Companies
/
Clearcover
Fintech
Clearcover is a Chicago-based auto insurance company using technology and data science to offer digitally distributed car insurance at lower prices than many traditional carriers.
Create an account to view live offerings, pricing, and market activity.
Sign in to view offerings and live market activity.
Clearcover was founded in 2016 by Kyle Nakatsuji, a former corporate venture investor at American Family Ventures, based on the observation that traditional auto insurance carriers often carry significant overhead from legacy technology systems, extensive agent networks, and traditional advertising-heavy customer acquisition strategies, costs that Clearcover argued a more digitally native, technology-driven insurance carrier could substantially reduce and pass along to customers in the form of lower premiums, while still maintaining the underwriting discipline and claims service quality needed to operate a sound insurance business. Clearcover operates as a licensed insurance carrier, meaning it directly underwrites and bears the risk on the auto insurance policies it issues rather than merely acting as a technology layer distributing other insurers' products, giving it more direct control over pricing, underwriting, and the claims experience, while also requiring it to maintain the regulatory capital and reserve requirements applicable to any insurance carrier. The company has built its own claims processing technology aimed at resolving claims faster than many traditional insurers, an area where customer satisfaction and retention are heavily influenced by how quickly and smoothly an insurer handles a customer's claim after an accident, historically one of the more friction-filled and frustrating experiences in the insurance industry. Clearcover has pursued a distribution strategy that includes both direct-to-consumer online sales and partnerships with digital marketplaces, financial services apps, and independent insurance agents, giving it multiple channels to reach price-sensitive auto insurance shoppers who increasingly research and purchase insurance online rather than exclusively through a local agent. The company has raised substantial venture funding from investors including Cox Enterprises, American Family Ventures, and Eldridge, reaching unicorn status, competing with other digitally focused auto insurance carriers such as Root Insurance and traditional carriers' own expanding digital offerings.
FOR QUALIFIED INSTITUTIONAL AND ACCREDITED INVESTORS ONLY: Under federal securities laws, private market investments on this platform are available exclusively to Institutional and Accredited Investors. Verification of status required before investing. Private investments involve significant risks including illiquidity, potential loss of principal, and limited disclosure requirements. "Augment" refers to Augment Markets, Inc. and its affiliates. Augment Markets, Inc. is a technology company offering software and data services, not a bank or financial institution. Cash Accounts are provided by Modern Treasury Corp. financial institution partners and through Augment's technology. Augment does not act as a money services business, provide money transmission, or serve as a custodian of funds. Funds held in your Cash Account are not FDIC insured unless expressly disclosed. Full terms available in the Augment Cash Account Agreement. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. "Investment accounts" are not brokerage accounts and do not hold customer funds or securities. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Neither Augment Advisors, LLC nor Augment Capital, LLC provide legal or tax advice; consult your attorney or tax professional regarding your specific situation. For additional information, please refer to Augment Advisors, LLC's Form ADV Part 2A (Firm Brochure) and FINRA BrokerCheck.
No news available for this company.
