Latest news with #insurtech
Globe and Mail
a day ago
- Business
- Globe and Mail
Cover Whale Announces $40 Million in Growth Equity Financing from Morgan Stanley Expansion Capital to Fund Growth Initiatives
Cover Whale Insurance Solutions, Inc., a leading insurtech specializing in connected insurance for commercial auto, announced $40 million in new equity financing from Morgan Stanley Expansion Capital. The financing will enable Cover Whale to accelerate investments in its technology platform, analytics, and expand its product offerings to drive increased growth and profitability. Founded in 2020, Cover Whale's proprietary technology platform and algorithmic underwriting enables agents to bind trucking insurance policies online in minutes. By leveraging real-time telematics and other data sources, Cover Whale continuously underwrites policies throughout their term, achieving industry-leading loss ratios in the traditionally challenging commercial trucking market segment. Commenting on the financing, Dan Abrahamsen, Founder and CEO of Cover Whale, said: 'After years of rapid growth, 2024 marked a pivotal year for Cover Whale as we focused on re-building our foundation. We invested in our technology platform, built a high-performing service organization, and refined our pricing, underwriting and loss control programs. Morgan Stanley Expansion Capital's transition from lender to equity partner is a gratifying affirmation of the tremendous progress made over the past few years, and their renewed backing gives us the resources to fully capitalize on the significant growth opportunities ahead.' Year to date, Cover Whale has $133 million of gross written premiums during the first half of 2025, on track for a full-year target of $277 million. Morgan Stanley Expansion Capital first invested in Cover Whale in May 2024 with a structured debt instrument. 'Today's growth equity investment reflects our conviction in Cover Whale's business strategy, execution and leadership team,' said Nick Nocito, Executive Director of Morgan Stanley Expansion Capital. 'Over the last 18 months, the team has built a high-quality, scalable platform that we believe will generate significant growth in the coming years.' About Cover Whale Cover Whale is a leading insurtech on a mission to make commercial auto insurance faster, easier, and smarter—for agents, policyholders, and the broader insurance ecosystem. Grounded in technology, automation, and the strategic use of AI and real-time data, Cover Whale offers the industry's fastest quote and bind platform, while delivering industry leading loss ratios. The company's proprietary driver safety program combines continuous underwriting, real-time risk monitoring, telematics, and AI-powered driver coaching to reduce losses, reward safe driving, and improve road safety for both covered drivers and the motoring public. Operating as a managing general agent (MGA), Cover Whale has partnered with nearly 5,000 agents to write more than $1.3 billion in gross premium, since its inception in 2020. As it has grown, the organization has earned recognition across the industry, including being named a top insurtech to watch by PropertyCasualty360 and one of Forbes' Best Startup Employers. To learn more, visit and stay current via LinkedIn, Facebook, and their blog. About Morgan Stanley Expansion Capital Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management. MSEC targets late-stage growth equity and credit investments within technology, consumer, healthcare, and other high-growth sectors. For nearly four decades, Morgan Stanley Expansion Capital has successfully pursued growth investment opportunities and has completed investments in over 220 companies, leveraging the global brand and network of Morgan Stanley. About Morgan Stanley Investment Management Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 1,400 investment professionals around the world and $1.7 trillion in assets under management or supervision as of June 30, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, client service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations, and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit About Morgan Stanley
Forbes
5 days ago
- Business
- Forbes
A Fintech Go-To-Market Shift: Preparing For Enterprise Sales
Jayant Walia is Head of Business Development and GTM at Gainbridge, an insurtech revolutionizing the insurance & retirement industry. At some point in their journey, every ambitious B2B fintech company has to wrestle with this question: Do we keep selling to other tech-forward startups, or do we go after the whales—the banks, insurers and legacy platforms with the biggest budgets and deepest moats? I've seen this play out countless times. Teams start by selling to fellow builders—fast-moving companies that love APIs, skip SOC 2 on day one and are eager to co-create. Why? Because selling to other startups is faster, cleaner and way more gratifying when you're chasing early momentum and trying to prove something. But here's the pattern: Those same companies—if they survive long enough—eventually start inching toward banks and large financial institutions. It doesn't happen all at