Cover.Net Ltd.
www.cover.net
Background
Based in Coleraine, Cover.Net Ltd is a software company that provides Internet facilities and solutions to the independent insurance market. The company, which now employs seven people, develops insurance product solutions for underwriters, insurers and brokers.
The Business Opportunity
The insurance industry relies heavily on paper-based systems which are often time consuming and costly. Extensive industry research revealed that while most companies recognised the pressing need for an e-commerce strategy, few had the knowledge to implement one. Cover.Net recognised the business opportunity and began developing software with the aim of becoming the leading provider of e-commerce solutions for the insurance industry.
The Solution
Cover.Net has developed an interactive web site, which allows brokers access to exploit cost saving features such as back office administration; management information and sales lead generating tools. Cover.Net also has a 'virtual insurance product', which produces an online quotation for travel cover, accepts payment by credit card and then delivers the necessary documentation instantly by email.
Success
Cover.Net is probably now one of the UK and Ireland's most innovative and experienced providers of e-commerce solutions within the market sector it operates in. The company's solutions comprehensively address the issues confronting underwriters, insurers and brokers in managing binding authorities. In addition to the design of insurance products for distribution over the Internet, the Cover.Net solution includes a real time production of Bordereaux, which is the Insurance Industry Standard accounts presentation. Cover.Net is constantly growing its revenue by attracting major insurance companies and brokers to the site.
Year Overview
- Cover.Net used their prize money to upgrade their servers, enhance communications and build additional site functionality
- Developed a new Internet site www.a2zdiscounts.co.uk aimed at encouraging other small businesses in Northern Ireland to go online
- With two other partners, embarked on a major innovative insurance initiative that is due for an initial launch in April 2001
- Received a commendation at the Chartered Institute of Marketing (CIM)
Northern Ireland Awards 2000 in the Electronic Marketing Category
- The company is commencing a global online cargo insurance facility
- They have developed a dual language product for Icelandic clients
The Future
Since signing a collaboration agreement with IT Direct at Lloyds, for the introduction, promotion and marketing of Cover.Net's trading initiatives, the company has become very much involved with a number of projects and initiatives arising from the London Markets. This involvement has only been possible due to their existing product delivery mechanisms, as well as back-office and accounting, including a credit card clearance service. In the coming year the company hopes this involvement will develop further with a number of ground breaking initiatives emerging.
| 
