Qover

Qover provide an insurance-as-a-service platform offering digital white label insurance products (embedded insurance) to providers via open API’s.

The B2B2C enables insurers to integrate their own offerings with Qover’s digital products, which the venture develops and prices themselves. They are a Lloyd’s cover holder. Its first product, Motor GAP, protects a customer’s car from depreciation for up to 5 years. It also offers travel insurance, rider accident & liability insurance, and rent guarantee insurance.

It has developed income protection, professional liability, personal accident and home rent insurance products. In October 2017 Qover announced it was entering a strategic partnership with Munich Re for these products, having previously already been backed for Lloyd’s.

Any business can integrate Qover’s insurance products through its open APIs, including car insurance, travel insurance, rental insurance for landlords, and rider insurance for couriers in the gig economy.

Qover is licensed in 32 countries across Europe.

In June 2019, it secured €8M in a funding round led by Alven and Portag3 Ventures. The funding is being used to accelerate growth in selected verticals, invest into R&D and expand its team.

In March 2020 Qover expanded into the Nordics with food delivery company Wolt. Through the partnership, Qover will offer on demand insurance to couriers in Finland, Denmark and Norway.

In July Qover launched a digital travel insurance product in France. Despite launching in the midst of global pandemic Covid-19, the policy notably did not cover 'claims, fears or threats caused or resulting in any way from coronavirus diseases.'

In December 2020, Qover partnered with fintech Revolut to offer an embedded insurance offer.

In April 2021 Qover raised $25m in Series B funding to accelerate the company's development in Europe and worldwide. Qover also revealed it now covers more than 1m people.

In June 2021 BNP Paribas Cardif partnered with Qover to develop a new digital customer journey for the flagship Mortgage Payment Protection Insurance. The new soltion can be integrated by any BNP Paribas Cardif partner.

The following month Qover partnered with Five Sigma to scale its in-house claims handling workflow.

In September 2021 digital real-estate company Immoweb launched a new insurance offering through Qover. In the same month, Monese also partnered with Qover to launch an insurance offering which protects customers' bills and purchases during the pandemic.

Qover partnered with Fintech SnapSwap to offer Everest corporate card owners access to business insurance.

In December 2021, Qover partnered with on-demand delivery company Glovo to provide a global insurance solution for Glovo's 74k couriers.

In June 2022 Qover expanded into four new countries as it brings its bike insurance solution to the Nordics, having already launched across 12 countries in Europe, including France, Germany, Italy, Spain and the UK. Later in the same year during November, the company launched a new embedded insurance orchestration technology. New technology provides a modular infrastructure, allowing businesses to add insurance at any point of the customer journey.

During February 2023 the company partnered with Qonto, a business finance solution. 

In March 2023 Qover, announced it will provide its platform to various EV OEM NIO, car subscription companies Stiilt and Just Rent, as well as EV truck manufacturer Volta Trucks and moped maker NIU. The company will allow these companies to avoid fragmented multi-local insurance programs to offer a single digital customer experience. By reducing lengthy insurance processes the company hopes to bring about improved customer experiences.

During April 2023 Qover and Helvetia International announced a partnership with Volta Trucks, an all-electric commercial vehicle manufacturer and services provider. Qover was to manage specialised insurance cover for customers of Volta Trucks that are insured by Helvetia International. The deal entailed Volta Trucks customers being offered cover levels based on each fleet-use case.

Later in June the same year the company partnered with neobank Revolut in what is their second collaboration. The latest arrangement between the two companies focuses on providing embedded insurance for a new trip and event cancellation cover. It is exclusively available to Revolut Ultra plan users and underwritten by Wakam. The intention was to offer Revolut customers the flexibility to cancel their plans for a wide variety of reasons.

In July 2023, Qover partnered with digital bank Monzo, to offer premium users a new means to track and submit insurance claims via the Monzo app. Monzo is the largest digital bank in the country, making the deal an important one for Qover. The offering will use Qover’s embedded insurance orchestration platform, and underwritten by Zurich Insurance Company Ltd UK. 

Later in July,  Qover raised $30m in a Series C funding round. Investors include Alven, Anthemis, Kreos Capital, and Zurich Global Ventures. This latest round of funding is being used to fuel Qover’s growth and capital will be used for tech development, expansion efforts and facilitating more partnerships. 

In March 2024  Qover partnered with UK-based credit card fintech Yonder. Yonder’s members will receive cover for travel and accommodation expenses when using their Yonder card. It includes benefits like delayed departures, family cover, winter sports, lost baggage, and personal liability, underwritten by Lloyd’s of London.

In July 2024 Qoverexpanded its motor insurance services into Ireland, The programme enables car manufacturers, mobility providers, and fleet and leasing providers to offer embedded insurance programmes across Europe. Qover aims to cover all European markets by the end of 2025 and has successfully launched in 10 countries within 36 months.

Founded in 2016, the company has received funding from Anthemis Group, Belcube and Callatäy & Wouters Ventures.