Insurtech firm Cover Genius secures $10m to fuel its global expansion

Australian insurtech firm Cover Genius has secured US$10 million in a series B round to bolster its team and continue driving growth across the US, the UK, and Asia.

Photo credit: Phonlawat Chaicheevinlikit / 123RF

Sydney- and California-based VC firm King River Capital led the funding round, which also saw participation from New York-based Belfer Family, London-based Jasper Tans, Australian investment firm Regal Funds Management, and Fairfax family-affiliated Marinya Capital.

“This latest round of funding will help us build out our bi-coastal US presence, European and Asian operations, and expand in half a dozen new countries in line with the needs of our global partners and customers,” said Cover Genius CEO and co-founder Angus McDonald.

The company, founded in 2014, works with insurers around the world to offer a wide variety of insurance policies, including those for travel, retail, auto, fintech, gig platforms, business services, and property. Its XCover insurance distribution platform that is used by large online companies such as Booking Holdings, includes end-to-end insurance capability – from licensing to underwriting and claims.

It also offers an API called XClaim to enable quick payment of approved claims, offering partners and customers several payment options such as store credit, e-wallet, and card top-up.

The company has offices in London, New York, Sydney, and Tokyo.

With its entry into Asia, Cover Genius will potentially go up against the likes of Fuse, an Indonesian insurtech company. It operates a business-to-consumer insurance comparison platform and works with ecommerce companies to offer microinsurance plans to customers.

Its latest app, Fuse Pro, allows agent partners to offer various insurance policies to their customers and provides real-time calculation and fast disbursement of commissions.

Axinan, a Singapore-based player, also announced a partnership with Bukalapak earlier this year to offer electronics and transit protection for the Indonesian ecommerce giant’s users.