Global insurtech company Cover Genius announced last week it secured $10 million through its Series B funding round, which was led by King River Capital with participation from Belfer Family, Jasper Tans, Regal Funds Management, and Marinya Capital. Founded in 2014, Cover Genius claims to be one of the fastest-growing insurtechs in the world. The company’s partners notably use its services to sell millions of policies per year in more than 60 countries.
“Cover Genius’ award-winning technologies include XCover, a distribution platform providing coverage for any line of insurance in any country, language and currency. XCover was developed after the early success of Rental Cover in the mobility space. Underpinned by our global insurance licensing framework and a capability to make customers central insurance experience, the two platforms protect millions of customers per year. Claims are handled by XClaim, our API for real-time payment of approved claims. It handles tens of thousands of instant claim payments in 90+ currencies via bank transfer, and it also allows partners to choose to remit via store credits, e-wallet and card top-ups.”
Speaking about the investment, Cover Genius CEO and co-founder, Angus McDonald, stated:
“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades. We sought to change that and create simple, yet useful, policies, streamline the claims process and enable the world’s largest online companies to protect their global customers. Customer needs have evolved and today they want protection for a variety of items like sports equipment, pets, electronics, contracting work, jewelry, flight tickets and cars. We are evolving the insurance experience to cover all of the things they care about and purchase online.”
Chris Barter, Partner at King River Capital, added:
“[Cover Genius’] extraordinary growth over the past few years is no surprise when you look at the many friction points for customers that they have resolved and the opportunities they provide for partners to offer protection to all their worldwide customers and increase customer loyalty. We are pleased to support their ongoing growth and continued international expansion.”