The recent milestone apparently “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.”
According to Cover Whale, they have generated over £160 million in written premiums year-to-date in 2023.
The achievement follows a series of significant developments from the company, including the appointment of the industry’s first Chief AI Officer, the launch of the next phase of its unique Driver Safety Program, establishment of new strategic partnerships, and the recruitment of top-tier talent to its executive team. These initiatives aim to accelerate progress and reinforce the company’s unwavering commitment to using technology to enhance safety in the world.
Cover Whale’s offerings have transformed the trucking insurance space
Cover Whale’s business model, which combines effortless and instant quotes with its distinctive Driver Safety Program, continues to revolutionise the trucking industry while maintaining an impressive sub-60 loss ratio.
By harnessing AI-driven dash cam technology, telematics, and real-time driver safety coaching, Cover Whale strives to improve safety for truck drivers and other road users. These advanced technologies not only help reduce insurance costs but also provide valuable assistance to drivers in accident-related scenarios.
Commenting on this achievement, Dan Abrahamsen, CEO of Cover Whale, expressed his views, saying, “Insurtech is an ever-evolving domain, and it is our responsibility to continually introduce new tools that enhance road safety and simplify the lives of our agents. One thing remains unchanged: our unwavering commitment to truck drivers. We take pride in being a reliable source of quality and affordable coverage across the entire commercial trucking insurance product spectrum. Through our persistent pursuit of technological advancements, we aim to lower costs, enhance road safety, and ultimately save lives. We eagerly anticipate the launch of new tools to sustain our momentum.”
In a statement issued by Cover Whale, the insurtech said its remarkable growth can be attributed to the increasing acceptance in the market of empowering truck drivers and small trucking fleets—a historically underserved segment within the commercial auto insurance industry.
Additionally, the company has recently expanded its operations into Idaho and Iowa, widening its reach to truckers in 47 states, including 32 with its Auto Liability line of business.
Source: PR Newswire
