Subscribers can participate in the formation and partial ownership of CIX, which could result in lower premiums as member contributions. Credit: NONGASIMO/Shutterstock.

US-based insurtech company Clearcover has launched Clearcover Inter-Insurance Exchange (CIX), a reciprocal exchange aimed at expanding its reach into the non-standard auto insurance market.  

The company stated that this launch is part of its plan to boost profitability, drive growth and offer an improved auto insurance experience.  

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Clearcover intends to roll out CIX in Illinois, with plans to expand its operations to additional markets. 

Structured as a reciprocal exchange, policyholders, referred to as ‘subscribers’, can participate in the formation and partial ownership of CIX. This could result in lower premiums as member contributions help offset operating expenses, the company added.  

CIX will help agents cater to a range of customers, including those with “inconsistent” insurance histories, foreign licences or less than three years of driving experience. 

This expanded accessibility is expected to help more drivers secure the coverage they need. 

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Furthermore, with the exchange’s competitive commission structures, agents can enhance their sales pipelines while offering affordable and personalised insurance solutions.  

CIX leverages AI-powered tools, aiming to enhance the customer experience through self-service capabilities. These technologies are also said to optimise agent workflows. 

Clearcover CEO and co-founder Kyle Nakatsuji said: “Launching CIX marks a turning point as we continue to redefine auto insurance.  

“By broadening our market focus and harnessing our tech-driven platform, we are empowering more customers and agents while delivering unmatched efficiency and competitive pricing.” 

Last month, the company entered the Texas market with the launch of Clearcover General Agency (CGA), which offers “digital-first insurance” solutions for drivers, including those requiring non-standard coverage.  

Apart from CGA, Clearcover’s portfolio businesses include Clearcover Insurance Company and Clearcover Insurance Agency .