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.
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.
Coterie raises $8.5M to build 'commercial insurance as a service'
March 20, 2020
Interview with David McFarland, CEO and founder of Coterie Insurance
May 8, 2020
This Entrepreneur Loved Insurance So Much He Made a Startup to Do It Better
December 13, 2018