Insurtech MGA Cover Whale has announced the completion of a $15.5 million fundraising effort led by Ambac and TigerRisk Partners’ Applied Financial Technologies subsidiary.
Cover Whale was built on a foundation of technology, data, and machine learning analytics intended to transform the commercial auto segment and bring to market a forward-looking and continuous insurance model.
Cover Whale says the The efficiency driven by its technology platform reduces the need for the traditional resource-consuming underwriting process, allowing it to offer instantaneous quotes from multiple carrier partners.
“This funding round is an exciting time for the Cover Whale team. The support of such sophisticated investors has been a significant show of commitment to our vision,” said Cover Whale Founder and CEO Dan Abrahamsen.
“This level of funding enables Cover Whale to invest further in our technology-enabled proprietary platform, as well as continue to attract a team of top industry talent.”
“We are pleased to be a lead investor in Cover Whale as the company continues to grow its tech enabled platform using leading, propriety AI driven data analytics to profitably underwrite drivers in the commercial auto space,” said Claude LeBlanc, President and Chief Executive Officer of Ambac.
“Insurtech platforms like Cover Whale, that are able to use data driven underwriting to quickly and profitably bind coverage within minutes of a submission, are market leaders in providing innovative distribution solutions in the commercial auto space.”
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