NEW YORK and SYDNEY, Australia, September 27, 2021 (GLOBE NEWSWIRE) – Cover Genius, the leading insurtech for integrated insurance, today announced that it has secured AU $ 100 million in a funding round of series C led by Sompo Holdings (Asia) Sdt. Ltd (Sompo Asia) which has invested around A $ 68 million, with the participation of G Squared and other existing investors. The latest funding round follows a memorable six months in which Cover Genius tripled its gross written premium (GWP) after signing more than 20 new partners across multiple industries.
The funding will be used to expand its global insurance distribution platform and support new partners in e-commerce, real estate, travel, mobility, automotive, B2B and financial services.
“With 70% of customers wanting integrated insurance built into their online experiences, our XCover The distribution platform helps some of the world’s largest companies exceed their customers’ expectations of what insurance can be like with just one API call, ”said Angus McDonald, CEO and co-founder of Cover Genius. “Our technology, licensed in over 60 countries and all 50 US states, empowers our partners to protect their customers, regardless of location, currency or language. This strategic investment will help us expand our capabilities in markets equipped for new distribution lines. “
Founded in 2014, Cover Genius is the global insurtech specializing in providing end-to-end integrated insurance delivery to clients of the world’s largest digital companies, including Booking Holdings, eBay, Wayfair, Intuit and other global leaders, such as the largest company in Southeast Asia, Shopee. With its end-to-end technology, Cover Genius is able to offer global capabilities to multiple industries, including Home Insurance for tenants, landlords, landlords and businesses, fintech and bancassurance programs, solutions for retailers, concert entrepreneurs, logistics platforms, cybersecurity companies and online travel agencies, rental car aggregator and airlines.
“Since Cover Genius has been awarded as the number one the fastest growing global insurtech, according to the Financial Times, we are delighted to partner with an industry leader 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 benefit from a seamless digital experience, and partners who can provide customers with comprehensive, scalable insurance offerings with dynamic pricing. and product recommendations.
“The impressive management team at Cover Genius has built a global, multi-line insurance offering on what we believe to be unmatched in scale,” said Larry Aschebrook, Founder and Managing Partner, G Squared. “The company has partnered with a number of leading companies to use its insurance distribution platform and has demonstrated significant recurring revenue growth with these partners. We see unique underwriting personalization as a key differentiator and we are excited to support Cover Genius in this exciting next chapter. “
Cover Genius award-winning technologies include XCover, its global distribution platform that offers highly customizable and personalized insurance and warranty products in all countries, languages and currencies, and X Complaint, an API for real-time payment of approved claims. With XClaim, instant claims payments can be processed in over 90 currencies and through a range of payment methods including bank transfers, store credits, card top-ups and digital wallets. The ease of use and efficiency of the platform has given it an NPS score of +65, the best in the world.
About Cover Genius
Cover Genius is the insurtech for integrated insurance that protects 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 are also available on eBay, Wayfair, Tile and, the largest company in Southeast Asia, Shopee. Cover Genius’s vision is to protect all customers of the world’s largest online businesses with XCover, an award-winning global distribution platform for any insurance or warranty line, and X Complaint, an API for the instant payment of approved claims that offers an NPS of +65, a result that has been independently recognized as the highest for any insurance company in the world.
Cover Genius and its partners co-create solutions that integrate protection, aided by Cover Genius licenses in more than 60 countries and all 50 US states.
About Sompo Holdings (Asia) Pte. Ltd.
Singapore-based Sompo Holdings (Asia) Pte. Ltd., is the regional headquarters of our Asia-Pacific entities, excluding Japan, and is part of Sompo international retail platform. Collectively, companies are under the global reach of the Sompo Holdings Group (Sompo Group) headquartered in Tokyo, Japan. With over 70 years of trusted presence in Asia, our company spans 14 markets with over 4,500 employees in the region.
As a global leader in non-life insurance, we have forged strategic partnerships to access a wider network of resources and distribution to provide the best solutions to our clients, while following the evolving trends of digitalization. and innovation. The Sompo Group strives to contribute to the safety, health and well-being of our stakeholders, customers and society by providing more than just insurance. The Group operates overseas in 28 countries and regions around the world, including the Americas, Europe, the Middle East, Africa, Asia and Oceania.
About G squared
G Squared is a global venture capital firm that partners with dynamic businesses throughout their lifecycle as a provider of comprehensive capital solutions, striving to create value for businesses, investors , employees and other stakeholders. The company focuses on investments in growth stage technology companies and has invested in nearly 100 portfolio companies since its inception in 2011. For more information on G Squared and its portfolio, visit: www.gsquared.com.
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