Coterie (company)

Coterie (company)

Coterie is an API-based commercial business insurance provider that updates policy changes in real-time.

Overview

Coterie is a commercial API-based insurance broker offering business insurance plans using data-integration and automation to determine the coverage needed for a given business. The company was founded in July of 2018 by David McFarland, Tim Metzner, and Kevin Mackey.

Coterie operates under a "commercial insurance-as-a-service" model with an in-house underwriting department that relays to clients what policy coverages can and cannot be bound together; however, Coterie does have large-scale commercial partners that assist with licenses and capital requirements. The company offers insurance plans that can be used long-term or for short periods of time on a pay as you go service structure similar to Root or MetroMile, car insurance-as-a-service companies. Currently, two types of policies are developed by Coterie: professional liability insurance and business owners policies.

As an online-based company, Coterie advertises itself as "a company providing insurance through tools businesses already use." The company does not require businesses to work with a live agent, instead, a business owner inputs their coverage needs into the platform and Coterie returns a plan in real-time that can be made effective immediately.

Timeline

February 2021
Coterie raises a $11,500,000 series A round from Lackawanna Insurance Group, Intact Ventures, Alpha Edison, Allos Ventures and RPM Ventures.
October 22, 2020
Coterie announced that it has teamed up with Intuit QuickBooks to deliver business insurance to QuickBooks customers through the QuickBooks Online small business platform.
March 25, 2020
Ohio Commercial Insurance Insurtech, Coterie, Raises $8.5M in Financing

Cincinnati, Ohio-based insurtech Coterie, which specializes in commercial insurance, has closed an oversubscribed Series A financing round totaling $8.5 million from RPM Ventures, Allos Ventures, and others.

March 2020
Coterie raises a $8,500,000 series A round from Western & Southern Financial Group, Intercept Ventures, Sure Ventures, RPM Ventures, Allos Ventures and Draper Frontier Venture Capital.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Coterie (company) Series A round, March 2020
8,500,000
March 2020
3 Results
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People

Name
Role
LinkedIn

Further reading

Title
Author
Link
Type
Date

Coterie raises $8.5M to build 'commercial insurance as a service'

Alex Wilhelm

Web

March 20, 2020

Interview with David McFarland, CEO and founder of Coterie Insurance

Josiah Motley

Web

May 8, 2020

This Entrepreneur Loved Insurance So Much He Made a Startup to Do It Better

Mark Payne

Web

December 13, 2018

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Coterie Insurance
February 5, 2021
www.prnewswire.com:443
/PRNewswire/ -- Coterie, the technology company that simplifies small business insurance, today announced they have raised $11.5M in Series A-1 financing....

References

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