Cover Genius overview

Cover Genius offers end-to-end insurance and warranties, protecting customers who are shopping digitally at any business via a single API call. Its platform is used by insurance companies to sell insurance in 50 US States and 60+ countries worldwide. It has offices in New York, San Francisco, London, Amsterdam, Tokyo, Singapore, Seoul, Kuala Lumpur, Manila and Sydney.

XCover is an insurance distribution platform that provides integrated insurance in any language and currency. It can dynamically bundle policies, no matter the category or underwriter, ensuring a hyper-personalised experience. Cover Genius' BrightWrite data analytics service can also provide ongoing price/product recommendation strategies.

XClaim supports claims via XCover. It's an API for instant payments, available in more than 90 currencies. It is able to process payment across a range of methods including e-wallets, store credit and bank transfers.

Cover Genius also offer RentalCover (a insurtech platform specifically designed for car share platforms, rental car companies, specialist online car agencies, and OTAs) and Shake Shield (a parametric earthquake cover, backed by Swiss Re).

Cover Genius's embedded insurance is available via the likes of Amazon, eBay, Flipkart, Skyscanner, Ola and other large digital companies, whilst also available to other smaller stores through XCover Go.

Cover Genius also has a charity arm - CG Gives - which supports both global and regional causes which focus on poverty and provide disaster relief. Over 65 global charities are part of the program, and the company has given over $150k to people in need since August 2019.

In 2019, it confirmed that it had entered into a partnership with Etraveli with a view to overcome previous legacy restrictions in insurance. As a result, Etraveli will be able to offer customers in more than 60 countries flexible, tailor-made policies, as well as instant claims assessment and payment via bank transfers, e-wallets, store credits, and virtual prepaid cards.

In November 2019 Cover Genius raised a $10m Series B, led by King River Capital. The company stated it will use the money to expand its team and continue its scaling plans in the US, UK and Asia.

Cover Genius raised AUS$15m in October 2020, and announced the launch of its product and parcel insurance on Shopee Thailand. The latest funds will be used to support integrations with companies in SE Asia, India, the US and Europe.

The following month, the insurtech partnered with Descartes to offer Cover Genius’ e-commerce shipping insurance solutions for Descartes ShipRush solution customers in the US.

In November, Skyscanner announced it had partnered with Cover Genius to provide travellers with a new insurance product, initially available in Europe before rolling out to 50 countries worldwide. The new product will include protection against travel disruption and sickness caused by Covid-19, in the hopes it will make users more confident in travelling during the pandemic.

In April 2021 Icelandair partnered with Cover Genius to offer embedded 'Covid Plus' medical protection for travellers. The tailored product will mean their customers are protected should they contract the virus, or if they need assistance whilst overseas.

In August 2021 Omio partnered with Cover Genius to offer insurance to its customers via its multi-modal travel booking platform.

In September 2021 Cover Genius raised a AUD$100m Series C round, led by Sompo Holdings, following an impressive growth period for the embedded insurtech - in the past six months, Cover Genius tripled its GWP, and signed 20 new partners across various industries. The new funding will be used to expand its platform for new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

In October 2021 Rhino announced its expansion into renters insurance via a partnership with Cover Genius. The partnership will see them create an embedded insurance offering, enabling renters and property managers to easily understand and select insurance options through the process.

In November 2021 e-commerce giant Flipkart revealed it will partner with Cover Genius to offer insurance cover for accidental and stain damage on select furniture products sold on its platform. Complete Furniture Protection is not Flipkart's first move in the embedded insurance sector - it has already applied it to mobiles and appliances (where it is 'working well', according to SVP Dheeraj Aneja) and the company stated it would continue working with CoverGenius across other product categories.

Covergenius teamed up with e-commerce furniture firm Pepperfry in May 2022. The latter will integrate Covergenius’ distribution platform XCover in order to offer personalised product protection plans to customers in India, all via a single API call. CoverGenius also revealed it was actively looking to partner with other companies in the APAC region.

In June 2022 Cover Genius has launched XCover Go, marking its expansion into the middle-market. The XCover Go app enables SMEs to offer price-optimised warranty and shipping protection, and follows on from XCover, its global distribution platform available at Amazon, eBay and more. XCover Go is available on various e-commerce platforms such as Shopify, and offers merchants end-to-end servicing as well as commission guarantees.

In July 2022 Cover Genius acquired UK insurtech Booking Protect, which offers refund protection policies for live events. Booking Protect was founded in 2014 in Leeds and offers full comprehensive refund protection for all elements of the booking process like travel, accommodation and tickets. As part of the acquisition, Cover Genius will embed the Booking Protect's offering within its XCover platform, with the aim of boosting its presence in the $103bn event and ticketing industry.

In August 2022 Cover Genius announced it was teaming up with Buy Now, Pay Later (BNPL) provider Zip Co, with Zip Co deploying Cover Genius' XCover embedded insurance platform on its own platform so that users can buy tailored protection at checkout. Zip was first launched in Australia in 2013 and it offers payments services in 13 markets around the world. The agreement allows Cover Genius to access Zip's 11M customers, an interesting move in light of expectations that the global BNPL market will reach $984B by 2025.

Map showing the location of Cover Genius

Sydney, Australia

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Key people

Chris Bayley Co-Founder and Chief Innovation Officer
Dave Brune President of the Americas
Angus McDonald Co-Founder and CEO
Darcy Shapiro COO Americas
Gavin Dennis CFO