NEW YORK, August 22, 2024 – Cover Whale Insurance Solutions, Inc., a leading InsurTech specializing in connected insurance for commercial auto, today announced the appointment of Karthik Balakrishnan as its Chief AI & Analytics Officer. Balakrishnan will lead Cover Whale’s ongoing efforts to use telematics, advanced analytics, and AI to reshape the commercial auto sector. Among other initiatives, Balakrishnan will oversee DriveSmart, a Cover Whale program that ties policyholder coverage to advanced telematics and near real-time driver coaching, maximizing safety and keeping the cost of insurance down for safe drivers.
Balakrishnan has more than twenty years of experience leveraging data and analytics in the insurance industry. He has held multiple senior leadership positions at Verisk, where he oversaw the use of AI and advanced analytics to drive positive outcomes in the areas of telematics, fraud detection, claims optimization, and rate-making. Balakrishnan, who holds a Ph. D. in Artificial Intelligence and Machine Learning, joins Cover Whale from Principal Financial Group, where he served as the organization’s first Chief Data & Analytics Officer.
“We’re thrilled to welcome Karthik Balakrishnan as our Chief AI & Analytics Officer,” Darryl Siry, Cover Whale’s Chief Operating and Technology Officer, said. “We are committed to harnessing the power of AI and data analytics to provide unparalleled value to our customers and stakeholders. Karthik’s impressive experience leveraging AI and machine learning to deliver positive results in the insurance space aligns perfectly with Cover Whale’s mission to use innovative technologies to make insurance simpler, faster, and more cost-effective.”
“I’m energized by the opportunity to join such an innovative organization,” Balakrishnan added. “Cover Whale has done a fantastic job of using advanced analytics to drive safe behaviors and manage risk. I’m excited to see how we can continue building upon that foundation, using innovative technologies to reshape how we think about the commercial auto industry.”
About Cover Whale
Cover Whale, an InsurTech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Operating as a managing general agent (MGA), the company currently has more than 15,000 in-force policyholders, ending 2023 with $225M in GPW while maintaining industry-leading loss ratios. Cover Whale’s unique DriveSmart Program combines insurance coverage with telematics and real-time driver coaching to reduce claims, keep drivers safe and save lives on America’s roads. Cover Whale delivers its product through more than 4,000 active agents with the industry’s fastest, most agent-friendly online quote and bind experience. With a fundamental belief that safe driving should be rewarded, Cover Whale’s safest drivers save by receiving the best insurance rates in the industry. The company was named 2023 Insurtech of the Year by Program Manager, one of America’s Best Startup Employers on Forbes’ 2023 list, and more recently, the #3 Insurtech to Watch in 2024 by PropertyCasualty360. For more information, visit coverwhale.com. Stay updated with Cover Whale on LinkedIn, Facebook, Instagram, and our blog.
