Zurich Insurance Group (VTX:ZURN), one of the largest global insurance companies, and CoverWallet, the tech company that is the easiest way to understand, buy, and manage business insurance online, today launched a platform for small and medium-enterprise (SME) insurance in Switzerland. The expansion marks the second European country where the online platform is available, building on the momentum of the release in Spain in 2018.
Thanks to the partnership with CoverWallet, we offer small businesses a new type of easy-to-deal with online insurance coverage. Our target group are micro-enterprises and startups, which usually lack the time and resources to deal with the topic of insurance protection, said Juan Beer, CEO Zurich Insurance in Switzerland.
Through the platform, which is powered by CoverWallet and offers Zurichs insurance policies, SMEs can quickly learn about the types of coverage they need, get real-time quotes, purchase insurance, and manage their policies online, in minutes. Following the launch in Spain, Zurich deepened its relationship with CoverWallet in May 2018 and invested in the company, acquiring a minority stake.
“Zurich is one of the most renowned insurance companies in the world, and our partnership underscores the value they see in making small business insurance available online,” said Inaki Berenguer, CEO and Co-Founder of CoverWallet. “The partnership in Spain exceeded our goals, and we are excited to expand into additional countries to make insurance easier for businesses around the world.”
As CoverWallet continues to grow, the company is also announcing Courtney Leimkuhler has joined its Board of Directors. Leimkuhler was an executive at Marsh & McLennan Companies (NYSE:MMC) from 2013 to 2017, serving as the CFO and interim COO of Marsh as well as the CFO of the Risk and Insurance Services segment. Prior to joining Marsh in 2013, she spent nearly a decade at the New York Stock Exchange where she was Executive Vice President and Head of Corporate Strategy during a period of transformation in the capital markets. Leimkuhler began her career at Goldman Sachs and earned her bachelors degree and MBA from Harvard University.
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“There are tremendous opportunities in the insurance industry today driven by the application of new data science and technology. CoverWallet is seizing this opportunity and dramatically modernizing how small business insurance gets done,” said Leimkuhler. “I’m looking forward to working with the team as they continue to scale their technology platform, grow CoverWallet for Agents, and expand internationally.”
For more information about the platform in Switzerland, which is available in German, Italian, English, and French, please visit www.zurichbusinessinsurance.ch.
About Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 53,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurichs customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
CoverWallet is the leading tech company reinventing the $100 billion U.S. commercial insurance market for small businesses. Based in New York and launched in 2016, it has received more than $35 million in funding from renowned investors including Union Square Ventures, Index Ventures, Two Sigma, and Foundation Capital, as well as Zurich Insurance Group and Starr Companies. Powered by deep analytics, thoughtful design, and state-of-the-art technology, the company is the easiest way for small businesses to understand, buy, and manage insurance online.
Director of Communications