Cova for Underwriters: Waitlist Now Open
We're opening Cova to underwriters. Claim a free profile, share your appetites with hundreds of brokers, and get early access to our paid tools.
Empowering Underwriters: Why Cova is Expanding its Platform
Cova began as a solution to streamline workflows for insurance brokers, and we're proud to say that over 600 brokers now rely on our platform daily. Together, they manage over $500 million in Gross Written Premium (GWP) in Australia. Over the recent months across our user base, a consistent challenge emerged: finding the right underwriter for a specific risk remains a surprisingly difficult and time-consuming process.
Brokers described sifting through outdated PDFs, chasing contacts who had moved on, and relying on unreliable word-of-mouth to gauge underwriter appetite. This process not only wastes valuable time but also increases the risk of missing the best possible coverage options for their clients.
Simultaneously, underwriters shared their frustration with spending valuable time fielding inquiries that fell outside their target areas. The brokers who were a good fit often struggled to find them, leading to missed opportunities for both parties. It became clear: both sides needed a more efficient and reliable connection. That's why we're expanding Cova to directly serve underwriters, bridging this critical gap in the insurance ecosystem.
Introducing Free Underwriter Profiles on Cova
Underwriting agencies can now claim a free profile on Cova. Think of this profile as your digital storefront, strategically placing you directly in front of our extensive and actively engaged broker network. Best of all, you have complete control over its content. Here's what you can achieve with a free profile:
Clearly Define Your Appetite: List the specific classes of business you write and designate them as "Open," "Referral Only," or "Closed." Brokers gain instant clarity on your focus, saving everyone time and ensuring submissions are targeted and relevant.
Publish Real-Time Updates: Announce changes in capacity, new product launches, or important announcements directly to brokers, bypassing the delays of traditional newsletters or market updates. Keep your network informed and capitalize on emerging opportunities.
Streamline Submissions with Proposal Forms: Attach your proposal forms or link directly to your existing quote portal, enabling brokers to submit business to you seamlessly from within Cova. Reduce friction and encourage more submissions.
Build Relationships with Direct Contact Details: Provide the name and contact information of the key individuals brokers should connect with. Foster direct communication and stronger relationships.
Drive Traffic to Your Existing Portal: If you already have an online quoting system, link to it directly from your profile and increase traffic, leveraging Cova's reach to expand your online presence.
This free profile is truly free – no hidden costs, no time limits. It's our commitment to creating a more efficient, transparent, and connected insurance ecosystem for everyone. We believe that by empowering both brokers and underwriters with the right tools and information, we can improve outcomes for all stakeholders. These profiles will go live in the next few weeks.
Deepen Integration with Quote and Bind Functionality
For underwriters seeking a more deeply integrated experience, we offer the option to add quote and bind capabilities directly to your Cova profile. Imagine brokers being able to obtain indicative quotes and even bind coverage without ever leaving the Cova platform.
This advanced integration streamlines the entire process, reducing turnaround times and improving efficiency. This functionality is available on a per-arrangement basis. If you're interested in exploring this further and learning how quote and bind functionality can revolutionize your workflow, please contact us, and we'll walk you through the integration process tailored to your specific setup.
Introducing Cova Risks: Your Underwriting Workbench
We're also developing a premium tier called Cova Risks, priced at $299 per user per month. This is designed as a comprehensive underwriting workbench, providing you with the sophisticated tools you need to manage your business efficiently and effectively. Cova Risks is more than just a profile; it's a complete solution designed to optimize your entire underwriting process.
Cova Risks includes:
Pipeline Management: Track submissions from initial contact to bound policy within a single, unified view. Gain complete visibility into your workflow and identify bottlenecks.
Cova Agent: Leverage our AI assistant to triage submissions, extract key data, and highlight the information you need to make faster, more informed decisions. Reduce manual data entry and focus on what matters most: assessing risk. We're not just talking about an assistant here, the Cova Agent is the first of its kind, intelligently handling end-to-end workflows to dramatically improve your efficiency.
Automated Document Creation: Generate professional quotes, binders, and policy documents using intelligent, customizable templates. Ensure consistency and compliance while saving valuable time.
Centralized Submission Management: Receive, review, and respond to all broker submissions in one convenient location. Eliminate the chaos of scattered emails and multiple systems.
Actionable Analytics and Reporting: Gain valuable insights into your profile's performance, track enquiry volume, monitor conversion rates, and identify key trends to optimize your strategy and drive business growth. Make data-driven decisions and continuously improve your performance.
Cova Risks is currently in a limited release, and we're actively seeking early adopters to help shape its development. By joining the waitlist, you'll not only be among the first to access these powerful tools but also have a direct influence on the features we build. Your feedback will be invaluable in ensuring that Cova Pro meets the evolving needs of the underwriting community. Be a part of shaping the future of underwriting.
Ready to Get Started?
Claiming your free underwriter profile is quick and easy. Simply visit cova.ai/for/underwriters and click "Claim Your Free Profile." Our team will be in touch in the coming weeks to assist with your setup and answer any questions you may have. We're committed to providing you with the support you need to succeed on the Cova platform.
If you're interested in learning more about Cova Risks and joining the waitlist, you can do so from the same page. Don't miss out on this opportunity to transform your underwriting workflow.
Stay tuned for more updates on the Cova Marketplace in the coming months. Our early adopters will be prominently featured when it launches, giving you maximum visibility to our extensive broker network!
