Sompo Holdings (Asia) Pte. Ltd. (Sompo Asia) announced today its $50 million (AU $68 million) strategic investment in Cover Genius, insurtech firm and embedded insurance specialist.
The AU $100 million Series C round will bolster Cover Genius’ global expansion and further Sompo Group's digital distribution channel in the embedded insurance market, enabling the company to offer tailored solutions to its customers by leveraging XCover--Cover Genius’ global insurance and warranty distribution platform.
The round comprised primary and secondary capital, and was supported by globally distinguished fintech investor, 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.
“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,” said Daniel Neo, Chief Executive Officer of Sompo Asia.
Cover Genius’ global distribution platform and its API for end-to-end claims management, XClaim, allows partners to tap into digital distribution at a scalable global level. The partnership will kick off in Sompo Group's 14 markets across Asia before expanding to its global network, advancing the Group's digital transformation and agility.
“This funding will enable us to scale our current offerings and continue our rapid growth as we enter into new markets with innovative solutions for embedded protection,” said Angus McDonald, CEO and Co-founder of Cover Genius.
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