Business Fortune
A digital insurance broker called CoverEase has completely changed how companies look for, buy, and save money on the insurance products that are most important to their operations. With the use of cutting-edge technology, CoverEase provides unparalleled estimates from the top insurance company brands in the nation, creating an online shopping experience that is akin to that of Amazon.
CoverEase searches the insurance market for choices from more than 15 insurance firms for a variety of coverage kinds in only three minutes online. They provide a "choice" model with full pricing transparency, allowing the customer to select the insurance provider of their choosing.
Business owners complete a 3-minute online questionnaire about their company. After answering a few simple questions, Lightning Max, the CoverEase mascot that loves to retrieve quotes, delivers multiple quotes from insurance companies "on the glass," providing the buyer with instant pricing. After the online journey is over, CoverEase's team of experts is available to answer questions about getting the most coverage at the best price.
What was the outcome? Quoting and purchasing business insurance and group employee benefits used to be a drawn-out, difficult procedure. However, these days, the process is incredibly quick, simple, and fantastic. Workers' compensation with no down payment, company liability, and cyber liability with exposure to cyberthreat monitoring are among the coverage options. In addition, the platform provides corporate health, dental, and vision insurance as well as individual term life insurance. The Hartford, Travelers, Liberty Mutual, C N A, Markel, Berkshire Guard, EMPLOYERS, AmTrust, Anthem, United Health Care, Blue Shield, Beam Dental and Vision, Cowbell Cyber, Great American, and Ethos Life are just a few of the leading insurance providers that CoverEase works with.
For people who require more than a basic life policy, such as individuals, critical employees, and business owners, CoverEase is particularly thrilled about their rapid quote and purchase Term Life Insurance product. If you’re healthy, you can quote, apply, and acquire up to $2 million in coverage online in under 10 minutes. They make use of real-time underwriting, which makes buying life insurance less painful.
They think that because the insurance market requires blood tests and medical exams in order to obtain coverage, it's a crucial benefit that's frequently disregarded or missed for individuals, business owners, and critical employees. With CoverEase's offering via Ethos, that isn't the case.
Shawn Edgington stated, "I needed "proof of concept" before adding Ethos to our marketplace and adding the product to our platform." It’s why I priced, applied for, and received a $1 million dollar 20-year term policy for myself; that was ½ the price of my in-force term life policy. The nicest thing was that the coverage could be issued without requiring a medical examination or blood tests. Throughout the application procedure, all underwriting took place in real time. Shawn Edgington continued, "This is a complete game-changer in the life insurance industry."
In order to save their clients time and money when acquiring business insurance and employee benefits along with other business-related goods and services, CoverEase also collaborates with business channel partners to integrate a white-labeled version of their platform onto a partner's website.
Speaking with CoverEase's CEO and founder, Shawn Marie Edgington
What inspired the founding of CoverEase?
Excellent query. It has traditionally taken a lot of time and energy to shop for and buy life insurance, employee benefits, and company insurance. Getting comparison estimates from several insurance providers can take days, weeks, and sometimes even months if an excessive number of paper applications are required. My team worked with our clients in tandem with several company underwriters to finalize their estimates prior to CoverEase becoming a reality. For instance, we can shop workers' compensation insurance with more than ten different insurance providers to make sure our clients are receiving the best deal possible.
That amounts to a great deal of back and forth and waiting around during the underwriting procedure. I'm constantly asking myself how we might enhance the insurance purchasing experience for customers without undervaluing our experience and knowledge.
Joe Fox, Vice President of AmTrust North America, entered our offices in 2018 and mentioned, "Shawn, I'm just now learning about this 'API technology' that AmTrust just launched." It seems like something you would be highly interested in taking part in. Once he presented the concept of what their technology accomplished, I understood that it was the beginning of how I was going to radically transform the way business insurance was quoted and purchased. Since then, we have been developing and growing our API platform. In order to give us time to integrate the 15 insurance providers and coverage lines and provide different bids and coverage kinds simultaneously, we delayed the launch of CoverEase's beta platform until 2021.
Before integrating insurance firms into your site, how do you confirm their legitimacy?
We thoroughly examine a new carrier's compatibility with technology, underwriting appetite, competitive pricing, real-time underwriting, and service levels before adding them to our platform. In order to retain the best possible customer experience and be able to provide the most quotations at highly competitive prices for a wide range of industries, we are very selective about the insurance companies we choose to represent.
Are there any new services that are prepared for release?
We recently finished testing and integrating with Beam Dental & Vision Development. As of September 2022, immediate quotations are now available. Additionally, Pie Insurance Company, the ninth workers' compensation provider on our platform, is a project we're working on. Pie is an excellent corporation for many reasons, one of which is that it places workers' compensation hazards that are more challenging to locate.
What lies ahead for your business and its clientele? Are interesting developments imminent?
Our future isn't even close to being thrilling, which is ironic considering how few people find insurance to be "exciting." Our ability to streamline operations, cut expenses, and free up time as our platform develops benefits not only the business but also our clients, carriers, and channel partners.
In August 2022, our CoverEase national advertising campaign debuted with spots showcasing Lightning Max, our quote-worthy golden retriever mascot.
Last month, CoverEase obtained its WBENC certification. For American women-owned enterprises, it is the gold standard. Additionally, we are now onboarding a number of sizable channel partners, which presents a fantastic potential for all concerned.
After more than 30 years in the commercial insurance sector, I am thrilled to be playing a small role in advancing our sector into the InsurTech era. I'm proud to be a part of CoverEase, which is among the first brokerages to sell Beam's Dental and Vision products "on the glass."
Because CoverEase uses InsurTech in a different way than the competition, we have a big edge. Now more than ever, it's simple to quote, underwrite, and provide group employee benefits and company insurance of all kinds.
Discover the visionary driving CoverEase's success
Shawn Marie Edgington, an insurance veteran, is leveraging technology to achieve a lightning fast, easy, and awesome way for businesses to shop, compare, and buy most types of business insurance and employee benefits.
With the help of AI and a skilled team of insurance professionals, CoverEase is a special addition to the InsurTech market. With offices in New York and its headquarters located in California, CoverEase is a nationwide business. Shawn founded the business, which debuted in 2022. As the company's CEO, Shawn leads a group of insurance experts that are among the finest in the business and put in a lot of effort every day to make sure CoverEase achieves its goal of being lightning fast, simple, and awesome.
