Cover Genius attracts $70m to expand embedded insurance business
Cover Genius, a global insurtech for embedded insurance, has raised $70 million in Series D funding led by Dawn Capital, with participation from new investor, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital.
The funding will be used to expand its global insurance distribution platform XCover.
The insurtech claims to have reached $1.1 million in gross premiums in a single day and almost tripled its year-over-year revenue, reaching 10.5 million customers. The company has also recently deepened its global capabilities by investing in India-based insurtech ensuredIT. Its platform is licensed or authorised in more than 60 countries and all 50 US states.
“We’ve always been strategic about our approach to fundraising, and closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model,” said Angus McDonald, CEO and co-founder of Cover Genius.
“Customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS) scores. Our tech-forward solution focuses on a seamless and transparent customer journey and, in contrast to traditional insurers, delivers a post-claim NPS of +65‡.”
Dan Chaplin, principal at Dawn Capital, added: “Cover Genius is rethinking insurance distribution with a tech-forward platform that enables partners and end-customers to provide and access protection at the point of need.
“Embedded insurance is a rapidly growing segment of the market, and Cover Genius has built a leading platform that is globally enabled, multi-line and end-to-end. They’re working with some of the world’s largest platforms in multiple industries, and have combined exponential growth this year with an exceptionally strong business model. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”
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