Cover Genius, the insurtech for embedded insurance, is pleased to announce that it has sold more than 10 million policies. This milestone follows a year of continued growth in which the insurtech saw a 667% increase in sales for XCover, its award-winning global distribution platform that enables digital companies to embed and offer any line of insurance or warranty product directly to customers with a single API call. In addition, the insurtech has tripled its US team as the demand for embedded protection continues in the region.
“Following a year of substantial growth, we are delighted to have reached this major milestone, which further shows that not only do the majority of digital customers want embedded protection, but they are actually purchasing it and doing so from their favorite brands,” said Angus McDonald, CEO and co-founder of Cover Genius. “Having helped partners deploy embedded protection for almost a decade, we understand that it’s the key to making insurance relevant for customers and brands – which are best placed to offer policies, curated for each individual’s needs.”
By the end of 2021, Cover Genius expanded and solidified partnerships with global brands in multiple industries, including travel brands such as Booking Holdings, Skyscanner and Hopper; airlines such as Ryanair, Icelandair and airBaltic; global retailers including Flipkart, Shopee, eBay and Wayfair; property technology companies like Rhino; auto and mobility brands like Ola; business services and fintech companies such as Intuit; logistics brands like Descartes ShipRush; and ticketing and events brands, such as AXS. XCover is also available at Amazon.
While multiple industries saw significant growth, the global insurtech saw a 1,900% increase in policies sold for retail partners, indicating that an overwhelming number of consumers are shopping online and buying protection for their purchases. There was also an 865% increase in sales for travel partners, with attach rates 6X higher due to the pandemic, indicating that travelers are looking to protect their trips against the unexpected.
“I am incredibly proud of the global team at Cover Genius and what our technology has achieved for our partners by embedding relevant protection to global customers, regardless of their location, language or currency,” said Dave Brune, President of the
Americas. “In this past year, our global distribution platform – XCover – exceeded expectations for partners with quick integrations, instant claims payments and an industry-leading NPS score of +65.”
In September of 2021, Cover Genius secured $70M in a Series C round led by Sompo Holdings to fuel international expansion and support new and existing partners and solutions. This round followed a six-month period where Cover Genius tripled its gross written premiums (GWP).