Celebrating 10 Years of Cover Genius and Looking Ahead
– Angus McDonald, CEO and Co-founder of Cover Genius
This month marks a significant milestone for Cover Genius as we celebrate our 10th anniversary. It’s an incredible opportunity to reflect on the last decade of growth as we’ve pursued our vision to protect the global customers of the world’s largest digital platforms.
Our story began when my co-founder and I started an Online Travel Agency (OTA). When we attempted to add an option for insurance in various markets, we quickly discovered that traditional insurance models were outdated, fragmented, and lacked innovation.
We pivoted our OTA as we saw an opportunity to revolutionize how customers protect their purchases and founded Cover Genius. Where traditional insurers were solution-led, pushing out one-size-fits-all products on a massive scale, we made a promise to be customer-led, building bespoke solutions to meet the needs of our partners and today’s digital-first consumer.
“Where traditional insurers were solution-led, pushing out one-size-fits-all products on a massive scale, we made a promise to be customer-led, building bespoke solutions to meet the needs of our partners and today’s digital-first consumer.”
Every decision from then on honored that commitment. Our team navigated the complex world of insurance regulations and created a tech solution to deliver insurance and other types of protection on a global scale, eliminating the need to work with a different insurance provider in each country. We brought our claims experience in-house to ensure the best possible customer experience, differentiating ourselves from competitors and industry norms. We provided versatile protection solutions through a single API integration, reducing operational costs and complexities for our partners so they could address underinsurance and build trust with customers.
Today, Cover Genius has grown from a single-vertical business in rental cars to a multi-vertical business serving global partners across travel, ticketing, retail, shipping, fintech and more. We’re proud to have protected more than 41 million global customers and established ourselves as a leader in embedded protection through partnerships with brands like Ryanair, Priceline and eBay. Our rapid growth – over 100% year-on-year – is driven by customers’ fundamental desire to safeguard their purchases, big or small. Many customers lack access to the protection they need, and we’re bridging this gap by providing greater accessibility through embedded channels, clear policies and seamless claims experiences.
In the decade ahead, Cover Genius will continue to cement its position as the partner of choice in embedded protection. Our flexible technology allows us to bring almost any solution to market for a partner looking to protect their global customers, with any line of insurance warranty or other type of protection.
Artificial Intelligence (AI) will continue to evolve in the industry. Through rich data sets and automation, we’ll personalize solutions for consumers, reduce claims response times and ensure higher customer satisfaction levels. Ultimately, our goal is to help our partners expand their offerings and increase customer lifetime value.
“Our flexible technology allows us to bring almost any solution to market for a partner looking to protect their global customers, with any line of insurance warranty or other type of protection.”
I’m excited to see what the future holds for Cover Genius, and want to extend a heartfelt thank you to our dedicated team members, partners, customers and investors who’ve supported our journey thus far. Cheers to 10 years and the next 10 to come!
Cover Genius’ Journey
2014
Cover Genius is founded by Angus McDonald and Chris Bayley after they discover that the nature of insurance distribution is fragmented and lacks innovation. They are determined to bring a tech-forward approach to an industry that is notoriously slow to embrace change.
Cover Genius opens its first office in Sydney and launches RentalCover, a distribution platform for mobility. RentalCover’s unique model quickly attracts seven of the top 10 rental car aggregators, OTAs and car-share platforms.
2017
Cover Genius continues to build on its existing technology, introducing an advanced data analytics and optimization platform and an API for end-to-end assessment and quick claim payments in over 90 currencies.
2015
Cover Genius sells its first rental car policy through an inaugural partnership with Rentalcars.com, a Booking Holdings brand. In a bid to improve the broken claims experience linked to traditional insurance models, Cover Genius establishes an in-house customer team to support end-to-end claims experiences for its growing roster of partners. The company expands and opens its first global office in London.
2018
2018
After witnessing the success of the RentalCover platform in mobility, the founders build a global platform for different lines of insurance and warranties, expanding their vision to new sectors and markets. Developers in Sydney write the first line of code for Cover Genius’ flagship global distribution platform, XCover. Cover Genius expands to the US market and opens an office in New York.
2019
Cover Genius launches XCover, its global distribution platform for any line of insurance, warranty or other type of protection. The company secures licenses and authorizations in over 60 countries and all 50 US states, enabling XCover to protect customers across multiple markets and regions through a single API, addressing a key pain point of traditional insurance distribution.
2020
Following the onset of the COVID-19 pandemic, there is a critical need for protection offerings in online services beyond the travel industry. XCover’s flexible technology meets this demand and Cover Genius expands into ticketing, retail and shipping/logistics. The company secures global partnerships with AXS, eBay, Descartes Shiprush, Wayfair and other leading companies.
2021
As e-commerce sales continue to soar, so do customers’ desire to protect their online investments easily and conveniently. Cover Genius signs partnerships with IcelandAir, Omio, Agoda and secures $70M USD in Series C funding to further expand into new markets and industries.
2022
Cover Genius continues to grow and differentiate itself as a diversified insurtech, working across industries and markets to protect its global customers. It nearly triples year-over-year revenue, doubles its partnership base and acquires refund protection platform Booking Protect to expand its reach in the ticketing and live entertainment industry. Raises an additional $70M USD in Series D funding.
2023
Cover Genius acquires embedded warranty provider Clyde to deepen its footprint in the mid-size retail segment. It achieves a remarkable 107% YoY growth, maintains 145% Net Revenue Retention and grows the company’s headcount to 500 employees.
2024
2024
Cover Genius raises $80M in Series E funding to enhance AI, claims, and partner technology. After a decade, Cover Genius has protected more than 41M customers, sold nearly 120M policies, and kept customers happy with industry-leading claims experiences. With 600 employees, Cover Genius is truly a global business with offices in New York, San Francisco, London, Amsterdam, Montevideo, and Sydney.
