How I ended up founding an InsurTech Startup

Between taking the GMAT for business school, the LSAT for law school and, in 2010, undergoing a horrific 4 month purgatory to prepare and pass the Quebec bar exam, I have become a veteran of standardized tests.

Thankfully, this past experience has left me with a thicker-than-average-skin for working through the material required to obtain the certifications to broker insurance in the province of Quebec.

The Thousands of pages…

I swore I was finished with standardized tests, but I’m writing this exam for a good reason; I’ve decided to take on one of the most lucrative, ubiquitous, and technologically backwards industries in the world. I’m entering the world of insurance brokerage via a technology startup that i’ve built as an entrepreneur-in-residence at Ferst Capital Partners. The business is called Covera and we’ll be launching in Quebec shortly and nationally (in Canada) in the near future. We are a totally digital insurance brokerage that automates the process of re-shopping for coverage when your home and auto policies expire. 80% of insurance customers let their policies renew without shopping for better alternatives. The process of re-shopping, year-after-year, is a frustrating and confusing chore so people simply don’t bother. Covera is a technology solution that takes this task off of your to-do list. Forever.

Tony Fadell, inventor of the iPod and CEO of the smart thermostat company, Nest, describes his company’s mission as “reinventing unloved products”. It’s an elegant way of describing how technology and design can democratize century old industries and change the lives of customers.

I wish i had thought of that mission statement first. It applies beautifully to what we’re looking to achieve with Covera. Stay tuned.

-Scott

Ps. For details on the logic and research underpinning our business model, download our whitepaper at www.covera.co/about-us

Twitter: @getcovera

Join our team: Covera.breezy.hr

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