About
Clearcover is an AI-powered auto insurer that raised $560M+ at $1B valuation. ClearAI® processes eligible claims in as little as 30 minutes (record: 7 minutes). Launched generative AI for FNOL statement collection (2024). Partnership with Ada for 24/7 AI voice customer service. Named CNBC Top Insurtech 2024, Forbes Best Insurance 2025.
Key Facts
- [1]Founded: Founded in 2016 in Chicago, United States.
- [2]Funding: Total funding: $635M. Last round: Oct 2025. Stage: Late Stage.
- [3]Employees: Employee count: 201-500.
- [4]Website: Official website: clearcover.com.
- [5]AI Technology: Core AI/ML technologies: Predictive ML.
- [6]Region: Region: Americas (United States).
Founders
Kyle Nakatsuji
Co-founder & CEO
Derek Brigham
Co-founder & COO
AI Technology
Predictive ML
Traditional ML algorithms for classification, regression, and scoring models
Classification
Market Segments
Tech Stack Layers
Details
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Frequently Asked Questions
What is Clearcover?
Clearcover is an AI-powered auto insurer that raised $560M+ at $1B valuation. ClearAI® processes eligible claims in as little as 30 minutes (record: 7 minutes). Launched generative AI for FNOL statement collection (2024). Partnership with Ada for 24/7 AI voice customer service. Named CNBC Top Insurtech 2024, Forbes Best Insurance 2025. Clearcover is classified in the Insurance segment at the Applications layer of the financial AI stack.
Who founded Clearcover?
Clearcover was founded by Kyle Nakatsuji (Co-founder & CEO) and Derek Brigham (Co-founder & COO) in 2016 in Chicago, United States. The company has been operating for 10 years.
How much funding has Clearcover raised?
Clearcover has raised $635M in total funding, placing the company at the Late Stage stage. The most recent round closed in Oct 2025. Among 45 funded Insurance companies, Clearcover ranks #9 by total capital raised. (Source: AIFI Map directory.)
What AI technology does Clearcover use?
Clearcover primarily leverages Predictive ML technology. Traditional ML algorithms for classification, regression, and scoring models. Within the Insurance segment, 28 companies use this technology.
What market segment does Clearcover operate in?
Clearcover operates in the Insurance market segment. AI insurance companies are modernizing one of the oldest financial sectors, applying machine learning to underwriting, claims processing, actuarial modeling, and risk assessment across property, casualty, health, and life insurance lines.
Where is Clearcover headquartered?
Clearcover is headquartered in Chicago, United States. The company operates in the Americas region. The team consists of 201-500 employees. United States is home to 324 financial AI companies tracked by AIFI Map.
Who are Clearcover's competitors?
Companies similar to Clearcover in the Insurance space include Unit21 ($92M raised), Kaaj ($4M raised), Lendbuzz ($310M raised), Ramp ($2.3B raised), Brex ($1.5B raised). These companies operate in related areas of financial AI: Unit21 focuses on ai-powered fraud and aml platform. Kaaj focuses on agentic ai for small-business lending automation. Lendbuzz focuses on ai auto financing for underserved populations. (Based on AIFI Map classification data.)
What products does Clearcover offer?
Clearcover builds applications-layer solutions for the financial services industry. The company's core offering: AI-first auto insurance. The platform is powered by Predictive ML technology.