“If you are still in the mindset that insurance is boring or confusing you should try a quote on Clovered. You will be amazed by what we are able to do now with technology and data,” says Sean McCahill, the Vice President of Clovered. The wave of digital transformation has affected almost every industry, including the financial services industry and the insurance industry. The rise in connectivity has led to a massive amount of real-time data and transformed the insurer’s relationship with the policyholders from static and transactional to dynamic and interactive. Following this, Clovered is altering the rubrics of the industry and spurring the creation of a new ecosystem driving innovation. It is a value-added digital service provider that has created an online platform that enables users to receive a quote and fully bind a policy quickly.

Clovered offers a seamless experience, along with access to informative, thoughtful content and the ability to intelligently choose an insurance policy from the comfort and safety of one’s home. Driven by a customer-centric approach, it not only helps users get an insurance quote, but the platform also educates users about insurance and breaks down insurance concepts into simplified terms. Currently, this fully automated quoting engine is live in 18 US states and is licensed to place home, auto, and flood insurance with over 30 carrier appointments.

Intersection of Technology and People

The idea of selling insurance online has been around for a while; however, the journey of Clovered began in 2018. This online platform is the intersection of technology and real people. Clovered offers a digital insurance tool that auto-populates risk data and home information, which eliminates the unnecessary inquiries a customer normally must complete, thus, enhancing the overall customer experience. This separates the digital insurance tool from the other competitors in the market when it comes to efficiency, speed, and ease of use. Clovered provides an easy and all-inclusive quoting process that can be completed in about three minutes from start to finish. Sean adds, “We are different than a traditional agency because we put the power of quoting and purchasing insurance in the customers’ hands.”

Clovered offers various insurance products online and among those, the most popular is Homeowners Insurance. A homeowner’s insurance policy covers everything from the actual structure of your home and other structures on your property to your personal belongings and the unknown side of life that encompasses your financial wellbeing. Apart from this, the other insurance products include:

• Renters Insurance
  Renters insurance also called tenant insurance, offers protection for personal belongings, pays medical bills and legal expenses if someone is injured on the property. This coverage also provides reimbursement for unexpected living expenses if one is forced to temporarily move out of the house.
• Condo Insurance
  Condominium insurance is a policy designed to protect condo owners from covered perils like hurricanes, theft, fires, and other incidents. It’s deemed an HO6 policy and is meant to protect several things inside the four walls of the condo, also known as a walls-in insurance policy.
• Landlord Insurance
  Landlord insurance is a policy that provides home insurance for rental properties a person owns, rents out to others, and does not live in. It’s also called rental property insurance and investment property insurance, and often these terms can be used interchangeably.
• Flood Insurance
  Contrary to popular belief, standard home insurance policies typically do not cover flood damage. Clovered offers a separate Flood insurance policy that helps protect the and belongings if damaged by a flood.
• Auto Insurance
  Auto insurance is a policy that helps to protect drivers, passengers, and vehicles that are involved in an accident. In many cases, having sufficient auto insurance coverage is required by law, so people should be aware of their state requirements.

Adoption of Tech Advancements

The rapid technical shifts have created both threats and opportunities for industry leaders that may appreciate the impact of digitalization in a broad sense. These changes can allow them to solve long-standing problems, reduce customer friction, and tap into new profit pools. Clovered’s aim has always been to put the customer first. The team ensures that clients are at the forefront of the services, from speaking to the customer on the phone or analyzing data that will make the platform a better experience. “We always make sure the customer experience is at the forefront of any initiative,” asserts Sean.

Clovered is looking forward to expanding partner relationships that promote the platform’s accessibility and accurate quote-to-bind capabilities. Furthermore, Sean and his team will focus on making the insurance shopping experience better for the consumer. “As the insurance industry continues to evolve and, more importantly, as consumer behavior evolves, adoption of streamlined, tech-enabled distribution methods should improve,” concludes Sean.

Uninterrupted Excellent Service

The pandemic has drastically affected most industries and perhaps the biggest effect of the pandemic has been on the financial services industry and insurance industry. Many insurers are already underway taking the necessary action for protecting the businesses, which has left many consumers in the heave during the challenging times. Despite the overall impact on the insurance industry, Clovered has managed to shift to the new normal without setback. Being a digital insurance agency since launch, it was easy for the associates to work remotely almost instantly.

Besides, the insurers are encountering a further lashing as consumers and businesses come to terms with the fact that most insurance policies do not cover pandemics. Nevertheless, with the goal of providing uninterrupted high-quality service, Clovered is committed to ensuring the health and safety of its workforce and the communities within which it operates. Sean asserts, “As we respond to the growing concerns regarding the spread of COVID-19, our goal is to continue operations without interruptions and continue to achieve best-in-class customer service.”

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“By combining the ease and efficiency of technology with the warmth and care of real people, we’re changing how people interact with insurance.”

Also Read: The Most Prominent Leaders in Insurance Industry, 2024