# Covary

> Community\-based income protection for freelancers and the self\-employed

## At a glance

| Field | Value |
| --- | --- |
| Category | Specialty Solutions |
| Type | Solutions Provider |
| Region | EMEA |
| Headquarters | Israel (founding team); Wilmington, Delaware (US operations) |
| Founded | 2020 |
| Stage | Startup |
| Employees | 1-10 |
| Funding | Bootstrapped |

## Overview

Covary is a P2P income protection platform for freelancers and self-employed workers in the life and group benefits segment. Founded in 2020 by Elad Bibi-Aviv (CEO) and Ohad Shitrit (CTO), the Israeli startup enables independent workers to form mutual coverage groups that pool risk among members rather than purchasing conventional insurance policies.

The platform operates on a retrospective cost-sharing model -- members do not pay fixed premiums upfront; contributions are collected after a claim event, subject to individual participation caps. Coverage types include critical illness, life, family and medical leave, and parental leave compensation of up to 84 days of income replacement. AI and actuarial models handle underwriting and risk assessment, with the company reporting costs 50-60% lower than comparable traditional income protection products.

Covary reached over 10,000 customers by 2021-2022 through partnerships with US freelancer communities. The company was named one of the Top 17 Israeli Insurtech Startups for 2022 by Insurtech Israel News and has no reported external funding rounds.

## Products & services

### P2P Income Protection Platform

A community-based risk-pooling platform that allows freelancers and self-employed individuals to form coverage groups for income protection. Members share risk collectively rather than paying fixed premiums to a traditional insurer.

**Key features:**

- Pay\-later cost structure \-\- contributions collected after claims, not upfront
- Personal participation caps for predictable maximum exposure
- AI and actuarial model\-based underwriting and risk assessment
- Transparent pricing with member visibility into costs and coverage terms
- Community\-based risk pooling removes traditional insurer margins

*Target users:* Freelancers, gig economy workers, self\-employed individuals

## Category & focus

- Subcategories: P2P Insurance, Income Protection, Gig Economy Coverage
- Insurance verticals: Life & Annuity, Group Benefits
- Target customers: Consumers

## Notable customers

- Large US freelancer communities \(specific names not publicly disclosed\)

## Links

- Website: <https://www.covary.io/>
- Directory profile: <https://insurtechlist.com/companies/covary/>
- Linkedin: <https://www.linkedin.com/company/covary>
- Crunchbase: <https://www.crunchbase.com/organization/covary>

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*Last updated: 2026\-05\-17*