(Image source: Cover Genius.)
Cover Genius (New York), creator of an insurance distribution platform for embedding insurance products for online businesses globally, has announced that it has secured $100M AUD (about US$72.8 million) in a Series C funding round led by Sompo Holdings (Asia) Pte. Ltd (Singapore)—with an investment of $68M AUD—with participation from G Squared (San Francisco) and other existing investors. The latest funding round follows a period during which Cover Genius reports that it has tripled its gross written premium after signing over 20 new partners across multiple industries. The funding will be used to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners, according to a Cover Genius statement.
“With 70 percent of customers wanting embedded insurance integrated into their online experiences, our XCover distribution platform is helping some of the world’s largest global companies exceed their customer expectations of what insurance can be with a single API call,” comments Angus McDonald, CEO and co-founder, Cover Genius. “Our technology, licensed in more than 60 countries and all 50 U.S. states, gives our partners the ability to protect their customers, regardless of location, currency or language. This strategic investment will help us expand our capabilities into markets equipped for new lines of distribution.”
Founded in 2014, Cover Genius provides embedded insurance to the customers of digital companies, including Booking Holdings, eBay, Wayfair, Intuit, and others globally, such as SE Asia’s largest company, Shopee. Cover Genius offers global capabilities to multiple industries, including property insurance for renters, landlords, homeowners and corporates, fintech and bank insurance programs, solutions for retailers, gig contractors, logistics platforms, cyber security companies and online travel agencies, rental car aggregator and airlines.
“Given that Cover Genius has been awarded as the number one fastest-growing global InsurTech, according to the Financial Times, we are excited to partner with a frontrunner in the space whose technology is uniquely positioned for a global, platform-based economy,” comments Daniel Neo, CEO, Sompo Asia. “The company’s disruptive approach to insurance benefits both customers, who receive a seamless digital experience, and partners that can provide customers global, expandable insurance offerings with dynamic pricing and product recommendations.”
Global, Multi-Line Insurance Offering
“Cover Genius’ impressive management team has built a global, multi-line insurance offering with what we believe to be unrivalled breadth,” says Larry Aschebrook, Founder & Managing Partner, G Squared. “The company has partnered with a number of top-tier companies to utilize its insurance distribution platform and has demonstrated clear recurring revenue growth with those partners. We view the unique underwriting customization as a key differentiator and are delighted to support Cover Genius in this exciting next chapter.”
Cover Genius’s technologies include XCover, its global distribution platform that delivers what the vendor characterizes as highly customizable, personalized insurance and warranty products in any country, language and currency, and XClaim, an API for real-time payment of approved claims. With XClaim, instant claim payments can be handled in more than 90 currencies and through a range of payment methods, including bank transfer, store credit, card top-up, and digital wallets. The ease of use and efficiency of the platform has resulted in a world-leading NPS score of +65, according to the Cover Genius statement.