The Insurtech platform handles back-office operations

COVU, which is based in California, aims to be more than just a digital platform supporter and advertisers who use it extensively and improve their performance. Safavi bills itself as a new model that integrates things beyond the technology platform (like outsourcing).

“Most of the time, what a platform is defined as is how you use it as a tool – a program that an organization can start using, which is good, but the user must learn how to use it. be successful,” said Safavi. “For us, we don’t give the agent a tool. We are preparing their book for them. We tell them that we will do the end-to-end job management for you, and it will help you grow. It will free up your time to continue doing what you want to do. “

COVU was launched in its current form in early 2022, after being successfully organized by Safavi and his co-founders. It has grown rapidly, jumping from four employees in January to more than 40 now. The company also announced on Aug. 17 that it has received 10 million dollars for the construction and expansion of COVU. The ManchesterStory team led the round, backed by angels and VCs from the insurance and technology industries.

Safavi said the amount is double what the company originally wanted. Investors’ interest rate exceeded expectations.

“We realized that there is a huge number of people selling this brand,” Safavi said.

Financial success has meaning, Safavi explained, adding that he is focused on the big picture.

“Being an entrepreneur, you’re happy for a few days and then it’s back to normal and you’re looking for the next big thing,” he said.

A new example

COVU integrates the platform with a surrogate that works in the background.

The purpose of the platform is to help independent insurance agents and carriers better manage their risk and make smarter insurance decisions through AI-driven recommendations and business and sales reports. COVU calls it a “turnkey offering” that takes ownership of front-end and back-end services so insurers can focus on building customer relationships, growing their business and embracing digital services.

COVU combines self-service with on-demand services from professionals when needed, the company explained. Agents streamline their back-office and front-office processes using COVU’s technology tools and systems. At the same time, the process and customers continue to be written on the carrier under the organization, and all the messages of the customers are written by the agent.

The platform is also designed to help clients/brokers manage their needs.

“It’s called an AI-powered platform because it also has what we do,” Safavi said. “We think in the future, AI will play a major role in providing risk insights to customers to help them manage their risk management and insurance policies.”

Partner ‘integration’

COVU refers to participating organizations as affiliates, although they also view their partners’ customers as their own.

“We see the end customer as someone who needs risk management and security. These organizations are partners, and we help them manage their customers together,” Safavi explained. “Once we work with agencies, we deal with clients directly.”

COVU is not affiliated with its affiliates. Instead, it moves everything it needs to its platform to get it ready and running.

The trade-off is that organizations should not spend more on COVU than they use to manage their work.

First comes a diagnostic or discovery call with the COVU design/technology team to discuss strategies, needs, opportunities and data transfer. The parties also investigate whether the organization has employees who can be transferred to the COVU while performing back/front-line work.

This is to ensure that services are not disrupted and prevent layoffs at any organization as COVU rises. COVU hires all affected employees to help manage the back office, Safavi said.

“If they don’t have workers, we assign workers to the organization, so we help fill all the gaps,” he said.

Organizations don’t need to worry about API integration. COVU has its own API integration with other technology vendors, however.

Organizations can opt out of the arrangement at any time, and retain ownership of each account. COVU takes care of everything else.

“We also have our own software that allows the customer to do it themselves and everything else,” Safavi said. “Because we are one platform, we manage everything. The client need not worry about” everything else.

Currently, COVU has several corporate clients and already manages “tens of millions of dollars,” Safavi added.