Digital brokerage Koverd, which launched in October 2022, is to close, founder Fabrizia Roberto has announced.

“It’s with a lot of disappointment that I share with you all that we’ve had to make the tough decision to wind up Koverd,” she said on LinkedIn. “We’ve given it all that we could.

“I am proud of the product we launched and of having made insurance a little bit easier for our customers.

“I am grateful ... for our advisers, who’ve been there as a voice of balanced reason and as cheerleaders, and for our partners, who’ve entrusted us with the important task of servicing their customers for their insurance needs.”

Ms Roberto previously spent more than seven years at Youi, most recently as chief growth officer, until late 2020.

Koverd, which was paid a 15% commission by insurers, used new technology to match insureds with the right covers and maintain them over time.

“Someone will crack it one day. Being able to match everyday people with the best insurance for their needs in real time, all the time. Removing the friction and confusion and better connecting consumers and insurers ... it’s a problem worth solving,” Ms Roberto said.

“I would have loved for us to be the ones to do it.”