Cover Genius

About

Cover Genius operates XCover and XClaim, an embedded insurance distribution platform and claims API that prices and instant-pays protection at point-of-sale across 60+ countries and 50 US states.

Mission

Cover Genius operates XCover, a distribution platform that enables digital companies to embed and sell multiple lines of insurance and other protection with end-to-end experiences. Led by CEO Angus McDonald, the company is licensed or authorized in over 60 countries and all 50 US states. Cover Genius leverages AI and data-driven insights to support partners across varied market segments and offers both bundled and standalone protection solutions. Its partnerships include brands such as Uber, Ryanair, and eBay, which the company cites as examples of its customer-centric, technology-backed offerings. The company plans to continue investing in technology, including improved digital insurance distribution and AI-driven claims handling. Cover Genius intends to use recent funding to expedite growth and expand the protection solutions available on its platform. Cover Genius operates an insurtech platform that prices and handles claims for virtually any line of insurance or warranty and embeds protection at the point of sale. The company has expanded to all 50 U.S. states and more than 60 countries and serves merchant partners across travel, retail, logistics, mobility, banking, fintech, proptech and B2B software. Cover Genius counts clients such as Intuit, Kayak, Booking Holdings, Turkish Airlines, SeatGeek, Amazon, eBay and Wayfair and covers 10.5 million customers across those partners. It has grown to a 420-person team and broadened its product set beyond travel insurance after pandemic disruption. Recent product and M&A activity includes a strategic investment in India-based Ensuredit, the acquisition of ticket-refund startup Booking Protect, and a June launch of a price-optimized warranty offering for SMB ecommerce. Management says proceeds from the latest financing will be used to assist business growth and expand its insurance distribution services. Cover Genius builds end-to-end embedded insurance technology for digital platforms and large e-commerce companies, offering customizable, personalized insurance and warranty products. Its core products include XCover, a global distribution platform that delivers insurance in any country, language and currency, and XClaim, an API that enables real-time payment of approved claims in more than 90 currencies via multiple payment methods. The company serves major customers such as Booking Holdings, eBay, Wayfair, Intuit and Shopee, and holds licenses in 60+ countries and all 50 U.S. states. Cover Genius partners with clients across industries including property (renters, landlords, homeowners, corporates), fintech and banks, retailers, gig platforms, logistics, cyber security and online travel. The company plans to use the new funding to expand its global insurance distribution platform and to support new e-commerce, property, travel, mobility, auto, B2B and financial services partners. Cover Genius was founded in 2014 and is led by CEO Angus McDonald. Cover Genius operates an insurance distribution platform that embeds tailored protection products at the point of sale for customers of major online brands. Its core products include commercial, shipping and product/parcel insurance offered through integrations with ecommerce partners. Recently the company launched product and parcel insurance on Shopee Thailand and integrated with six global ecommerce platforms, including Tile and Wayfair. Cover Genius is expanding its partner network across South East Asia, India, the United States and Europe and is focusing on broader vertical and geographic coverage. Management says the product offering drives higher purchase confidence and conversion, citing that 32% of customers are happy to buy and spend more if offered insurance. The company raised capital to support ongoing product-suite expansion and high-volume strategic partnership deals. Cover Genius operates a global insurance distribution platform that embeds regulated insurance policies into online point-of-sale and signup paths across more than 60 countries and 50 U.S. states. The company offers technologies such as XClaim, an API for instant payment of approved claims that delivers an NPS of +65. XClaim executes thousands of bank transfers per month into more than 90 currencies and the company pays approved claims via its instant payments platform in 90+ currencies. Since 2014, Cover Genius has enabled millions of customers worldwide to purchase insurance through major online brands and counts partners including Booking Holdings. The company was founded by Angus McDonald and Chris Bayley and has offices in London, New York, Sydney and Tokyo. It plans to use the new funding to invest in talent and accelerate global growth across the U.S., the U.K. and into Asia.

Quick Facts