When a founder comes highly recommended from one of your favorite portfolio companies, you always take that call. But less frequently does the conversation with the founder convey a level of vision, determination and innovation that make you immediately want to team up. This was the case with Coverwatch.
From Day 1, Miquel, Kevin and Wilmer have brought a personal understanding of the challenges of the specialty insurance market coupled with a big vision for how to drive massive change across the industry. Today we are thrilled to announce our investment into Coverwatch, an AI-first insurance broker.
Insurance is one of those areas that are being transformed by LLMs, and the specialty market is especially ready for a shakeup. Currently a $150B market and growing rapidly, the specialty market is marked by massive fragmentation in terms of products and customers. Policies take weeks to process, and that’s after the customer, broker and carrier, find one another - an outcome that often never happens. As a result many businesses are deeply uninsured and carriers are leaving billions on the table.
Coverwatch uses AI for underwriting, customer acquisition and operations, selling insurance faster, cheaper and with less work for customers than any existing broker. Given Coverwatch’s competitive technological advantage, and early traction, we believe the firm has the opportunity for a massive industry-defining outcome.
Since we invested earlier this year, we have seen next-level execution, as the team has built a relentless engine across product, hiring, and customer acquisition. We’re thrilled to support them as they scale this engine over the coming years. Congrats to the Coverwatch team!
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