Legal Name: Koffie Labs, Inc.
Location: New York City, NY
Social Media Following: 327 followers on LinkedIn
INDUSTRY – Global Auto Insurance Market
Size: $247Bn in 2017 (Source: Insurance Journal)
Future: $137Bn by 2050
Koffie is an insurance company for commercial vehicles, based out of the NYU Future Labs’ office in Brooklyn. The startup claims that its AI-driven predictive models deliver policies instantly, and at the best rate. It’s perfectly suited for users who value safety, autonomous technology, and freedom from inefficient insurance purchasing processes.
According to an angel.co job listing, Koffie’s first set of insurance policies are built for the trucking and commercial transportation market, which hasn’t been profitable for the last 9 years. The New York-based startup hopes to challenge the incumbents in this space. Via real-time quotes and fewer pre-quote questions than ever before, Koffie simplifies the process of securing auto insurance. This is also important especially at a time when new safety technologies are mitigating the on-road risk quotient for vehicles.
Their current product list includes Commercial Auto Liability and Auto Physical Damage policies. They hope to introduce Inland Marine Workers’ Compensation, Excess Liability, Cyber Liability, and Products Liability policies in the future.
Each insurance quote is tailored to suit the vehicle’s specific characteristics. This means that fleets with better safety records are given cheaper premiums. Such a model also improves access to safety technology for all fleets. And by incentivizing the fleets that are dedicated to safety, Koffie seeks to drastically reduce avoidable crashes.
Origin and Founding Team
The privately-held insurance company was founded by Ian White, an alumnus of Babson F.W. Olin Graduate School of Business, and Michael Dorfman, a Bates College graduate. White brands himself as an “entrepreneurial product leader with 20 years of experience spanning product management and business strategy..”, on LinkedIn. And Dorfman brings to Koffie a wealth of expertise in deep insurance, transportation, and trucking.
Performance and Trends
Koffie has two investors, NYU Future Labs and Plug & Play Accelerator, according to CBInsights.
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