Koverd is undertaking a $750,000 funding round after launching its digital brokerage service in October.

Founder Fabrizia Roberto, who spent more than seven years at Youi where she finished as Chief Growth Officer in late 2020, says Koverd is expanding to target Australia’s $49 billion personal lines insurance market.

“We launched in October last year as a fully licensed digital broker,” she told start-up marketplace Inhouse Ventures.

“We've got some paying customers and we're about to activate our pipeline of leads. That is one of the reasons we're raising right now.”

That pipeline will generate $8 million of customer value in the first year, she says, and Koverd expects to then acquire more customers via referral and API integration with businesses.

Koverd says it uses AI and technology to match insureds with the right solution and maintain it over time, as well as assisting claim resolution. Insurers pay Koverd a 15% commission which Ms Roberto says is "quite a bit lower than a traditional broker would charge”.

"We want to sign up more referrals to increase the pipeline by about 50,000 leads per year,” she said.

"We really want to focus on our product, our work on automation and reducing the time it takes to service a lead by at least 75%. That positions us to service a higher number of leads and really build our scalability.”

Click here to watch the full Inhouse Ventures interview.