Clearcover, a venture-backed Chicago-based insurance carrier that leverages technology to improve customer experience, plans to expand its presence with an operations center in Detroit, Michigan.
“When we started our national search for a second talent hub, it was critical to us that we find talented people who can help us continue reinventing a centuries old industry,” said Kyle Nakatsuji, Co-founder and CEO of Clearcover. “Several cities offer talent, but what made Detroit stand out to us is its embodiment of our core values: empower others and embrace being the underdog. We’re excited to offer high-growth career opportunities in a city with talent that not only reflects who Clearcover is but also reflects the customers we serve.”
According to state officials, the project is expected to generate a total private investment of $5 million and create up to 300 high-wage jobs, resulting in a $3.5 million Michigan Business Development Program performance-based grant. In addition to the MBDP grant, the MSF also approved a $400,000 Jobs Ready Michigan program performance-based grant.
“The Detroit Regional Partnership is incredibly excited to welcome Clearcover to the Detroit Region. Clearcover joins a community of innovators in the region who have utilized new technology to improve the customer experience and disrupt aspects of the traditional financial services industry,” said Maureen Donohue Krauss, President & CEO, Detroit Regional Partnership.
“With today’s announcement, Detroit further establishes itself as a financial services hub,” said DEGC President and CEO Kevin Johnson. “Clearcover had its pick among many Midwestern cities to grow its hi-tech auto insurance business. Clearcover will join such industry giants as TCF Bank, Ally Financial and Quicken Loans in our city. Detroit is proving once again that we will compete and win in a variety of diversified sectors.”
“The project aligns with MEDC’s strategic focus of supporting a business in the target industries of tech and professional and corporate services. In addition, the company offers an extensive training program and is creating high-wage jobs in a geographically disadvantaged area,” officials said.
“We appreciate the Michigan Strategic Fund’s support of this project to help Clearcover establish a presence in our city,” said Detroit Mayor Mike Duggan. “It’s another example of a national company seeing Detroit as a good investment.”