Sompo Holdings Asia strategically invests in insurtech Cover Genius

Sompo Holdings (Asia) Pte. Ltd. (Sompo Asia) today announced its strategic investment of $ 50 million (AU $ 68 million) in Cover Genius, an insurance company and integrated insurance specialist.

The A $ 100 million Series C funding round will strengthen Cover Genius’ global expansion and Sompo Group’s digital distribution channel in the integrated insurance market, enabling the company to offer solutions on able to its customers by leveraging XCover – the global insurance and warranty distribution of Cover Genius Platform.

The funding round included primary and secondary capital, and was backed by world-renowned financial technology investor G Squared, as well as the original backers of Cover Genius, 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 top brands to deliver personalized insurance in any country, language, and currency with just one API call.

“We have worked with Cover Genius on some projects and have been very impressed with the organization and its global capabilities. In addition, we are very excited about the future of integrated insurance, ”said Daniel Neo, CEO of Sompo Asia.

Cover Genius’ global distribution platform and its end-to-end complaints management API, XClaim, enables partners to leverage digital distribution on a scalable global level. The partnership will begin in Sompo group’s 14 markets across Asia before expanding to its global network, thus advancing the group’s digital transformation and agility.

“This funding will allow us to expand our current offerings and continue our rapid growth as we enter new markets with innovative solutions for integrated protection,” said Angus McDonald, CEO and co-founder of Cover Genius.

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Posted on: Tuesday September 28, 2021 19:32 IST

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