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Buying insurance is a daunting task for any startup, and it’s important to research CoverWallet alternatives and other insurtechs in the space. The complexity and necessity of commercial insurance products have largely protected the industry from the need to innovate and adapt, and have resulted in insurance largely being a hindrance to-rather than an enabler of real innovation.
The commercial insurance industry, unchanged for the past 200 years, has started to respond to this challenge. Insurance is currently in the midst of a digital revolution, with a huge number of insurtech companies entering the market and traditional insurers trying to offer increasingly digital experiences.
However, this has meant that insurance buyers are left with a similar challenge – where to go to get the RIGHT insurance without spending weeks researching and comparing seemingly similar offerings.
To help you narrow down your choice when buying insurance, we’ll compare and contrast two online insurance options available to small and medium businesses – CoverWallet and Embroker, to see who is the best fit for the needs of your business.
Marketplace vs. Insurance Provider
Embroker
Embroker offers the first-ever fully digital insurance program specifically created for startups – Embroker’s Startup Program. It offers market-leading D&O, EPL Insurance, and technology E&O/Cyber coverage that can be secured in minutes through Embroker’s digital platform. It’s a fully custom coverage, made from scratch specifically for startups, consisting of custom-built insurance policies that are underwritten instantly. Additionally, beyond these policies, Embroker can help streamline your entire insurance program and make sure your startup is properly covered and ready for rapid growth.
Pricing – Cost Savings
CoverWallet
They have rough insurance premium estimates on their website for a wide variety of businesses, and these are more or less in line with what the industry offers as a whole. The main benefit of using CoverWallet would be the ability to compare what different carriers are offering – but don’t expect massive cost savings overall.
Embroker
By fully automating underwriting, digitizing the entire insurance value chain, and cutting out intermediaries when buying insurance Embroker is able to provide better, more tailored coverage for startups. This generates cost savings for customers when compared to the industry standard.
Startup Insurance Calculator
Find out how much your startup can expect to pay for key insurance coverages.
Types and Sizes of Businesses They Work With
CoverWallet
Focuses on a broad range of sole proprietors and small corporations, serving everyone from truckers to startups. This allows for great flexibility and makes it attractive for traditional insurers to use their platform. However, the jack-of-all-trades approach means that the platform is hard-pressed to serve the unique needs of your business. Micro and smaller businesses with low premiums may find it hard to get the attention they need.
Embroker
Focuses on helping high-growth companies solve a previously unavoidable pain point: buying commercial insurance without spending months doing it, thus resulting in better coverage and reduced pricing. Embroker focuses on expertly meeting a very specific set of coverage needs that venture-backed startups have – and doing it better than anyone else.
Customer Experience and Service
CoverWallet
Being an online insurance marketplace means that CoverWallet’s servicing is often done by the insurance carrier that writes your business insurance policy. This leads to confusing situations where policyholders aren’t sure who to go when they have a claim, need to renew their insurance or want to make changes to their policies (i.e. buy additional limits or add enhancements).
Embroker
All Embroker’s servicing for Emroker’s Startup Program is done in-house. Our customer success has worked closely on building out the program and policies – which makes them uniquely qualified and knowledgeable to help users with their needs. This means that there are no unreasonable delays, and more importantly, no gaps in responsibility – our team will take care of your needs 24/7.
Update: Aon Acquires CoverWallet
CoverWallet has recently been acquired by a legacy insurance broker Aon, for an undisclosed purchase price. How this will affect CoverWallet’s existing user base and their mission to reinvent insurance remains to be seen. However, what’s certain is that this will re-focus CoverWallet’s efforts from changing the insurance industry overall to helping Aon improve their digital experience.
Embroker’s Elite Platform
Embroker’s platform makes it easy to purchase and manage insurance for your startup.
Easier Way to Purchase Insurance
All ESP policies are underwritten immediately, and the whole process takes about 5 minutes to complete with no sensitive information required – you won’t be asked to reveal equity ownership or financial statement details.
Easier Way to Manage Insurance
Embroker’s all-in-one platform streamlines insurance management giving businesses a unified view of their policies company-wide. The platform allows for real-time claims tracking and for sharing and requesting digital certificates of insurance (COIs).
Easier Way to Renew Insurance
Embroker has streamlined the entire insurance renewal process so you can complete it in minutes. Throughout the year, our cloud-based platform securely stores all your information which can then be accessed to renew your insurance without any hassle.
Finally, Understand Your Insurance
Embroker’s platform summarizes all existing policies on flashcards showing you the key aspects of your insurance in plain English – so there’s no need to look to your broker to finally understand your coverage.
What all this means is that while Embroker has a stellar team of experts and brokers ready to help you in-person with your insurance decisions – most of the time you just won’t need them! You won’t have to pick-up the phone or send over an email – you’ll be able to do everything through the platform in minutes!
Where to Go From Here?
