all customer communications are recorded by the agent.

“The expectations of insurance customers change every year, and many independent agencies are concerned that they don’t have the time and resources to adapt and grow independently,” said Matt Kinley, founding partner, ManchesterStory Group. “We strongly believe in COVU’s business model because the market has shown that this is how insurers want to operate and this is the type of support they need.”

About the Team

COVU CEO Safavi previously founded and developed Insurtech practices at Plug and Play – the world’s largest Insurtech platform and accelerator. During his time, he managed more than 70 investments in six locations around the world and managed thousands of business units in the insurance space.

Co-founder Chatzimichailidis, head of insurance at COVU, previously led insurance operations at fintech Revolut and at WeFox as CEO, growing the business to over $1B in premiums. In its 30 years, it has provided a significant market share and margin in the development of technology, user-friendly products and events as well as sales, marketing and distribution teams.

Co-founder Amir Kargar will serve as CTO and brings deep expertise in machine learning and the application of AI to business. Amin Zarshenaschief product officer, is a data scientist with a focus on the application of complex business intelligence.

About COVU

Founded and mentored by a distinguished group of insurance, finance and technology professionals who are passionate about transparent and unbiased advice, COVU’s mission is to help everyday people and insurance professionals looking to grow to reduce risk and ensure they are smart. COVU helps find and fill coverage gaps by combining the power of AI and human intelligence in the management side of the insurance business. COVU works with many carriers and independent agents. For more information, go to or connect with us on LinkedIn at https://www.linkedin.com/company/covuapp/.

Contacts

David Salkowitz Padilla

[email protected]
+ 1 617-779-1856