Clearcover Raises $11.5 Million in Funding

CHICAGO, Sept. 19, 2017 (GLOBE NEWSWIRE) — Clearcover, the smarter car insurance choice, exited from stealth today and announced an initial funding round of $11.5M led by Lightbank. Clearcover was founded on a simple belief – people shouldn’t have to pay for the wasteful things that drive up prices at big insurance companies. By using a data-driven platform to integrate insurance with moments when it matters and applying modern technology to improve efficiency, Clearcover can save customers up to 50% on car insurance.

“People need insurance, but they want to spend as little time and money on it as possible. So why should customers pay higher prices because big insurance companies overspend on activities that waste both?” said Kyle Nakatsuji, CEO of Clearcover. “We were inspired to create an insurance offering that delivers what people really want – great coverage, when it matters, for the lowest cost possible.”

To deliver on this promise, Clearcover built an API-based insurance platform that offers customers a streamlined way to purchase quality, affordable car insurance in a variety of high-relevance moments. The industry-first platform eliminates the need for excessive marketing, improves operational efficiency, and makes custom coverage recommendations using artificial intelligence, allowing people to get the same coverage big carriers offer at significantly lower prices and in record time.

“Property and casualty companies spend more than $50 billion per year on marketing, agency infrastructure, and outdated processes. Clearcover’s new platform and distribution model eliminate those costs so people get more for their money,” said Victor Pascucci III, Managing Partner of Lightbank. “After 20 years of working with insurance companies and investing in tech startups, Clearcover is one of the most exciting opportunities I’ve seen. We’re thrilled to add them to our portfolio.”

Greycroft Partners, 500 Startups, Silicon Valley Bank, and other notable insurance and fintech investors also participated in the financing. Clearcover will use the funding to scale up partnerships and launch their first product line, car insurance, later this year. Clearcover will be available for purchase via partners and directly on their website.

To sign up for launch notifications, visit: www.clearcover.com 

About Clearcover
Everyone needs insurance, but let’s be honest, not everyone is excited about it. At Clearcover, we know you have better things to do with your time and money, so we created an insurance company that respects both. We don’t spend your money on expensive ads, celebrity spokespeople, outdated systems, or other stuff you don’t need. Instead, we designed a smarter model that puts great insurance in the places it matters at way lower prices. In other words, we save people serious time and money by helping them think about insurance less.

Clearcover is the smarter car insurance choice. To learn more, visit: http://www.clearcover.com/ Connect with us on Twitter: @ClearcoverInc or Facebook: facebook.com/clearcoverinc.

Media Contact:
Alice Patel
alice@clearcover.com
949-533-6856