Clearcover Insurance

Clearcover Insurance

Digital car insurance with lower premiums

About Clearcover Insurance

Simplify's Rating
Why Clearcover Insurance is rated
B
Rated C on Competitive Edge
Rated A on Growth Potential
Rated B on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

201-500

Company Stage

Series E

Total Funding

$498.5M

Headquarters

Chicago, Illinois

Founded

2016

Overview

Clearcover provides digital car insurance solutions designed to be affordable and efficient for modern drivers. The company uses technology to offer lower premiums and better coverage than traditional insurance providers, specifically targeting tech-savvy individuals such as millennials and rideshare drivers who prefer managing their insurance online. Clearcover's approach focuses on reducing operational costs through automation and digital platforms, which allows them to pass savings onto customers. They generate revenue from insurance premiums paid by policyholders and enhance customer experience with a user-friendly mobile app for policy management, claims processing, and customer support.

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Simplify's Take

What believers are saying

  • Growing demand for digital-first insurance aligns with Clearcover's tech-driven model.
  • Expansion of ridesharing increases demand for flexible insurance solutions Clearcover offers.
  • Embedded insurance trends provide new distribution channels for Clearcover.

What critics are saying

  • Increased competition from digital insurance startups may erode Clearcover's market share.
  • Reliance on AI exposes Clearcover to risks of biases and regulatory scrutiny.
  • Economic downturns could reduce car ownership, impacting Clearcover's revenue.

What makes Clearcover Insurance unique

  • Clearcover's API-first approach offers seamless digital experiences for tech-savvy customers.
  • Partnership with ServiceUp enhances claims efficiency with convenient repair services.
  • Generative AI tools streamline claims processing, improving customer experience and reducing costs.

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Funding

Total Funding

$498.5M

Above

Industry Average

Funded Over

5 Rounds

Series E funding typically includes additional rounds after Series D if the company needs more capital. The business is usually stable, and these rounds are typically used for further expansion or to address market challenges.
Series E Funding Comparison
Below Average

Industry standards

$100M
$245M
Stripe
$250M
Reddit
$1250M
Epic Games
$1500M
Airbnb

Benefits

Medical, dental, & vision

Pre-tax benefits, disability, & life insurance

401k with 3% match

Generous vacation

Parental leave

Equity

Employee resource groups

Top-of-the-line hardware

Growth & Insights and Company News

Headcount

6 month growth

↑ 2%

1 year growth

↑ 2%

2 year growth

↑ 0%
Coverage
Feb 13th, 2025
Clearcover Launches Reciprocal Insurance Exchange

Car insurance startup. Clearcover <i class="fa fa-info-circle company-popover" data-content="h3Clearcover/h3. div

Coverage
Jan 8th, 2025
Clearcover Launches Clearcover General Agency

Clearcover <i class="fa fa-info-circle company-popover" data-content="h3Clearcover/h3. div. table

PR Newswire
Aug 21st, 2024
Clearcover Drives Claims Efficiency By Partnering With Serviceup To Redefine Car Repair

The collaboration aims to provide a hassle-free repair experience for customersCHICAGO, Aug. 21, 2024 /PRNewswire/ -- Clearcover , a next-generation insurance company, announces a strategic partnership with ServiceUp , a leading technology company streamlining automotive repairs. The collaboration aims to redefine the car repair experience by combining Clearcover's seamless claims process with ServiceUp's exceptional "white glove" service and delivery.Through its mobile platform, Clearcover policyholders can now schedule and receive repairs and maintenance services without ever leaving their homes via ServiceUp's comprehensive vehicle repair solution, which provides pick up and delivery at the policyholder's location."We are thrilled to join forces with ServiceUp to bring an unmatched level of convenience and quality service to our customers," said Clearcover Chief of Claims and Customer Service Aaron Wheaton. "This tech-forward approach aligns with our commitment to innovation and customer satisfaction. We are already seeing improvements in efficiency."The benefits of the Clearcover partnership were recently highlighted in a Case Study published by ServiceUp. Results have shown repair process improvements for Clearcover, yielding impressive results, including reducing cycle times more than 30% and saving 20+ hours weekly per adjuster.ServiceUp CEO Brett Carlson said, "We're thrilled to partner with Clearcover to bring the power of ServiceUp's repair platform to its customers

Coverage
Aug 20th, 2024
Clearcover Insurance Company Reports Q2 Results

Clearcover Insurance Company, the carrier subsidiary of car insurance startup. Clearcover, <i class="fa fa-info-circle company-popover" data-content="h3Clearcover/h3. div

Coverage
May 20th, 2024
Clearcover Insurance Company Reports Q1 Results

Clearcover Insurance Company, the carrier subsidiary of car insurance startup. Clearcover, <i class="fa fa-info-circle company-popover" data-content="h3Clearcover/h3. div

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