Streamlining Business Insurance Needs With CoverWallet

It's almost that time of year.

The 2017 Benzinga Global Fintech Awards is a competition to showcase the companies with the most impressive technology that are paving the future in financial services and capital markets.

To get you prepared for this year's awards, Benzinga will profile each fintech company that has applied. Want to get involved? Submit your company here.

For this installment, we spoke with Inaki Berenguer, CEO of CoverWallet (answers have been edited for length and clarity).

CoverWallet

What does your company do? What unique problem does it solve? Image Credit: Screenshot from CoverWallet

CoverWallet is changing the way small businesses interact with insurance through data, design, and technology. We help businesses easily understand their insurance needs and get quoted in minutes through our online tools.

In addition, our digital platform makes it simple for businesses to manage all their insurance information, from policy updates to vendor certificates, without the hassle of tracking spreadsheets and physical documents.

Related Link: Aspiration Rebuilds Investor Faith In Market With Fee-Less Transactions

Who are your customers?

Every business faces risks, but not every business owner has the time to understand the changing risk environment or how different policies can work to protect them. CoverWallet helps companies across the United States with their insurance. While we work with many small businesses, we also work with a number of mid-size businesses and growing startups.

How long have you been in business?

CoverWallet was founded by Inaki Berenguer and Rashmi Melgiri in 2015, and launched our core products in early 2016. Inaki and Rashmi had personally seen some of the insurance challenges businesses face, when Inaki’s company was unable to close a deal without coverage documents from their agent (who was out of town for the week).

Where are you located?

CoverWallet’s primary office is in SoHo in New York City. We also have an office in Madrid.

Who is your company's leadership? What kind of experience do they have?

Inaki Berenguer (co-founder of tech startups Pixable and Klink) is CoverWallet’s CEO and co-founder.

Rashmi Melgiri, formerly of Altman Vilandrie & Company, is our chief operations officer and co-founder.

In 2016, Jim Ermilio joined as our president of Iisurance. He was previously CEO of online auto insurance company Goji and executive vice president at Commerce Insurance.

We also raised a $7.8 million Series A round led by Union Square Ventures (Index Ventures and previous investors Highland Capital Partners, Two Sigma Ventures, and Founder Collective also participated in the round).

Is there anything else Benzinga should know about your company?

• In 2016, CoverWallet was named one of the Best Entrepreneurial Companies in America by Entrepreneur Magazine.
• We help clients acquire and manage a wide set of commercial insurance policies such as general liability, commercial property, worker compensation, directors and officers, professional liability, errors and omissions, and cyber liability coverages.

If you’re looking for cool fintech startups and access to top financial institutions, and are sick of attending stuffy corporate conferences, the Benzinga Global Fintech Awards is the event for you. From its first year in 2015, the competition grew to over 250 applicants and over 500 attendees in 2016.

Connect with us on social media — use the hashtag #BZAwards and #Fintech to spread the word!