PETALING JAYA: Sompo Holdings (Asia) Pte Ltd (Sompo Asia) today announced its A$68 million (RM208 million) investment in Cover Genius, an insurtech firm and embedded insurance specialist that enables digital companies to offer any line of insurance or warranty directly to global customers with a single API call.
The A$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 personalised insurance in any country, language and currency with a single API call. In addition, with licences in all 50 US states and in more than 60 countries, Cover Genius is able to offer global capabilities to multiple industries including property insurance for renters, landlords, homeowners and corporates, fintech and bank insurance programs, solutions for retailers, gig contractors, logistics platforms, cyber security companies and online travel agencies, rental car aggregator and airlines.
Through existing projects, Sompo Asia has seen vast potential in Cover Genius’ global capabilities backed by its BrightWrite data analytics framework that helps partners optimise toward any goal.
Sompo Asia CEO Daniel Neo said it has worked with Cover Genius on some projects and was impressed by the organisation and its global capabilities.
“In addition, we are excited about the future of embedded insurance. I believe the company is uniquely positioned to excel in this fast-developing market. At Sompo Group, we share common values with Cover Genius. We hope that through this investment, we can work together to realise digital innovations and bring delight to our customers.”
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. Combining Sompo’s underwriting capabilities with Cover Genius’ licensing and technology will create a compelling leadership position in the fast-growing embedded insurance market. 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 investment will propel the Sompo Retail business to be even more sustainable and competitive, offering customised solutions that cater to the wellbeing of all stakeholders, beyond insurance.
