Launch HN: Coverage Cat (YC S22) – Umbrella insurance via your personal agent (coveragecat.com)

We’re building Coverage Cat: an AI-native, you can shop with your AI agent or via a form, insurance brokerage for consumers. Our current focus is helping tech folks (think L3-L8) buy umbrella insurance.

For those who are unfamiliar with this type of coverage, here’s a blurb from one of our insurance agents: “Umbrella liability insurance is a policy that provides additional coverage above the limits of existing auto, homeowners, renters, or landlord policies. It kicks in after the underlying policy limits are exhausted and may also cover personal injury claims like libel, slander, or defamation that standard policies often exclude. Policies typically start at $1 million in additional liability coverage and can protect you, your spouse, dependents, and even pets in your household.”

Buying insurance online is a miserable experience. You fill out a bunch of forms that say they’re going to give you quotes. Most don’t and then you end up with tons of unwanted phone calls and spam. Even if you wade through the muck, you’ll often still end up with sub-optimal prices and coverage because of a lack of market transparency and poorly-aligned advisory incentives. We came to this problem because Max is a classic personal finance obsessive. He's the type of person that needs to know that he has the best possible price for something (everyone has one friend with the patience for a two hour phone call with the bank for some $10 fee) or that his insurance coverage is as tailored to his risk profile as the market will allow. He actually reads insurance policies end to end.

Years ago, when he shopped for his homeowners insurance it took him 10+ phone calls and dozens of online form fills to find the right deal. He also suffered tons of collateral damage in the process: websites sold his information to dozens of agents who proceeded to call, text, and email him a spam hoard that grows to this day.

After this painful search made us aware of the problem, we also spent a lot of time doing user research with wealthy-ish tech employees to see if they felt the same way. They did, and also complained that they 1) often felt like they'd left money on the table, 2) didn’t really understand their coverages, and 3) that brokers were slow, hard to communicate with, and unreliable.

To solve the problem, we set out to build Coverage Cat. Our approach has three major components:

First, we work really really hard to find and partner with insurance carriers that offer high-quality, competitively-priced products. We've also taken time to identify insurers that work on a direct-to-consumer basis or transparently list their prices online so we can make our customers aware of all the options available to them. We get paid commission when we match users to great insurance deals, but we still show and recommend folks deals that we don't make money on when they're accessible and will always recommend users buy what's best for their personal financial situation. Our goal is to meaningfully improve price transparency so consumers (and their AI agents) can make informed coverage decisions and not get nickel-and-dimed!

Second, we automate every possible part of the insurance process. Some forms, portals, & approvals still need human review due to regulatory constraints, but if it's not restricted, we're automating it. LLMs have given our small team tremendous leverage and enabled us to tackle problems at a scale that would've been unfathomable five years ago.

Finally, we build for agents first (a remix of the more classic adage, build for developers/APIs). We've always been big believers that personal finance wou...