Now that you have a better understanding of differences between CoverWallet and Embroker, you can make a more informed choice on securing coverage for your startup. If you need more help or information, you can reach out to our team of expert brokers. Or, if you want to get started right away with Emborker’s Startup Program you can get an instant quote here.
CoverWallet
CoverWallet allows traditional insurance providers to use its insurance management platform to offer coverage. The platform allows users to compare, purchase and manage insurance. This represents a half-way step between the traditional way of buying insurance and a truly digital experience. It functions as a marketplace where insurance providers can present their products, and it gives users a breakdown of what’s on offer. While this makes buying and managing insurance more convenient for startups, it’s not necessarily a game-changer that the insurtech industry has been promising for a few years now.
Embroker
Embroker offers the first-ever fully digital insurance program specifically created for startups – Embroker’s Startup Program. It offers market-leading D&O, EPL Insurance, and technology E&O/Cyber coverage that can be secured in minutes through Embroker’s digital platform. It’s a fully custom coverage, made from scratch specifically for startups, consisting of custom-built insurance policies that are underwritten instantly. Additionally, beyond these policies, Embroker can help streamline your entire insurance program and make sure your startup is properly covered and ready for rapid growth.
Pricing – Cost Savings
CoverWallet
They have rough insurance premium estimates on their website for a wide variety of businesses, and these are more or less in line with what the industry offers as a whole. The main benefit of using CoverWallet would be the ability to compare what different carriers are offering – but don’t expect massive cost savings overall.
Embroker
By fully automating underwriting, digitizing the entire insurance value chain, and cutting out intermediaries when buying insurance Embroker is able to provide better, more tailored coverage for startups. This generates cost savings for customers when compared to the industry standard.
Startup Insurance Calculator
Find out how much your startup can expect to pay for key insurance coverages.
Types and Sizes of Businesses They Work With
CoverWallet
Focuses on a broad range of sole proprietors and small corporations, serving everyone from truckers to startups. This allows for great flexibility and makes it attractive for traditional insurers to use their platform. However, the jack-of-all-trades approach means that the platform is hard-pressed to serve the unique needs of your business. Micro and smaller businesses with low premiums may find it hard to get the attention they need.
Embroker
Focuses on helping high-growth companies solve a previously unavoidable pain point: buying commercial insurance without spending months doing it, thus resulting in better coverage and reduced pricing. Embroker focuses on expertly meeting a very specific set of coverage needs that venture-backed startups have – and doing it better than anyone else.
Customer Experience and Service
CoverWallet
Being an online insurance marketplace means that CoverWallet’s servicing is often done by the insurance carrier that writes your business insurance policy. This leads to confusing situations where policyholders aren’t sure who to go when they have a claim, need to renew their insurance or want to make changes to their policies (i.e. buy additional limits or add enhancements).
Embroker
All Embroker’s servicing for Emroker’s Startup Program is done in-house. Our customer success has worked closely on building out the program and policies – which makes them uniquely qualified and knowledgeable to help users with their needs. This means that there are no unreasonable delays, and more importantly, no gaps in responsibility – our team will take care of your needs 24/7.
Update: Aon Acquires CoverWallet
CoverWallet has recently been acquired by a legacy insurance broker Aon, for an undisclosed purchase price. How this will affect CoverWallet’s existing user base and their mission to reinvent insurance remains to be seen. However, what’s certain is that this will re-focus CoverWallet’s efforts from changing the insurance industry overall to helping Aon improve their digital experience.
Embroker’s Elite Platform
Embroker’s platform makes it easy to purchase and manage insurance for your startup.
Easier Way to Purchase Insurance
All ESP policies are underwritten immediately, and the whole process takes about 5 minutes to complete with no sensitive information required – you won’t be asked to reveal equity ownership or financial statement details.
Easier Way to Manage Insurance
Embroker’s all-in-one platform streamlines insurance management giving businesses a unified view of their policies company-wide. The platform allows for real-time claims tracking and for sharing and requesting digital certificates of insurance (COIs).
Easier Way to Renew Insurance
Embroker has streamlined the entire insurance renewal process so you can complete it in minutes. Throughout the year, our cloud-based platform securely stores all your information which can then be accessed to renew your insurance without any hassle.
Finally, Understand Your Insurance
Embroker’s platform summarizes all existing policies on flashcards showing you the key aspects of your insurance in plain English – so there’s no need to look to your broker to finally understand your coverage.
What all this means is that while Embroker has a stellar team of experts and brokers ready to help you in-person with your insurance decisions – most of the time you just won’t need them! You won’t have to pick-up the phone or send over an email – you’ll be able to do everything through the platform in minutes!
Where to Go From Here?
Now that you have a better understanding of differences between CoverWallet and Embroker, you can make a more informed choice on securing coverage for your startup. If you need more help or information, you can reach out to our team of expert brokers. Or, if you want to get started right away with Emborker’s Startup Program you can get an instant quote here.
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