An Australian InsurTech is plotting further UK growth after snagging around £54 million in Series C funding.
Cover Genius, which has tripled its gross written premium (GWP) in six months, works with the likes of Skyscanner and Wayfair and opened its London office – its first outside Australia – back in 2015.
The large team is led by Graeme Dean, its head of insurance for EMEA, and includes strategic partnership leaders, insurance, technology, customer support, marketing and partner services.
“As the global InsurTech for embedded insurance, we have grown exponentially in the past couple of years and have opened up offices all over the world, Angus McDonald, CEO and co-founder, tells BusinessCloud.
“Our UK business is one of our largest with several of our partners based here, including Booking Holdings, which has been our cornerstone partner since 2015. We are continuing to expand our client roster as we grow.”
Founded in 2014, Cover Genius is able to offer global capabilities to multiple industries, including property insurance for renters, landlords, homeowners and corporates, FinTech and bank insurance programmes, solutions for retailers, gig contractors, logistics platforms, cyber security companies and online travel agencies, rental car aggregator and airlines.
The funding round was led by Sompo Asia, with participation from G Squared and other existing investors. In the last six months the firm has signed more than 20 new partners across multiple industries.
“The UK market has some really interesting opportunities, specifically around business verticals like PropTech, retail and FinTech, which are key focus areas for Cover Genius,” explained McDonald. “British consumers have a strong desire for bank-embedded insurance offers – effective use of technology that connects transactions to protection.”
Its technologies include XCover, a global distribution platform that delivers customisable, personalised insurance and warranty products in any country, language and currency; and XClaim, an API for real-time payment of approved claims.
With XClaim, instant claim payments can be handled in more than 90 currencies and through a range of payment methods, including bank transfer, store credit, card top-up, and digital wallets.
“We are focused on our mission of protecting the customers of the world’s largest digital companies with embedded insurance,” says McDonald. “The ability to service customers in all 50 US States and in more than 60 countries is what sets us apart in the marketplace.
“We have continued our growth trajectory and have invested in our partnership strategy that has won us a number of new partners, who will be announced soon. We will use the funds to hire more employees and support our partners as they scale.”