once, but it always happens because that's where the real money is. And that's also when the pain starts. Why It's Hard To Sell To Legacy Financial Institutions Banks and large insurers are some of the toughest customers you'll ever chase. They move slowly, scrutinize everything and are not impressed by your slick user interface or recent funding. They've been burned before by outages, compliance failures and integrations gone sideways, and they don't forget. They also carry tech debt, meaning decades of layered systems patched over rather than rebuilt, making integration risky and complex. When something breaks, it can become a board-level crisis. But once you're in, you become core infrastructure rather than an experiment. Yet that's the market that keeps so many fintechs up at night—because once you're in, you're in. These aren't transactional customers. You become part of the foundation. You're no longer the experimental layer—you're the infrastructure. Startups Love Startups (Until They Don't) It makes total sense that early fintechs target other startups. The sales cycles are shorter. The buyers are more technical. The value proposition is clearer. You can show up with a working demo and close in a few weeks. This approach builds momentum and excites investors. You get to show logos, annual recurring revenue growth and product adoption in a short time. But there's a ceiling to this model. Your customers are often burning venture capitalist money. Their own stability is shaky. You might spend months onboarding someone just to see them pivot or fold. And before you know it, 80% of your revenue is tied to companies with the same Series B pressure you have. Enterprise Sales Are A Different Beast This is where things get real. The shift to selling to banks, insurance carriers or institutional platforms doesn't just require patience. It requires a full reset on how your company operates. Let's start with the sales team. If your account executives have been closing fast deals with founders and product leads, they're probably not going to enjoy a nine-month sales cycle filled with procurement hurdles, security reviews and six-person buying committees. They may get frustrated or worse, churn. To avoid this, you need to guide your sales teams into an enterprise mindset. Providing enterprise sales training, bringing in mentors with large financial institution experience and re-evaluating which representatives can adapt to longer cycles are all essential steps. Adding respected advisors or former bank executives further signals credibility and opens doors. As trust builds with large clients, testimonials will naturally follow and accelerate future deals. Then there is compensation. You cannot keep using a pure SaaS quota system. These deals are whale hunts. You might close one or two a year, but they can transform your business. You'll need to shift incentives toward relationship depth and pipeline quality. You'll need higher base salaries, slower variable payouts and quotas built for fewer but larger wins. Even your product road map has to mature. It's no longer about just shipping the next feature. It's about proving you won't break under pressure, and that you're scalable, supportable and audit-friendly. It's about proving that you're not just a startup but a strategic partner. You demonstrate this by earning enterprise-level certifications, building real disaster recovery plans, publishing clear uptime commitments and undergoing independent security assessments. What You Get In Return Once you successfully reset, it's game-changing: • Your revenue stabilizes. • Churn drops dramatically. • Your margins improve, especially on fee-based models. • You stop obsessing over month-to-month cash flow swings. • VCs see a more predictable, defensible business model. • Most importantly, you're in the room with decision makers who manage billions, not millions. Now AI Enters The Chat We're seeing this all over again with the rise of AI in fintech startups. Many are building powerful tools—fraud detection, risk scoring, agent-based onboarding—and again, selling to other startups because it's easier. But we know where this ends: The real opportunity is with the legacy players. The problem? It's hard to flip the switch later. Selling to large financial institutions isn't an easy pivot; it should be a foundational strategy you bake in early, even if you don't activate it on day one. That means aligning hiring, go-to-market strategy and product development with the long-term vision of serving enterprises so you don't have to scramble for credibility later. Final Thought Selling to legacy financial institutions is not for the faint of heart. It's slow, political and demands the long game. But if you want something that survives cycles and builds true enterprise value, it's a move worth making. Don't wait until you're desperate. The sooner you align your team, your road map and your strategy in that direction, the more likely it is that you'll make it and stay there. Opinions expressed here belong solely to the author and do not necessarily reflect the views of their employer. Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?
