Coterie Insurance
Overview
Coterie Insurance is a tech-forward insurance company specializing in small business coverage, utilizing advanced technology to streamline the process of quoting and binding insurance. Founded in 2018, Coterie is headquartered in Cincinnati, Ohio. The company was co-founded by David McFarland, Tim Metzner, and Kevin Mackey. As of 2024, Coterie has secured significant investments from venture capital firms and operates extensively across the United States with a focus on empowering insurance agents and brokers with digital tools.
Recent Developments
- October 2024: Coterie Insurance announced a strategic partnership with Berkley Re Solutions and TransUnion to offer cyber insurance solutions, addressing the alarming rise in cyber threats faced by small businesses. This collaboration highlights Coterie's commitment to evolving its product offerings in line with emerging business risks.
- September 2024: Coterie Insurance expanded its small business insurance offerings through a new integration with Builders & Tradesmen’s Insurance Services Inc. (BTIS). This development enables users to access instant quotes and bind small business owner policies directly within the BTIS platform.
- October 3, 2023: Coterie has been recognized as one of the best places to work in insurance for the fourth consecutive year. Such acknowledgment reflects Coterie's dedication to maintaining a vibrant corporate culture and its continuous efforts to attract top talent in the insurtech industry.
- May 2023: Coterie was named in the CB Insights Fintech 250 list, a recognition of the world's most innovative fintech startups. This accolade underscores the company's contribution to the insurtech ecosystem through its technology-driven approach.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2018 |
| Headquarters | Cincinnati, Ohio, USA |
| Founders | David McFarland, Tim Metzner, Kevin Mackey |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Not publicly disclosed |
| Industry | Insurance (Insurtech) |
| Number of Employees | Not publicly disclosed |
Early History
Coterie Insurance was founded in 2018 by David McFarland, Tim Metzner, and Kevin Mackey. The company was formed with the mission to leverage technology to simplify the process of obtaining small business insurance. By automating underwriting and integrating with other platforms, Coterie aimed to reduce the complexity and time typically associated with traditional insurance processes. Initially establishing a foothold in Cincinnati, Coterie quickly gained traction in the insurtech market by focusing on a data-driven approach to pricing and risk assessment, addressing a significant gap in coverage for many small businesses.
Company Profile and Achievements
Coterie Insurance operates primarily in the small business insurance domain, where it offers a variety of commercial insurance products including General Liability and Professional Liability policies. It employs a digital-based platform that facilitates rapid insurance acquisition, often reducing the quote-to-purchase process to under a minute. Key achievements of the company include:
- Technology-Driven Underwriting: Coterie uses data from multiple sources to streamline the underwriting process, ensuring precise risk assessment and pricing.
- Partnerships with Key Players: The company has formed alliances with notable insurance and tech firms such as Berkley Re Solutions and TransUnion, enhancing its service offerings in cybersecurity insurance.
- Recognition and Awards: Coterie has consistently been listed as one of the best places to work within the insurance industry, demonstrating its strong corporate culture and employee satisfaction.
Current Operations and Market Position
Coterie Insurance continues to expand its operations across the United States, supporting over 10,000 agents and brokers who serve more than 70,000 clients. Its market position is strengthened by its commitment to simplifying the insurance process, which allows insurance professionals more time to focus on client relationships. Coterie's platform, noted for its efficiency and ease of use, has propelled it to a competitive stance against more traditional insurers. The company champions a customer-first approach, driven by digital innovation and a keen understanding of the evolving risks faced by small businesses.
Conclusion
Coterie Insurance stands out in the insurtech landscape for its innovation and adaptation in offering streamlined insurance products tailored for small businesses. Its proactive embrace of partnerships and technology improvements positions it as a forward-thinking leader in the small business insurance domain. As digital transformation continues to evolve within the insurance sector, Coterie's approach places it at a pivotal point for potential growth, further modernization, and greater industry impact in the foreseeable future.