Cover Genius, the b2b insurtech shielding online purchases

The Australian startup got a $10 million investment. Its customers are e-commerce companies receiving an instant policy service for their customers. “The demands of customers have evolved, and we meet them with simple and useful policies” said CEO and founder Angus McDonald

19 Nov 2019

Cover Genius, insurtech founded in Australia (New Wales) in 2014 by Angus McDonald and Chris Bayley, has earned a leading foothold in global insurtech and even the confidence of leading investors that recently paved the way for further development by making available to the company $10 million. 

Cover Genius is an insurtech B2B, which offers its solution to other companies, in particular (but not only) e-commerce, enabling them to offer their customers an insurance policy covering their purchase. Indeed, its platform, which is also able to deal with and pay claims in more than 90 currencies on the spot, complements the customer/partner’s platform through the API and lets the latter provide policies when needed without the end customer perceiving interruptions and changes among suppliers. A seamless customer experience according to the company, is part of its strength. 

The CEO and co-founder of Cover Genius, Angus McDonald, said: 

“The insurance industry has been held back for decades by traditional systems and a lack of global coordination and customer-centric approach. We have been working to change this situation and create simple yet useful policies, streamline the claims process and enable the world’s largest online companies to protect their global customers. Their needs have evolved and today they want protection for a range of items such as sports equipment, pets, electronics, contracts, jewelry, airline tickets and cars. We’re evolving the insurance experience to cover anything they care about and buy online. 

The funds will support the Sydney-based Company investment to address a sound recruitment plan and its international growth in the UK, US and Asia. 

One of the investors (King River Capital), Chris Barter, said: “Their impressive growth in recent years is no surprise, considering the many pitfalls they have solved for consumers and the opportunities they offer to partners for providing safeguards to all their customers worldwide and increasing customer retention. We are glad to support their steady growth and international expansion”. 

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