Zurich, insurtech firm partner in online platform for SME insurancePosted On: Apr. 10, 2019 8:53 AM CST
Zurich Insurance Group and CoverWallet Inc. have launched an online platform for small and medium-enterprise insurance in Switzerland, the companies said in a statement Wednesday.
CoverWallet will launch in Switzerland with a core group of “anchor products” for small businesses including workers compensation and general liability, Inaki Berenguer, CEO and co-founder of CoverWallet, told Business Insurance, and could later expand to include covers such as professional liability and directors and officers, he said.
Zurich will be the exclusive supplier at launch, he said, adding, “Over time, working with Zurich, we may consider adding other products from other carriers.”
In Spain, CoverWallet’s first European launch in 2018, products are also supplied exclusively by Zurich with Mr. Berenguer telling BI the platform is now “considering a couple of other carriers.”
CoverWallet is also planning further expansion across Europe, he said, without being specific about countries or regions.
“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,” Mr. Berenguer said in the statement.
Mario Greco, CEO of Zurich Insurance Group, said during the company’s February earnings call, “The biggest source of growth that we had in Spain this year was through CoverWallet in SMEs, and that's why we thought also to expand this into Switzerland starting this year,” the Tuesday statement said.
Following the launch in Spain, Zurich deepened its relationship with CoverWallet in May 2018 and invested in the company, acquiring a minority stake, the statement said.
CoverWallet also announced Courtney Leimkuhler has joined its board of directors.
Ms. Leimkuhler was an executive at Marsh & McLennan Cos. Inc. from 2013 to 2017, serving as the chief financial officer and interim chief operating officer of Marsh as well as the CFO of the risk and insurance services segment, the statement said.
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, the statement said, adding she began her career at Goldman Sachs Group Inc.