The insurtech startup aims to transform the role of retail agents in today’s insurance ecosystem
Covered by SAGE, a modern, tech-enabled Property and Casualty (P&C) insurance brokerage revolutionizing the insurance industry, announced it has successfully closed a $6 million seed round, led by NFX with participation from Tectonic Capital and Treasury, the fintech platform launched by Acorns and Betterment Co-Founders. Additional investors include Metaprop, Blue9, and the founders of Casper, Tinder, Pillpack, Flatiron Health, and Thumbtack.
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“As a founding investor in Covered by SAGE, we believe that Rashik and his team will empower agents in the digital age with cutting-edge technology to streamline success. This, in turn, will benefit customers who will now have access to their risk advisor instantly.”
Covered by SAGE is a plug-and-play agency platform that significantly lowers the financial, operational and technical burden of building, managing and retaining an insurance book of business. The platform empowers agents by providing them with a refined product marketplace to win more business, drastically changing their retail dependency and reducing the need for years of apprenticeship – redefining what it means to be a retail agent in today’s tech-driven and socially distant landscape. By using technology to give agents a more complete vision of their customers’ unique exposures, Covered by SAGE agents have an edge in sophisticated advisory.
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“Insurance agents play a vital role in risk management in our communities,” said Rashik Adhikari, founder and CEO of Covered by SAGE. “However, traditional brokerages, underpenetrated by technology, are falling behind in empowering retail agents to navigate the fast-evolving insurance distribution landscape. A retail agent today needs to have the flexibility to write insurance policies from anywhere and the economics that support them. We are excited about being able to challenge the status quo for better outcomes for both insurance agents and their customers.”
“We have seen the customer need for a new type of virtual agency powered by technology. The timing is ideal, given the recent availability of insurance APIs. This is a huge opportunity which Covered by SAGE is set to lead,” said Gigi Levy-Weiss, Managing Partner of NFX. “By rewriting this technology for agents, Covered by SAGE is able to strengthen their role, empowering them to write a lot more business.”
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