Driving Insurance Innovation: Coverfy

This is the second blog in my current miniseries highlighting unique European insurance industry innovators. With 118% growth in insurtech deals in 2017, Europe is a region to keep an eye on for unique value propositions. Enjoy!

Who?

The Spanish insurtech startup Coverfy offers 100% mobile insurance brokerage through a free mobile app that enables users to optimize and manage their policies from all of their insurance providers from any device. Coverfy is independent from the insurers that it represents via licensing.

What is its value proposition?

Download the app and then select your insurance providers. Sign with your finger to authorize Coverfy to manage these policies on your behalf.

Voila! Coverfy then digitizes your policies and makes them available through its app within 24 hours. No paperwork! Your policy information is available on the app.

Coverfy analyzes your profile and suggests improvements in coverage. You can request free advice from a personal advisor by message or phone – as many times as you want. You can also lodge a claim through the app.

The opportunity?

New cohorts like millennials are demanding more visibility and accessibility for their insurance policies. Coverfy lets these consumers select the policies that best meet their needs from multiple insurers, instead of purchasing all policies from a single insurance provider.

Want more details?

Click to watch a video about the value prop. It’s available in Spanish only – but the images tell the story.