Goodcover (YC S17) — Digital Co-op renters insurance = half the price, better coverage
Goodcover provides its Members with Good Renters Insurance for 50% less than legacy companies and an Annual Dividend of the money left over after claims obligations are met. Goodcover is a Managing General Agent (MGA) that administers personal insurance on behalf of our Membership, a bit like how USAA does it.
Goodcover is a Y Combinator company in the Summer 2017 batch. Its directory entry describes it as: Digital Co-op Renters Insurance = half the price, better coverage. The founders listed are Christopher Lotz (Founder/CEO), Daniel Di Spaltro (Founder) (Y Combinator directory entry, December 10, 2019).
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Example from a real report (our sample on Target): “Target eliminated approximately 1,800 corporate positions, with around 1,000 employees receiving layoff notices and the remainder accounted for by eliminating open roles.” Source: NBC News
Goodcover provides its Members with Good Renters Insurance for 50% less than legacy companies and an Annual Dividend of the money left over after claims obligations are met.
Goodcover is a Managing General Agent (MGA) that administers personal insurance on behalf of our Membership, a bit like how USAA does it.
Member's premiums are pooled and used to pay claims. We take a fixed fee, and the remainder is returned in our Annual Member Dividend.
We work with multi-billion dollar capital partners to ensure regulations are followed, adequate claims capital is always available, and we have emergency capacity for catastrophes.
Technology allows us to eliminate waste, saving roughly 25% of the cost. We are 100% digital, but not bots - we invest in tech that enables our experts to help Members.
As an Invitation Only Membership served by an MGA, we can give Members Free Insurance when they invite others, turning our "Marketing Budget" into savings for Members. This eliminates Lizards and Sales Agents, saving the other 25%.
We do not use the standard industry models, instead using a multiperil model to more granularly price risk. This means that for a few of you we are more expensive... but everyone else pays much less than they would otherwise pay.
Our granular, multiperil model allows us to offer a superior policy over the standard market including:
- coverage for if your place is flooded by a neighbor
- Replacement Cost Coverage (meaning new stuff for your old)
- All Risk coverage for high value items you tell us about - including computers (almost no one does that amazingly)
- added coverage for mold removal
Our MGA business model allows us to be capital efficient, "renting" capacity as we need it.
All this adds up to our government approved pricing being 40-60% cheaper on average than that of our competitors.
Christopher Lotz
Founder/CEO
Daniel Di Spaltro
Founder
Founders, titles and bios as the company published them. Photographs are our own copies of the ones on that record, so they do not break when the original link expires.
One of 72 companies held here in Fintech › Insurance.
No investor is drawn from a Form D — the form states how many invested and never who. The one investor on this graph is named because a batch has exactly one.
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Example from a real report (our sample on Target): “Target eliminated approximately 1,800 corporate positions, with around 1,000 employees receiving layoff notices and the remainder accounted for by eliminating open roles.” Source: NBC News
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What the Full Report on Goodcover covers
The Short Answer
Which Company This Is
What They Do, And How The Money Works
Who Runs It, And How To Reach Them
The Money: Funding, Valuation, Runway
Who Pays Them, And Who They Are Up Against
Warning Bells
Sources
1 cited source found
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