Kover.ai

API-based infrastructure for building and distributing self-insured protection products without traditional insurance carriers.

Insurtech Infrastructure Growth Series A

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Overview

Kover.ai is an insurtech company providing API-based infrastructure that enables businesses to build and distribute self-insured protection products to their customers -- without involving traditional insurance carriers. The platform leverages blockchain and smart contract technology to pool premiums and manage claims autonomously, allowing platform operators to offer community-based coverage to their users.

Founded in 2019 by CEO Zack Peng and COO Bill Liu, Kover.ai emerged from the MetLife Digital Accelerator powered by Techstars. The company's core innovation is "autonomous coverage," a model where neither Kover.ai nor the underlying smart contract operates for profit. Instead, the system functions entirely in the interest of the insured community, returning maximum value to participants rather than capturing margin for intermediaries.

Kover.ai targets gig economy platforms, rideshare operators, and other technology businesses that want to offer meaningful financial protection to their users as a product feature. The company has raised USD 6.5M across two funding rounds, including a USD 5M Series A led by MetLife in November 2020.

Products & Services

Autonomous Coverage API Platform

API-based infrastructure enabling businesses to build and distribute self-insured protection products. Smart contracts manage premium pooling and claims payments, allowing any company to embed coverage into their platform without working with a traditional insurance carrier.

Key Features

REST API integration for rapid deployment
Smart contract-based premium pool management
Automated claims processing via blockchain
Community-based product architecture with no carrier intermediary

Target Users: Gig economy platforms, rideshare operators, technology businesses

Income Loss Protection

Income protection coverage for gig economy workers, with documented focus on Uber and Lyft drivers. Provides financial security for rideshare workers who lack employer-sponsored benefits.

Key Features

Income replacement for rideshare and gig workers
Platform-embeddable distribution model
Designed for 1099 contractor workforce

Target Users: Rideshare drivers, gig economy workers

iPhone Protection Plan

Device protection product available in the San Francisco Bay Area, covering repair and restoration for iPhone devices. Represents early product expansion beyond gig economy into consumer device protection.

Key Features

iPhone repair and restoration coverage
Bay Area regional availability
Consumer-facing device protection

Target Users: Consumers, mobile device owners

At a Glance

Founded: 2019
Headquarters: San Francisco, California
Employees: 11-50
Funding: Series A

Category & Focus

Category: Insurtech Infrastructure
Subcategories: Embedded insurance self-insurance infrastructure API platforms smart contract insurance
Insurance Verticals: Specialty/E&S P&C Personal
Target Customers: Carriers, Consumers