CoverForce, a technology platform focused on modernizing commercial insurance infrastructure, has secured $13 million in Series A funding. The round was led by Insight Partners, with participation from Nyca Partners. While CoverForce’s valuation was not disclosed, the funding signals growing investor interest in platforms that streamline outdated insurance processes through technology.
This new capital will accelerate CoverForce’s work on its API marketplace, designed to create seamless digital connections between insurance carriers, agencies, and wholesalers.
Commercial insurance remains heavily reliant on outdated systems, with many processes still requiring manual data entry, PDFs, and even physical paperwork. CoverForce aims to solve this by offering a unified API platform, helping agencies and carriers automate quoting, binding, payments, and policy issuance.
Kaivan Wadia, CoverForce’s CTO and co-founder, explained: "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."
The newly raised funds will be used to enhance CoverForce’s engineering team, scale its API marketplace, and onboard additional carriers and distributors. The company also plans to develop AI-powered tools that simplify workflows further, reducing friction between brokers, agencies, and carriers.
Cyrus Karai, CEO and co-founder, highlighted CoverForce’s future focus: "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 digital tools — essentially those who are making an investment in speed as a key element of winning."
Founded at the University of Pennsylvania’s Innovation Labs, CoverForce was created by Cyrus Karai, Behram Dinshaw, and Kaivan Wadia. With combined backgrounds in insurance, technology, and product development, they set out to fix the fragmentation in commercial insurance workflows.
Since launch, CoverForce has become a go-to marketplace for quote-and-bind API connections, partnering with over 20 leading agency wholesalers and networks. Today, more than 9,600 producers rely on its platform to instantly quote, bind, and issue policies across lines like Workers' Compensation, General Liability, Business Owner's Policies, and Cyber insurance.
The platform already integrates with major carriers like AmTrust, Chubb, Liberty Mutual, and Travelers, providing faster, more accurate quotes and unlocking new distribution channels for insurers.
Insight Partners, known for investing in high-growth technology companies, led this Series A round. They join Nyca Partners and previous investors including QED Investors.
As part of the deal, Sophie Beshar, Vice President at Insight Partners, will join CoverForce’s Board of Directors.
Beshar commented on the investment: "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."