Yahoo
6 days ago
- Business
- Yahoo
Polish insurtech company Trasti garners funding from EBRD
Polish insurtech company Trasti has secured a 88.1m zlotys ($24.3m) investment from the European Bank for Reconstruction and Development (EBRD), in conjunction with the Triglav Group. The capital will support Trasti's expansion plans to enhance its digital insurance offerings, focusing on motor insurance policies linked to Triglav and aimed at improving its reach in the property and casualty segments and technological capabilities. Trasti CEO Janusz Wojtas said: 'Trasti is a modern, future-ready, digital insurer that, thanks to the technology and know-how of its team, is able to create local products based on universal processes – real improvements to the customer experience. 'The investment of the EBRD and Triglav is not only financial support for us but also proof that our model works and works. We will use the funds raised for further bold innovations and questioning the usual patterns." Trasti also plans to elevate its corporate governance standards by implementing the IFRS accounting standards and refine its reporting framework to align with international norms. EBRD private equity co-head Tamas Nagy stated: 'Trasti is a prime example of a high-potential, tech-oriented company that we want to invest in Poland. 'We are pleased to have been able to bring in an experienced international investor like Triglav on board through this transaction and are confident that our partnership will enable Trasti to mature into a market leader.' The EBRD has invested €16bn ($18.77bn) in 560 projects in Poland since 1991. In December, the EBRD and Aon established a €110m facility aimed at aiding Ukraine's economic recovery in the face of conflict. "Polish insurtech company Trasti garners funding from EBRD " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
22-07-2025
- Business
- Yahoo
Great American and Breeze tie up to enhance marine insurance offerings
Great American Insurance Group's Ocean Marine Division has collaborated with insurtech company Breeze to expand its marine insurance presence. The alliance seeks to refine the insurance process for shippers by incorporating Breeze's proprietary digital platform into the service offering. Breeze, known for its fully automated and digital insurance offerings, backed by technology including big data analytics and machine learning capabilities, integrates with existing systems and workflows. Breeze enables logistics companies to offer clients enhanced protection for their cargo. This includes the issuance of insurance policies and comprehensive end-to-end claims processing. Great American Ocean Marine divisional vice-president Keith Blair said: 'Together, we aim to set a new standard in the industry. Breeze's cutting-edge automated solutions and streamlined approach to providing marine cargo insurance via their proprietary technology is not only timely – it's transformative. 'Our aligned philosophies around innovation, sustainability and disciplined growth position us to build a long-term, resilient portfolio that meets the evolving needs of the global supply chain.' Set up in 1872, Great American Insurance Group specialises in the property and casualty (P&C) insurance industry, with an emphasis on commercial products tailored for businesses. The company has a history of providing insurance for marine-related businesses that stretches back to the early 1960s. In May, Great American Insurance Group's Specialty Equipment Division partnered with TRNSACT, a sales finance platform, to incorporate its physical damage insurance programme into the equipment sales process. "Great American and Breeze tie up to enhance marine insurance offerings " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
18-07-2025
- Automotive
- Yahoo
Embedded insurtech provider Wrisk raised £12m in Series B closing
GlobalData surveying has found that industry insiders view embedded insurance as the fastest-growing distribution channel in personal lines insurance over the next five years. Meanwhile, the British insurtech company Wrisk announced the successful closing of its Series B funding round, securing £12m ($16.1m) to advance its strategic vision and fuel growth for embedded insurance. According to a poll conducted by GlobalData on Verdict Media sites in Q1 2025, which surveyed industry insiders, 31.6% of respondents believe that embedded insurance will experience the most significant growth within personal lines insurance over the next five years. Embedded insurance outpaced direct-to-consumer models (18.4%) and traditional broker networks (17.2%). Which distribution channel will see the most growth in personal lines insurance over the next five years? 2025 Industry insiders see embedded insurance as the channel with the most potential for growth because they place the cover exactly where and when consumers make purchasing decisions, removing extra steps and thus improving conversion rates. In addition, by partnering with non-insurance ecosystems such as ecommerce, insurers can tap into previously underserved segments with low distribution costs. Wrisk is a London-based leading embedded insurance provider in the automotive sector, providing a digital platform that allows automotive brands to integrate tailored motor insurance solutions directly into their sales and service platforms. The insurance solution is embedded beyond the purchase stage, accompanying customers throughout their ownership journey. Wrisk has secured collaboration with major players in insurance and the automotive industry, including Allianz and BMW. Its technology enables it to utilise real-time data and telematics to personalise insurance offerings, improving the customer experience. With the £12m injection, Wrisk will be able to accelerate the development of its API-first platform and expand its footprint in the European market. Its successful funding round reflects the market's confidence in embedded insurance as a way to drive digital transformation and ensure significant growth. Given the potential of the embedded insurance market, traditional insurance providers would benefit from seeking partnerships with insurtech companies to leverage the advantages of embedded insurance. Such partnerships would enable the seamless integration of insurance products into the customer journey and expand distribution channels. "Embedded insurtech provider Wrisk raised £12m in Series B closing" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
