By James Thaler

June 26 - (The Insurer) - CoverForce, an API marketplace that facilitates quoting and binding for insurance companies, is positioning itself to capitalise on a talent shortage it sees in the industry.

"We're facing a lot of really good tailwinds in the industry," CoverForce co-founder and CEO Cyrus Karai told The Insurer TV at the Insurtech Insights USA conference.

"I think there's been a strong reduction in the quality of labour that a lot of large wholesalers, large brokers and large agencies are met with," Karai added.

Founded in 2020 at the University of Pennsylvania's Innovation Lab, CoverForce provides unified API infrastructure connecting brokers, agency networks and insurance carriers, and works with major insurers including Travelers, Liberty, Nationwide, Great American and AmTrust.

"We save (our clients) incredible amounts of time and engineering effort, because instead of having to go carrier by carrier and actually integrate with their appetite, their quoting, their binding, their issuance to APIs, (they) can come to CoverForce," Karai said.

CoverForce's engineering team of more than 40 developers is helping partners leverage AI to improve efficiency.

"We can often help carriers work towards a different goal of saying, 'How can we improve the quality of that API? But also, how can we improve the documentation so your other partners can also work faster with you?,'" Karai said.

Watch the full interview with CoverForce CEO Cyrus Karai to hear more on:

• The role the insurtech is playing in building API infrastructure for the P&C industry

• Time and engineering effort CoverForce saves by integrating carrier appetites with quote and bind

• Details on the firm’s existing carrier partnerships and expansion into the MGA segment

• The role AI is playing in allowing CoverForce to deliver a more efficient product

• And more…