(Worcester, MA) February 19, 2019 – Covenir, an innovative technology-enabled start-up providing back-office transaction processing to the insurance industry, announced today that their rapid growth rate has doubled projections once again for 2019. Covenir officially launched in 2016 with a promising future and is pleased to have made many accomplishments since its inception; especially the onboarding of a talented team of insurance experts.
Starting in 2016 with just four employees, Covenir has grown its staff to over 75 people and its client base has grown by 100% in 12 months. Since the beginning of 2018, Covenir has increased the number of managed policies by over 100%. Covenir’s product advising, print, underwriting, premium and customer service departments have also grown at a rapid pace. Each month, the print team is generating over 150,000 mailings, the lockbox team is depositing over $20,000,000, the customer service team is answering over 20,000 calls, and the underwriting team is processing almost 20,000 policy transactions on behalf of their insurance carrier clients.
In 2019, Covenir will continue hiring new employees. With strong revenue growth based on existing contracts and new contracts projected to start in 2019, Covenir is well positioned to add new insurance carriers to its growing list of clients.
“Our ability to scale operations and hire experienced, dedicated local talent with strong insurance backgrounds has positioned us for continued long-term success,” said Jon Hughes, Founder of Covenir. “Our commitment to continually improve our levels of automation will enable us to further expand our service offerings with our clients for years to come.”
Covenir’s suite of insurance services includes policy servicing, customer service, billing, lockbox, print/distribution, first notice of loss, underwriting, policy advising/sales and marketing campaign support. Their customers include insurance carriers, MGAs/brokers, fair plans, and state insurance government agencies. For a detailed description of Covenir’s services, please see https://www.covenirbpo.com.