Coverdash, the insurtech broker, is now offering cyber insurance, and other covers, to start ups and SMBs via LendingTree, the large market place for business and other loans.
“This strategic collaboration expands LendingTree’s suite of financial products for small to medium-sized businesses (SMBs), providing them with an efficient and streamlined way to obtain business insurance and fulfill financial requirements. Coverdash’s fully embedded insurance offering provides business insurance to LendingTree customers without ever having to leave the platform,” says the press release on the partnership.
The pitch for the new product offering asserts small companies with insurance will find it easier to get loans: “A study by the Federal Reserve Bank found that businesses that demonstrated lower risk profiles – which includes carrying insurance – were 25% more likely to be approved for loans compared to higher-risk businesses. By integrating Coverdash’s business insurance offering, LendingTree not only enhances its own platform but also empowers small businesses to reduce their risk profile, increasing their chances of securing a loan and supporting their long-term growth,” reports the release.
“’We’ve always played an integral role in helping small businesses get off the ground with our loans and financing programs, so offering business insurance was the natural next step,” said Jenn Ash, General Manager, Small Business & Student Loans at LendingTree, in the press release.
“LendingTree’s legacy in financial services is unmatched, and we’re incredibly proud to have our embedded experience power their expansion into business insurance,” Ralph Betesh, Co-Founder and CEO of Coverdash, stated in the release. “Meeting financial requirements while starting a business is complex – our partnership lets business owners easily access trusted resources in one place at every stage of their company’s life cycle.”
As we’ve reported, many market studies highlight small businesses as a growth sector for cyber insurance.