Insurtech Cover Genius bags $72m in Series C round

Sompo Holdings Asia led the round with an investment of $50m.

Global insurtech firm, Cover Genius, has raised more than $72m (A$100m) in a Series C funding round.

Sompo Holdings (Asia) Pte. Ltd. led the investment round with US$50M (A$68m). Other investors include G Squared, as well as Cover Genius’ early backers, King River Capital, Marinya Capital, and Regal Funds Management.

Cover Genius partners with the world’s largest digital companies including Booking Holdings, Skyscanner, Ola, Intuit, Shopee, and several other leading brands to distribute personalized insurance in any country, language, and currency with a single API call. In addition, with licenses in all 50 US states and in more than 60 countries, Cover Genius is able to offer global capabilities to multiple industries, including property insurance for renters, landlords, homeowners, and corporates, fintech and bank insurance programs, solutions for retailers, gig contractors, logistics platforms, cyber security companies and online travel agencies, rental car aggregator and airlines. 

According to CEO Daniel Neo of Sompo Asia, they have seen the potential in Cover Genius’ global capabilities, backed by its BrightWrite data analytics framework that helps partners optimize toward any goal.

“We had worked with Cover Genius on some projects and were very impressed by the organization and their global capabilities. 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,” Neo added.

Cover Genius plans to use the additional funding to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.