By Mia MacGregor

March 6 - (The Insurer) - CoverForce, an infrastructure platform for commercial insurance, announced on Wednesday that it has raised $13 million in a Series A funding round led by global software investor Insight Partners, with participation from Nyca Partners.

The company said that it will use the funding to expand its platform’s capabilities, onboard additional carriers and distributors, and invest in AI-driven tools to further streamline insurance workflows.

CoverForce noted that it also aims to strengthen relationships with carriers that prioritise digital innovation and speed as competitive advantages.

Founded in 2020 by Cyrus Karai, Behram Dinshaw and Kaivan Wadia, CoverForce offers a unified API platform that enables customers to instantly quote, pay, bind and issue policies.

The company partners with more than 20 of the largest insurance agency wholesalers and networks in the U.S. and supports more than 9,600 producers nationwide, according to CoverForce.

The platform integrates with national carriers such as AmTrust, Chubb, Liberty Mutual and Travelers, providing coverage across several commercial lines, including workers' compensation, general liability, business owner’s policies and cyber.

As part of the transaction, Sophie Beshar, vice president at Insight Partners, will join CoverForce’s board of directors.

"CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs," said Wadia.

Karai added: "This funding will help us expand our engineering capabilities and build deeper relationships in the market. In particular, we're seeking to partner with carriers who are empowering their agents with cutting-edge, digital tools — essentially those who are making an investment in speed as a key element of winning.”