Clearcover

Clearcover offers customers the full range of basic coverage options that most drivers need. Using technology, the company automates traditionally manual insurance tasks, which reduces operating costs and allows you to set more affordable prices for customers.

History

2021: Attracting $200 million investment

April 19, 2021 Fort Ross Ventures announced investment the American in a company engaged in insurance cars Clearcover. The fund's investments in the company amounted to 4.6 million of dollars the total investments of round D - $200 million. As of April 2021, the total amount of attracted investments in the company is $329 million. Investors such as Eldridge, American Family Ventures, Cox Enterprises and OMERS Ventures also participated in the deal.

As part of the D-series round, the amount of funds raised by the startup significantly exceeded the figures of the previous rounds, since $50 million was raised in 2020 according to the results of the C-series round, and $43 million was raised in the B-series round in 2019. The Chicago company Clearcover did not comment on its assessment, but a source familiar with the outcome of the investment round noted in an interview with Reuters that the funds raised allowed Clearcover to obtain the status of the so-called "unicorn," which implies an estimate of $1 billion or more.

The funding will allow Clearcover to accelerate innovation in digital insurance offerings, as well as double its total workforce by 2022. The company plans to increase the number of employees from about 250 to 500 people. Clearcover also intends to expand to 25 US states by the end of 2021 from the current 15 states.

Fort Ross Ventures invested in Clearcover auto insurance service, which is valued at $1 billion

{{quote 'author = noted Victor Orlovsky, founder and general partner of Fort Ross Ventures. |

We supported Clearcover because we see them as a huge potential in the digital transformation of the entire auto insurance industry. In addition, in an era pandemics , reducing physical contact between people is an advantage. 96% of claims are processed completely virtually. We will be happy to help develop the product, innovate and strengthen the engineering team,}}

Шаблон:Quote 'author = said Kyle Nakatsuji, co-founder and CEO of Clearcover.

Kyle Nakatsuji also noted that Clearcover, like many other insurance companies, views COVID-19 as a light tailwind. As a digital auto insurance company, Clearcover noted the stable activity of users when buying insurance policies over the Internet during the period of restrictions associated with COVID-19. Moreover, during the pandemic, the number of purchases increased.

Clearcover's focus on consumer experience made it possible to successfully complete 2020 - the company expanded its influence from 5 to 15 states, increased revenue by 100% and doubled the number of employees in the company. Also in 2020, Clearcover introduced the Clear Claims service, which allows customers to file insurance claims online and receive payments within 30 minutes.

Through the use of AI and big data, Clearcover has a competitive advantage over many large American auto insurance companies. Since the startup is newer and more technological, it can adapt to changes faster than some old insurance companies.^[1][2]

Notes