Listen to this articleCoverHound is a San Francisco-based insuretech company that makes it faster and easier for customers to find and buy the right insurance coverage. CoverHound is free to use, with no brokerage fees. To learn more about the company we sat down with Keith Moore, CEO of CoverHound:
Q: Keith, what makes CoverHound a good choice?
A: CoverHound makes it easy for customers to quickly find, compare and purchase property and casualty insurance, all without leaving the CoverHound website. Because CoverHound has a direct relationship with insurance carriers, we show accurate rates and sell those policies online — rather than showing estimates that aren’t in real time, like other comparison shopping websites. We are dedicated to providing an excellent customer experience — we have a Net Promoter Score of 80, one of the highest in any industry — and provide personalized service when customers need it.
We also provide our customers with options that are useful to them; we aim to be their “trusted advisor for curated choice.” People are inundated with choices in nearly every area of their lives. According to researchers, people prefer having only a few options to choose from, so even though we work with many different carriers, we determine our customers’ needs and present them with three or four tailored solutions we think will meet their requirements.
Q: You’ve recently announced expansion into a suite of business insurance offerings to help small businesses grow; could you tell us something more?
A: Having provided auto, homeowners, renters and motorcycle insurance to individuals for the past four years, CoverHound is now expanding its offerings to include insurance for small businesses. With our commercial insurance offering, we are making it easier for small businesses to get the coverage they need — 40% of small businesses have no insurance at all, even though it’s important for every business, regardless of size, to protect itself from risks. CoverHound offers general liability, professional liability, business owners policy, workers compensation, commercial auto and cyber insurance for businesses of 20 employees or fewer.
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Q: What’s your company’s story?
A: CoverHound is a San Francisco-based insuretech company that was founded in 2010 and became part of the second AngelPad class in 2011. By 2012, we sold our first policy. Our backers include Chubb, American Family Ventures, RRE Ventures, Blumberg Capital and others. Today, CoverHound offers auto, homeowners, renters, motorcycle and, as of September 2016, commercial insurance from more than 25 carriers, including Chubb, Progressive, Hiscox and Liberty Mutual.
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Q: What can we expect from CoverHound in the future? What are your plans?
A: I’m glad you asked! We just made another commercial announcement with the launch of CyberPolicy.com, the only site to offer a comprehensive cyberpolicy solution for small businesses. It combines planning advice, protection tools and cyber insurance to small businesses of 15 or fewer employees. Small businesses can typically find and purchase the bundled product on CyberPolicy.com in less than four minutes. The site will eventually expand to cover larger businesses.
Q: How would you convince the reader to start using CoverHound?
A: CoverHound aims to make it faster and easier for customers to find and buy the right insurance coverage. Because we’re an online insurance agency with deep relationships with our carriers, we can present customers with accurate real-time rates that are ready for immediate purchase. Our site is free to use, with no brokerage fees. And because our advisors don’t work on sales commission but are compensated based on service, we offer objective advice to customers looking for the best auto, motorcycle, renters, homeowners or business insurance.
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