CoverWallet, Benzinga Fintech Award Winner, Appoints OnDeck's Paul Rosen As COO

CoverWallet, the winner of Best Insurtech Solution at the 2017 Benzinga Global Fintech Awards, has hired Paul Rosen, formerly the chief sales officer at On Deck Capital Inc ONDK, as its chief operating officer.

Rosen grew annual revenue at OnDeck from $10 million in 2011 to an estimated $300 million-plus this year and was crucial in the small business lender’s transition from startup to public company, according to CoverWallet.

Insurtech reminds Rosen of what fintech looked like five to six years ago, he told Benzinga.

“There is a huge market, with over $100 billion in premiums," Rosen said. "The market is very fragmented, and up until this point, very little has been done with technology to make the process easier, faster and better for brokers, customers and carriers.”

Rosen is a “perfect fit” for COO, CoverWallet CEO Inaki Berenguer said in a Thursday announcement.

“Paul’s track record growing tech-enabled, leading financial organizations within regulated and competitive markets speaks for itself. His skillset will be instrumental as CoverWallet looks to scale, making it possible for millions of small businesses to get the right protection faster and easier,” Berenguer said.

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The New York-based insurtech startup, launched in 2016, has an all-in-one digital platform for business insurance. CoverWallet has received backing from Union Square Ventures, Index Ventures, Highland Capital Partners, Founder Collective and Two Sigma Ventures.

CoverWallet cofounder Rashmi Melgiri said attracting an executive of Rosen’s caliber is a “remarkable milestone” for the startup.

“His experience will be foundational to the next phase of CoverWallet’s success.”

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