Some thoughts from Cover Genius founder Angus McDonald, as he looks back on 10 years of growth for the brand;
This month marks a significant milestone for Cover Genius as we celebrate our 10th anniversary. It’s an incredible opportunity to reflect on the last decade of growth as we’ve pursued our vision to protect the global customers of the world’s largest digital platforms.
Our story began when my co-founder and I started an Online Travel Agency (OTA). When we attempted to add an option for insurance in various markets, we quickly discovered that traditional insurance models were outdated, fragmented, and lacked innovation.
We pivoted our OTA as we saw an opportunity to revolutionize how customers protect their purchases and founded Cover Genius. Where traditional insurers were solution-led, pushing out one-size-fits-all products on a massive scale, we made a promise to be customer-led, building bespoke solutions to meet the needs of our partners and today’s digital-first consumer.
“Where traditional insurers were solution-led, pushing out one-size-fits-all products on a massive scale, we made a promise to be customer-led, building bespoke solutions to meet the needs of our partners and today’s digital-first consumer.”
Every decision from then on honored that commitment. Our team navigated the complex world of insurance regulations and created a tech solution to deliver insurance and other types of protection on a global scale, eliminating the need to work with a different insurance provider in each country. We brought our claims experience in-house to ensure the best possible customer experience, differentiating ourselves from competitors and industry norms. We provided versatile protection solutions through a single API integration, reducing operational costs and complexities for our partners so they could address underinsurance and build trust with customers.
Today, Cover Genius has grown from a single-vertical business in rental cars to a multi-vertical business serving global partners across travel, ticketing, retail, shipping, fintech and more. We’re proud to have protected more than 41 million global customers and established ourselves as a leader in embedded protection through partnerships with brands like Ryanair, Priceline and eBay.
Our rapid growth – over 100% year-on-year – is driven by customers’ fundamental desire to safeguard their purchases, big or small. Many customers lack access to the protection they need, and we’re bridging this gap by providing greater accessibility through embedded channels, clear policies and seamless claims experiences.
In the decade ahead, Cover Genius will continue to cement its position as the partner of choice in embedded protection. Our flexible technology allows us to bring almost any solution to market for a partner looking to protect their global customers, with any line of insurance warranty or other type of protection.
Find out more here.
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