InsurTech startup Cover Genius raised AUD $100 million in a Series C funding round led by Sompo Holdings with participation from G Squared and other existing investors, the company said in a press release emailed to PYMNTS on Tuesday (Sept. 28).
The fresh infusion of capital is being earmarked for the expansion of its distribution platform and move into new sectors — eCommerce, property, travel, business to business, and more.
Angus McDonald, CEO and co-founder of Cover Genius, said that the company’s technology is licensed nationwide and in 60 countries. The new funds will help the startup grow its reach into “markets equipped for new lines of distribution.
“With 70 percent 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,” McDonald said.
Dave Brune, president of the Americas at Cover Genius, told PYMNTS last month that embedded insurance is something the commerce sector is looking to offer their customers.
“Embedded insurance [gives] retailers the ability to integrate insurance solutions within their existing [products, which will] ultimately increase customer lifetime value and loyalty,” Brune told PYMNTS.
Founded in 2014 and headquartered in New York, the global company offers end-to-end embedded insurance to some of the world’s biggest digital brands — Booking Holdings, eBay, Wayfair, and others. Cover Genius tripled its gross written premium (GWP) in the past six months and signed 20 new partners in multiple sectors.
Daniel Neo, CEO of Sompo Asia, pointed to the company’s “disruptive approach” and “seamless digital experience” as being a perk for consumers and partners.
Cover Genius offers numerous technologies and products, including XCover, its customizable global distribution platform, and XClaim, its API for real-time payments in more than 90 currencies.