Cover Genius secures $70M USD ($100M AUD) in Series C round driven by Sompo Holdings Asia to expand its embedded insurance platform
Investment to fuel international expansion as the company triples gross written (GWP) in six months.
New York / Sydney — September 28, 2021 — Cover Genius, the leading insurtech for embedded protection, announced today that it has secured $100M AUD in a Series C funding round led by Sompo Holdings (Asia) Pte. Ltd (Sompo Asia) who invested ~$68M AUD, with participation from 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 or authorized 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 protection 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 is able to 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 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’ 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 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‡.
ABOUT COVER GENIUS
Cover Genius is the insurtech for embedded protection. Together, we protect the global customers of the world’s largest digital companies including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Skyscanner and Descartes ShipRush. We’re also available on eBay, Wayfair, Tile and, SE Asia’s largest company, Shopee. Cover Genius’ vision is to protect all the customers of the world’s largest online companies through XCover, an award-winning global distribution platform for any line of insurance or warranty, and XClaim, an API for instant payment of approved claims that delivers an NPS of +65‡, a result that has been independently recognized as the highest for any insurance company globally.
Cover Genius and partners co-create solutions that embed protection that’s licensed or authorized in over 60 countries & all 50 US States.
ABOUT Sompo Holdings (Asia) pte. ltd.
Based in Singapore, Sompo Holdings (Asia) Pte. Ltd., is the regional headquarters for our Asia Pacific entities, except Japan, and is part of Sompo International Retail Platform. Collectively, the companies are under the global extension of the Sompo Holdings Group (Sompo Group) headquartered in Tokyo, Japan. With more than 70 years of trusted presence in Asia, our business spreads across 14 markets with over 4,500 employees in the region.
As a leading Non-life insurance company globally, we have forged strategic partnerships to access a wider network of resources and distribution to provide the best solutions for our customers, while keeping up with the evolving trends of digitalization and innovation. The Sompo Group strives to contribute to the security, health and wellbeing of our stakeholders, customers, and society by providing more than just insurance. The Group operates its overseas business in 28 countries and regions worldwide, including the Americas, Europe, Middle East, Africa, Asia, and Oceania.
About G Squared
G Squared is a global venture capital firm that partners with dynamic companies throughout their life cycles as a complete capital solutions provider, working to create value for companies, investors, employees, and other stakeholders. The firm focuses on investments in growth-stage technology companies and has invested in nearly 100 portfolio companies since it was founded in 2011. For more information on G Squared and its portfolio, visit: www.gsquared.com.