Cover Genius
Founded Year
2014Stage
Series E | AliveTotal Raised
$240.5MLast Raised
$80M | 1 yr agoMosaic Score The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.
-25 points in the past 30 days
About Cover Genius
Cover Genius is an insurtech company that focuses on embedded protection in various industries. The company provides an insurance distribution platform, XCover, allowing partners to sell multiple lines of insurance and protection products. Cover Genius serves sectors such as travel, logistics, ticketing, mobility, auto, fintech, retail, and the gig economy. It was founded in 2014 and is based in New York, New York.
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ESPs containing Cover Genius
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The embedded insurance infrastructure market consists of tech vendors that offer products to enable insurance sales on third-party platforms via APIs (application programming interfaces). These companies sell their products to insurance providers or third-party platforms. Some embedded insurance infrastructure providers may also provide insurance (as a licensed carrier, managing general agent, or …
Cover Genius named as Highflier among 15 other companies, including Igloo, Bolttech, and Qover.
Cover Genius's Products & Differentiators
XCover
XCover is Cover Genius’ award-winning global distribution platform. Built for the world’s largest digital platforms across industries, XCover enables merchant partners to offer personalized, seamless protection experiences across the entire customer journey. Operating in over 60 countries and all 50 US states, XCover supports multiple lines of insurance and non-insurance benefits—tailored to each partner’s needs. With an industry-leading post-claims Net Promoter Score (NPS), XCover delivers the scale, agility, and customer satisfaction to redefine how protection is offered and experienced worldwide.
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Research containing Cover Genius
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Cover Genius in 7 CB Insights research briefs, most recently on Aug 28, 2024.
Aug 28, 2024 report
Insurtech 50: The most promising insurtech startups of 2024
Dec 18, 2023
The P&C claims tech stack market map
Oct 3, 2023 report
Fintech 100: The most promising fintech startups of 2023
Expert Collections containing Cover Genius
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Cover Genius is included in 7 Expert Collections, including Supply Chain & Logistics Tech.
Supply Chain & Logistics Tech
4,583 items
Companies offering technology-driven solutions that serve the supply chain & logistics space (e.g. shipping, inventory mgmt, last mile, trucking).
Insurtech
4,598 items
Companies and startups that use technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Fintech
9,776 items
Companies and startups in this collection provide technology to streamline, improve, and transform financial services, products, and operations for individuals and businesses.
Insurtech 50
150 items
Report: https://app.cbinsights.com/research/report/top-insurtech-startups-2022/
Fintech 100
100 items
Insurtech 50 (2024)
50 items
Report: https://www.cbinsights.com/research/report/top-insurtech-startups-2024/
Cover Genius Patents
Cover Genius has filed 1 patent.
Application Date | Grant Date | Title | Related Topics | Status |
|---|---|---|---|---|
7/15/2016 | Social networking services, User interfaces, Usability, Virtual communities, Pricing | Application |
Application Date | 7/15/2016 |
|---|---|
Grant Date | |
Title | |
Related Topics | Social networking services, User interfaces, Usability, Virtual communities, Pricing |
Status | Application |
Latest Cover Genius News
Jun 20, 2025
The product offers flexible digital cover with no underwriting or paperwork Share Millions of Australian workers with little to no access to life insurance may soon find it easier to get cover, thanks to a new digital product launched by TAL and insurtech firm Cover Genius. The offering, called backd, embeds life, income, and illness insurance directly into payroll and HR platforms, allowing employers to provide protection without the need for medical underwriting or paperwork. The product is designed with flexibility and simplicity in mind, particularly for part-time workers, contractors, and casual staff, which are segments often excluded from traditional insurance models. Workers can sign up entirely online, and claims are handled digitally from start to finish. According to Cover Genius CEO and co-founder Angus McDonald, embedded insurance could be a key strategy to bridge the protection gap in Australia’s workforce. “Many people do not have life insurance either because they feel they cannot afford it, have not been offered it or think the process will be too complex. backd overcomes these issues by giving employers a simple way to offer their employees easily accessible protection that suits their income and financial needs,” McDonald said. backd offers income protection benefits of $100 to $300 per day and life insurance cover of up to $150,000. It is tailored for people who may not qualify for superannuation-linked group cover or find retail insurance options unaffordable.
Cover Genius Frequently Asked Questions (FAQ)
When was Cover Genius founded?
Cover Genius was founded in 2014.
Where is Cover Genius's headquarters?
Cover Genius's headquarters is located at 11 West 42nd Street, New York.
What is Cover Genius's latest funding round?
Cover Genius's latest funding round is Series E.
How much did Cover Genius raise?
Cover Genius raised a total of $240.5M.
Who are the investors of Cover Genius?
Investors of Cover Genius include King River Capital, Dawn Capital, G Squared, Spark Capital, Atlas Merchant Capital and 12 more.
Who are Cover Genius's competitors?
Competitors of Cover Genius include Curacel, Assurely, Vertical Insure, Bolttech, Insuritas and 7 more.
What products does Cover Genius offer?
Cover Genius's products include XCover.
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Compare Cover Genius to Competitors
Galaxy Finco operates as a special-purpose entity. The Company was formed for the purpose of issuing debt securities, repaying existing credit facilities, refinancing indebtedness, and for acquisition purposes. The company was founded in 2013 and is based in Jersey, United Kingdom.
Qover specializes in insurance orchestration within the insurance sector. The company offers a platform as a service to enable businesses to integrate insurance services into their digital experiences, including claims management and customer support. Qover primarily serves sectors that require integrated insurance solutions, such as fintech, automotive, retail, and the gig economy. It was founded in 2016 and is based in Brussels, Belgium.
Bolttech is an international insurtech company that provides services in the areas of protection and insurance. The company connects insurers, distributors, and customers to facilitate the buying and selling of insurance and protection products. Bolttech serves the insurance industry and aims to improve the processes involved in insurance transactions. Bolttech was formerly known as AmTrust Mobile Solutions Singapore. It was founded in 2020 and is based in Singapore.
Root specializes in low-code, API-first insurance technology within the insurtech sector. The company offers an end-to-end insurance platform that enables clients to build, launch, and manage digital and embedded insurance products with ease. Root's platform serves a diverse range of clients, including large brands, retailers, insurance providers, and captives, primarily in the insurance industry. It was founded in 2016 and is based in Cape Town, South Africa.
Ancileo is a provider of software-as-a-service solutions focused on the insurance technology sector. The company offers services including digital distribution, claims automation, policy management, premium billing, and business analytics. Ancileo primarily serves insurers, re-insurers, brokers, and affinity partners. It was founded in 2016 and is based in Singapore, Singapore.
Wefox is an insurtech company that provides a platform connecting insurance companies, brokers, businesses, and customers for digital insurance solutions. The company offers a comprehensive ecosystem that facilitates the launch of new insurance products, enhances broker advisory capabilities, and integrates insurance services into business offerings. Wefox also focuses on ensuring customer safety and support through its platform. It was founded in 2015 and is based in Berlin, Germany.
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