NEW YORK, June 13, 2023 /PRNewswire/ — Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and rapidly-growing insurtech, today announced it has surpassed the $500 million mark in all-time written premium. This notable milestone represents the company's rapid growth since it wrote its first commercial trucking policy in March 2020 and solidifies Cover Whale's position as a driving force within the industry.
Cover Whale has generated more than $160 million in written premium 2023 year-to-date. This accomplishment follows a wave of recent announcements from the company, including the industry's first Chief AI Officer, next phase of its unique Driver Safety Program, new strategic partnerships and top-tier talent joining the executive team to accelerate progress and its unwavering dedication to its mission of using technology to make the world safer.
Revolutionary Business Model with Exceptional Results
Cover Whale's unique business model that combines easy, instant quotes and binds with its distinctive Driver Safety Program, continues to revolutionize the trucking industry while maintaining a remarkable sub-60 loss ratio. AI-driven dash cam technology, telematics and real-time driver safety coaching improves safety for both truck drivers and for those with whom they share the road, reduces insurance costs and helps exonerate drivers in accident-related scenarios.
"Insurtech is an ever-evolving domain and it is our responsibility to continually introduce new tools that enhance road safety and make our agents' lives easier. One thing remains the same: our commitment to truck drivers. We take pride in being a reliable source of quality, affordable coverage across the commercial trucking insurance product spectrum. By persistently pursuing advancements in technology, we're lowering costs, improving road safety and saving lives. We eagerly anticipate launching new tools to sustain our momentum." — Dan Abrahamsen, CEO, Cover Whale
Rapid Growth Trajectory
The $500 million milestone represents extraordinary growth in just over three years:
Timeline of Achievement
- March 2020: Wrote first commercial trucking policy
- 2020-2022: Rapid expansion and product development
- 2023 YTD: $160 million in written premium (through June)
- June 2023: Surpassed $500 million all-time written premium
This trajectory demonstrates strong market acceptance and the effectiveness of Cover Whale's technology-driven approach to commercial auto insurance.
What's Driving Growth
As Cover Whale enters the second half of 2023, its exceptional growth can be attributed to several key factors:
Market Acceptance
Increasing acceptance for empowering truck drivers and small trucking fleets—a historically underserved segment within the commercial auto insurance industry.
Geographic Expansion
The company recently expanded into Idaho and Iowa, now reaching truckers in 47 states, including 32 with its Auto Liability line of business.
Agent Network
Through fast, affordable coverage, Cover Whale continues to resonate with its more than 6,000 agents, as evidenced by its achievement in surpassing the $500 million mark in all-time insurance premium.
Technology Innovation
Continuous investment in AI, telematics, and driver safety technology that delivers tangible results for policyholders and capacity partners.
Exceptional Loss Ratios
Maintaining a sub-60 loss ratio while scaling rapidly—proving that technology-driven underwriting works.
Recent Company Milestones
This $500 million achievement follows several other significant announcements:
Industry's First Chief AI Officer Leading the way in artificial intelligence applications for commercial auto insurance.
Enhanced Driver Safety Program Next phase rollout with advanced coaching and telematics capabilities.
Strategic Partnerships New collaborations expanding Cover Whale's reach and capabilities.
Top-Tier Talent Executive team additions accelerating growth and innovation.
Industry Recognition
- 2023 Insurtech of the Year by Program Manager
- One of America's Best Startup Employers on Forbes' 2023 list
The Cover Whale Advantage
For Truck Drivers & Fleets
Fast, Affordable Coverage Instant quotes and binding for traditionally underserved owner-operators and small fleets.
AI-Driven Safety Program
- Dash cam technology with AI-powered event detection
- Real-time driver coaching and feedback
- Telematics for continuous risk monitoring
- Driver exoneration in accident scenarios
Fair Pricing Premium savings for safe drivers who demonstrate good driving habits.
Quality Coverage Comprehensive commercial trucking insurance products across the spectrum.
For Insurance Agents
Industry's Fastest Platform Most agent-friendly online quoting and binding experience.
Strong Relationships More than 6,000 agents trust Cover Whale to serve their commercial trucking clients.
Competitive Products Full suite of coverage options including AL, APD, MTC, NTL, and TGL.
Exceptional Support Dedicated team helping agents win and retain business.
For the Industry
Proving the Model Demonstrating that insurtech can achieve both scale and profitability in commercial auto.
Technology Leadership Setting new standards for AI, telematics, and safety programs.
Market Expansion Bringing modern insurance solutions to underserved segments.
Loss Ratio Excellence Sub-60 loss ratios prove the effectiveness of data-driven underwriting.
Technology at the Core
Cover Whale's success is built on its technology platform:
Instant Quoting & Binding Minutes to coverage instead of days or weeks with traditional carriers.
AI-Powered Risk Assessment Machine learning models continuously improve underwriting accuracy.
Telematics Integration Real-time driving data enables precise pricing and proactive coaching.
Driver Safety Program Combining dash cams, telematics, and AI to improve road safety.
Agent Portal User-friendly platform designed for speed and efficiency.
Looking Ahead
As Cover Whale moves into the second half of 2023, the momentum continues:
New Tools & Innovation Launching additional technology solutions to sustain growth trajectory.
Geographic Expansion Plans to expand into remaining states and increase AL coverage footprint.
Product Development Enhancing existing products and exploring new coverage options.
Agent Network Growth Supporting more agents to serve more trucking companies nationwide.
Safety Mission Unwavering commitment to using technology to make roads safer for everyone.
By the Numbers
$500M+ All-time written premium since March 2020
$160M+ Written premium in 2023 year-to-date (through June)
Sub-60 Loss ratio maintained while scaling rapidly
6,000+ Active agents in the Cover Whale network
47 States Total geographic reach across all product lines
32 States Auto Liability coverage availability
Premium savings For safest drivers based on verified performance
3+ Years From first policy to $500M milestone
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.
Cover Whale's unique Driver Safety Program combines coverage with telematics, dash cams 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 6,000 agents with the industry's fastest, most agent-friendly online quoting experience.
Maintaining excellent agent relationships has driven more than $500 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers earn premium savings based on verified safe driving performance.
The company has been named 2023 Insurtech of the Year by Program Manager and one of America's Best Startup Employers on Forbes' 2023 list.
For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.
Media Contact
For more information about this milestone, please contact:
Cover Whale Communications Email: [email protected]