A$68 million, the insurance group headed the funding round, which also included participation from global venture capital company G Squared and other available investors. Cover Genius’ newest investment round comes on the heels of a transformative six months in which the company tripled its gross written premium by signing over 20 new partners across different sectors.
Mr Angus McDonald, CEO and co-founder of Cover Genius, spoke about embedded insurance. He said, “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”. He expressed hopes on the company’s technology. He added , “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.”
Cover Genius was founded in 2014 and leverages end-to-end technology to provide global capabilities to a variety of industries, including property insurance for renters, landowners, homeowners, and corporations, FinTech and bank insurance programs, and remedies for retailers, gig workers, logistics platforms, cyber security firms, and online travel agencies, rental car aggregators, and airlines.
Mr Daniel Neo, CEO of Sompo Asia, spoke about the company’s new approach to insurance. He said, “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.”
Commenting on the Cover Genius, Mr Larry Aschebrook, founder and managing partner of G Squared, expressed hopes over the partnership. He said, “The company has partnered with a number of top-tier companies to utilise its insurance distribution platform and has demonstrated clear recurring revenue growth with those partners. We view the unique underwriting customisation as a key differentiator.”
Sompo Asia is headquartered in Singapore and serves as the regional headquarters for the Sompo Holdings Group’s Asia Pacific businesses, with the exception of Japan. It is also a subsidiary of Sompo International Retail Platform. Overall, the firms come under the global extension of the Tokyo-based Sompo Holdings Group.
