Cover Whale Surpasses Half a Billion in All-Time Written Premium
NEW YORK, June 13, 2023 /PRNewswire/ -- Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and rapidly-growing insurtech, today announced it has surpassed the $500 million mark in all-time written premium. This notable milestone represents the company's rapid growth since it wrote its first commercial trucking policy in March 2020 and solidifies Cover Whale's position as a driving force within the industry. Cover Whale has generated more than $160 million in written premium 2023 year-to-date. This accomplishment follows a wave of recent announcements from the company, including the industry's first Chief AI Officer, next phase of its unique Driver Safety Program, new strategic partnerships and top-tier talent joining the executive team to accelerate progress and its unwavering dedication to its mission of using technology to make the world safer.
Latest Milestone Indicates Growing Market Share and Reaffirms Insurtech's Dedication
to Creating Safer Drivers and Roads
NEW YORK, June 13, 2023 /PRNewswire/ -- Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and rapidly-growing insurtech, today announced it has surpassed the $500 million mark in all-time written premium. This notable milestone represents the company's rapid growth since it wrote its first commercial trucking policy in March 2020 and solidifies Cover Whale's position as a driving force within the industry. Cover Whale has generated more than $160 million in written premium 2023 year-to-date. This accomplishment follows a wave of recent announcements from the company, including the industry's first Chief AI Officer, next phase of its unique Driver Safety Program, new strategic partnerships and top-tier talent joining the executive team to accelerate progress and its unwavering dedication to its mission of using technology to make the world safer.
Cover Whale's unique business model that combines easy, instant quotes and binds with its distinctive Driver Safety Program, continues to revolutionize the trucking industry while maintaining a remarkable sub-60 loss ratio. AI-driven dash cam technology, telematics and real-time driver safety coaching improves safety for both truck drivers and for those with whom they share the road, reduces insurance costs and helps exonerate drivers in accident-related scenarios.
"Insurtech is an ever-evolving domain and it is our responsibility to continually introduce new tools that enhance road safety and make our agents' lives easier," said Dan Abrahamsen, CEO of Cover Whale. "One thing remains the same: our commitment to truck drivers. We take pride in being a reliable source of quality, affordable coverage across the commercial trucking insurance product spectrum. By persistently pursuing advancements in technology, we're lowering costs, improving road safety and saving lives. We eagerly anticipate launching new tools to sustain our momentum."
As Cover Whale enters the second half of 2023, its exceptional growth can be attributed to an increasing market acceptance for empowering truck drivers and small trucking fleets – a historically underserved segment within the commercial auto insurance industry. Additionally, the company recently expanded into Idaho and Iowa, now reaching truckers with 47 states, including 32 with its Auto Liability line of business. Through fast, affordable coverage, Cover Whale continues to resonate with its more than 6,000 agents, as evidenced by its achievement in surpassing the $500 million mark in all-time insurance premium.
About Cover Whale
Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Cover Whale's unique Driver Safety Program combines coverage with telematics, dash cams and real-time driver coaching to reduce claims, keep drivers safe and save lives on America's roads. Cover Whale delivers its product through more than 6,000 agents with the industry's fastest, most agent-friendly online quoting experience. Maintaining excellent agent relationships has driven more than $500 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers may receive up to 30% off when renewing their auto liability policy. The company has been named 2023 Insurtech of the Year by Program Manager and one of America's Best Startup Employers on Forbes' 2023 list. For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.
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SOURCE Cover Whale
