A Montgomery-based insurance technology startup is adding to its C-suite months after the company completed an eight-figure capital raise.
Coterie Insurance announced Tuesday Phillip Swan has signed on as the company's chief go-to-market officer. Swan is a seasoned executive based in the Seattle area, with a long range of experience helping companies scale both their teams and revenue.
At Coterie, he will help the company "strengthen partnerships, refine (its) growth strategy, and ultimately accelerate (its) expanding presence in the market," CEO David McFarland said in a statement.
Launched in 2018, Coterie uses technology to create and sell commercial insurance products and sell them. It partners with companies that make point of sale software so users of that software can quickly buy their insurance using that software rather than going to an agent.
Its technology enables it to charge customers based on their revenue. Those customers consist largely of freelancers and independent contractors, who often need insurance on a case-by-case basis, not all the time. If they’re not generating revenue, they don't need insurance.
It competes not with insurers as much as with companies and contractors who are self-insured, deciding to go it alone rather than buy insurance.
Swan's hiring comes months after Coterie completed an $11.5 million capital raise, led by Toronto-based Intact Ventures. That brings the two-year-old company's fundraising total to $25 million.
