Cover Genius secures $100m in Series C round driven by Sompo Holdings
By Edlyn Cardoza
Cover Genius, a leading insurtech for embedded insurance, recently announced that it has secured $100 million AUD in a Series C funding round led by Sompo Holdings (Asia) Pte. Ltd (Sompo Asia) invested ~$68 million AUD with G Squared and other existing investors. The latest funding round follows a momentous six months during which Cover Genius tripled its gross written premium (GWP) 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.
“With 70% 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,” said Angus McDonald, CEO and co-founder of Cover Genius. “Our technology, licensed in more than 60 countries and all 50 US 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 is the global insurtech specializing in providing end-to-end embedded insurance to the customers of the world’s largest digital companies, including Booking Holdings, eBay, Wayfair, Intuit, and other global leaders, like SE Asia’s largest company, Shopee. With its end-to-end technology, Cover Genius can offer 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,” said Daniel Neo, CEO of 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.”
“Cover Genius’ impressive management team has built a global, multi-line insurance offering with what we believe to be unrivalled breadth,” said Larry Aschebrook, Founder & Managing Partner, G Squared. “The company has partnered with several 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’ award-winning technologies include XCover, its global distribution platform that delivers 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 various payment methods, including bank transfer, store credit, card top-up, and digital wallets. The platform’s ease of use and efficiency has resulted in a world-leading NPS score of +65.
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