San Francisco based insuretech startup Cover has raised $8m in Series A funding led by Social Capital. Cover is an Android and iOS mobile application that allows its users to insure anything by taking a picture of what they need to insure. It partners with many insurance companies and brokers to provide its users with the best available rates.
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Cover raises $8m Series A
Cover is “reducing the amount of friction it takes for you to feel secure as a human being,” said Sethi. “Everyone needs insurance.” The Cover team believes their biggest competitor is Geico and that there’s a large market opportunity to make the insurance process more convenient for consumers. CEO Karn Saroya says that taking a photo is essential to the process. “You’ve proven that your property exists in a given time in a given place in a given condition.” The room-scanning process is completely free for consumers and Saroya says it’s resulted in almost 100,000 requests since launching last year. He says the typical user is age 28 and has a college degree. Auto and homeowner’s insurance are the most common requests.
