Covr Financial Technologies announced a sweeping set of enhancements for insurance solutions for customers of financial brands. Covr’s market-leading digital consumer insurance platform has long enabled consumers to get quotes, apply, and buy easily online from multiple top carriers through platforms white labeled for advisory firms, banks, credit unions, personal finance apps, and other financial brands. This release follows sales growth of 250% in 2020 compared to 2019 as consumer preferences continue to shift to digital sales driven by online support tools.
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Covr’s consumer platform introduces an intuitive interface and AI-driven needs analysis tools that improve the ability to help consumers pick the optimal products for their needs and more opportunities for consumers to apply and buy online in real-time from a broad selection of top carriers. Covr’s platform includes a range of consumer-friendly features, including the ability to autofill an application from their driver’s license photo, the option to save and finish applications later, and the tools to track an application’s progress in real time. Consumers can also access omni-channel support from licensed agents if needed.
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Covr is dedicated to making the insurance process simpler, faster, and more digital. Life insurance used to take multiple visits, followed up with a medical check-up and multiple rounds of back and forth. Covr’s digital platform and features like e-signature and e-delivery reduces the time involved significantly, with several options to apply and buy policies online in the same day for consumers who qualify.
“Covr’s new consumer platform is a game changer for the industry and for our financial brand partners. Our platform creates a new revenue stream for our partners and creates additional customer loyalty. There is nothing like it in the market that combines speed, choice from multiple carriers, and personalization to ensure the best fit and rates for consumers. Truly a win-win for our partners and those they serve,” said Ron Alexander, Covr’s President and Chief Innovation Officer. “We’re proud to announce this new platform with some of the best insurance carriers in America.”
Navy Federal Financial Group, a wholly-owned subsidiary of the world’s largest credit union, is a longstanding Covr partner and sees growing interest in life insurance among their membership. “Navy Federal is committed to bringing protection products like life insurance to our members, and this year we’ve seen tremendous growth in applications through our relationship with Covr,” said Diane Young, COO of Navy Federal Financial Group. “We look forward to this continued success in the new year in the effort to provide our members with the latest technology to better manage their financial well-being.”
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