CoverForce, a leading infrastructure platform for commercial insurance, today announced a $13 million Series A funding round led by global software investor Insight Partners with participation from Nyca Partners. The funding will accelerate CoverForce’s mission as a leading marketplace for quote-and-bind API connections, enabling seamless digital interactions between insurance carriers, agencies, and wholesalers.
Cyrus Karai, Behram Dinshaw, and Kaivan Wadia founded CoverForce with a shared vision to modernize the commercial insurance industry. And with decades of combined experience in insurance and technology, the founders set out to solve the inefficiencies of legacy systems by building a unified API platform that enables customers to instantly quote, pay, bind and issue policies.
Since launching, CoverForce has become a go-to marketplace for commercial insurance connectivity, partnering with over 20 of the largest insurance agency wholesalers and networks in America and supporting more than 9,600 producers nationwide.
CoverForce’s platform works as as a leading marketplace for quote-and-bind API connections, enabling brokers, wholesalers, and agencies to access instant quotes and one-click binding functionality. The platform integrates with national carriers like AmTrust, Chubb, Liberty Mutual, and Travelers, and covers major commercial lines of business such as Workers’ Compensation, General Liability, Business Owner’s Policies, and Cyber. And for carriers and MGAs, CoverForce unlocks new distribution channels and cost efficiencies. For developers, the platform offers flexible APIs to embed insurance workflows into agency-facing software or direct-to-consumer applications.
CoverForce’s platform tackles the inefficiencies of legacy systems by digitizing workflows and reducing reliance on manual processes. And by standardizing data flows and enabling real-time connectivity, CoverForce empowers brokers and carriers to operate faster and more accurately.
With this funding round, CoverForce plans to expand its platform’s capabilities, onboard additional carriers and distributors, and invest in AI-driven tools to further streamline insurance workflows. The company is also focused on building deeper relationships with carriers that prioritize digital innovation and speed as key competitive advantages.
As part of the deal, Beshar will join CoverForce’s Board of Directors.
KEY QUOTES:
“The insurance market is built on a legacy of paper and PDF — a huge issue in a market worth more than $960 billion. CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs.”
– Kaivan Wadia, CTO and co-founder of CoverForce
“We are thrilled to have Insight Partners on board with our Series A. This funding will help us expand our engineering capabilities and build deeper relationships in the market. In particular, we’re seeking to partner with carriers who are empowering their agents with cutting-edge, digital tools — essentially those who are making an investment in speed as a key element of winning.”
– Cyrus Karai, CEO and co-founder of CoverForce
“Insight Partners is proud to back CoverForce in their work to transform the way carriers and distributors collaborate. Their deep relationships with carriers and agencies, combined with the strength of their product and team, make them a standout player in the industry. We’re excited to partner with CoverForce as they scale their impact.”
– Sophie Beshar, Vice President at Insight Partners
