Trucking insurtech Koffie Labs partners with Cooper Insurance and Fleet Risk Management, expands to Georgia and Pennsylvania
Industry: Financial Services
With its two new distribution partners, Koffie will expand to Georgia and Pennsylvania
Brooklyn, NY (PRUnderground) October 4th, 2021
Koffie Labs (Koffie), an insurtech focused on reinventing the trucking and transportation markets, today announced two new distribution partners, Cooper Insurance & Associates and Fleet Risk Management/Assured Partners of GA. Following its insurance partnership with Sutton National in July, the insurtech is now rapidly expanding its footprint offering seamless end-to-end insurance to truckers in Georgia and Pennsylvania.
Koffie began underwriting in Tennessee and Illinois in July 2021 and the insurtech’s new distribution partnerships will spearhead the roll-out of admitted trucking products in Georgia and Pennsylvania. The company reported a 5x increase in policies bound and 20x increase in premiums written month over month since launch and confirms plans to file in more than ten states within the first six months following its launch.
Georgia and Pennsylvania are logistics hubs for the US, housing the 5th and 7th largest number of motor carriers, respectively. Koffie strives to increase road safety in these challenged markets, offering competitive rates and an excellent product to fleets that prioritize driver, fleet, and vehicle safety. Koffie’s AI-driven predictive models, which underwrite dozens of safety features, also allow the company to build insurance products for emerging risks like self-driving vehicles. Koffie stands to catalyze the adoption of safety tech as incumbent insurers face increased challenges to underwrite the rapidly changing landscape, including autonomous technologies.
“At Cooper Insurance & Associates, safety is paramount for our customers. Our partnership with Koffie supports us in advising on best-in-class safety practices with top-notch coverage that isn’t typically available to the smaller fleets,” said Ed Cooper, CEO of Cooper Insurance & Associates.
“Koffie’s unique value proposition allows us to offer attractive premiums and a seamless experience to our safety-conscious clients,” said Bob Fuller, Agency President of Fleet Risk Management/Assured Partners.” “We’re excited about the opportunities for insurtech to change our industry and for Koffie’s forward-thinking approach to enhance driver and fleet safety.”
“Expanding Koffie’s footprint today, and in the coming months, will broaden our impact on road safety through the adoption of technology. Paired with affordable coverage, our insureds can focus on what matters most; retaining their drivers, increasing profitability, and reducing crashes.” said Mike Dorfman, Koffie COO.
To learn more about Koffie Labs’ partnerships, visit: https://getkoffie.com/#contact
About ASSUREDPARTNERS, INC
Headquartered in Lake Mary, Florida, AssuredPartners is a full-service insurance broker providing commercial insurance, risk management, employee benefits and personal lines through consulting and services. With over 8,000 employees located in offices throughout North America, London, Belgium and Scotland, AssuredPartners is in the business of building relationships. While cementing powerful, lasting relationships built on trust earned from working openly and honestly with our partners. That’s what we call, Power through Partnership. For more information, visit www.assuredpartners.com.
About Cooper Insurance & Associates
Cooper Insurance has been servicing the needs of trucking companies in the Southeast since 1988. Headquartered in McDonough, Georgia, and active in Alabama, Georgia, Florida, Tennessee, North Carolina and South Carolina, Cooper’s staff represents over 70 years of experience in offering liability, physical damage, cargo, workers comp and general liability. Learn more at https://coopermillerinsurance.com/.
About Koffie Labs
Koffie Labs is a digital insurer purpose-built for the next generation of trucking and transportation. On a mission to eliminate preventable truck crashes, it is the first insurtech to integrate safety technology into underwriting, pricing and loss control. Using real time data and machine learning models, Koffie delivers instant and tailored policies to modern truckers that invest in safety, rewarding them with lower premiums than traditional insurers. Diving headfirst into a class of insurance plagued by sustained losses, inadequate underwriting and burdensome expenses, Koffie aims to align incentives with fleets, brokers and the trucking industry to build a more profitable future and prepare for the coming wave of autonomous transport. Founded in 2018 and located in Brooklyn, New York, Koffie holds deep expertise in trucking, insurance, data science and software development. The company is backed by Lerer Hippeau, Anthemis Group and other leading venture capital firms. Learn more at www.getkoffie.com