CoverHound, the auto and property insurance startup has sold 50,000 policies in the last two years. The companyhas raised an additional $33m in funding as it adds insurance giant ACE to the list of investors. The new raise values the company at around $103m.
CoverHound’s service comes in the bigger wave of vertical marketplaces that let consumers search for, compare and buy financial products in a single place — a very successful area of e-commerce, with others like Zenefits and Credit Karma now valued in the multiple billions. In the case of CoverHound, users can enter a few details about their car or home and get served a selection of offers from competing insurance providers. Then, unlike other aggregators — Moore says Compare.com is probably the biggest of them — CoverHound also offers fulfilment services. Essentially, fulfilment is the aftercare of receiving and processing claims on that policy once you’ve signed it.