Australia insurtech provider Cover Genius secures $72m Series C

Sompo will contribute about A$68 million, with support from US-based VC firm G Squared and early backers including Marinya Capital, Regal Funds Management, and King River Capital. King River led the Series A in 2019 and the $10 million Series B in 2020 in addition to joining a $10.8 bridge round last year alongside Leap Capital.

Cover Genius is a specialist in embedded insurance, which involves the integration of end-to-end insurance products within a broader technology ecosystem or e-commerce platform. It allows non-insurance companies to offer insurance products directly through the platform, thereby creating new revenue streams.

The company partners with the likes of Booking Holdings, Skyscanner, Ola, and Shopee in this area, claiming to be able to distribute personalized insurance in any country, language and currency with a single step. It is licensed in all 50 US states and in more than 60 countries, with services in categories such as property, financial services, retail, logistics, cybersecurity, travel, and transportation.

Sompo plans to combine its underwriting capabilities with Cover Genius’ licensing and technology to create a compelling leadership position in the embedded insurance market. The partnership will kick off in Sompo’s 14 Asian markets before expanding globally.

“We had worked with Cover Genius on some projects and were very impressed by the organization and their global capabilities,” Daniel Neo, CEO of Sompo Asia, said in a statement. “In addition, we are very excited about the future of embedded insurance. I believe the company is uniquely positioned to excel in this fast-developing market.”

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• Topics
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