Cover Genius invests in Indian insurtech

18 July 2022

Cover Genius has led a $US4.2 million ($6.23 million) pre-series A funding round for India-based insurtech Ensuredit.

Cover Genius has previously partnered with Indian digital companies Flipkart, Ola and Pepperfry, and says its latest investment contributes to a “major shift towards embedded protection we are seeing in the region”.

“Our research shows more than in any other country, Indians want to get their insurance at the same time as purchasing their underlying products and services,” Cover Genius CIO and Co-founder Chris Bayley said.

“We’re proud to help Ensuredit expand the insurance ecosystem with the goal of making insurance available to the next billion customers through a platform-as-a-service model.”

Ensuredit says it solves problems of diminishing returns on distribution expansion, increasing affordability, enabling better product-market fit and financial inclusion, and enables and empowers end customers and Insurance Intermediaries with AI-based product platforms for “transformational customer experience”.

It was founded in 2019 by Amit Boni, Rohit Sadhu and Vikas Ranga, and says it enables insurance players to onboard a greater number of partners.

“Our partners include all major insurance companies, key brokerages and insurance intermediaries,” it said. “With strategic investment from global insurtech major Cover Genius we look forward to strengthening the insurance eco-system.”

Founded by Angus McDonald and Mr Bayley, a first employee in Google’s Sydney office where he managed the insurance team, Cover Genius is now licensed in more than 60 countries and every US state, to be recently valued by Bloomberg at $1 billion after tripling its gross written premium. Its XCover global distribution platform is available at Amazon, eBay, Wayfair, Descartes ShipRush and other retailers.