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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.
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.
https://techcrunch.com/2017/07/13/cover-raises-8-million-to-insure-your-belongings/
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