THE BRIEF
“ THE NATURE OF LEGACY PLATFORM DEVELOPMENT HAS HISTORICALLY MEANT THAT CUSTOMER , PRODUCT AND RISK DATA IS SILOED ”
DANIEL COLE Senior Managing Director for Financial Services , Publicis Sapient �
COVER GENIUS RAISES $ 70MN IN FIRM ’ S LARGEST FUNDING ROUND YET
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“ REAL INSPIRATION COMES FROM WHEN YOU SEE , UP CLOSE , LEADERS WHO EFFECT LONG-LASTING CHANGE IN A DEEPLY ENGAGING WAY ”
TIM HARDCASTLE CEO and Co-Founder , Instanda �
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“ WE CAN ASSESS RISK BEFORE AN ACCIDENT HAPPENS AT ALL AND PREVENT IT HAPPENING IN THE FIRST PLACE ”
SIMON DICKS Insurance Channel Manager , Lytx �
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Embedded insurance provider Cover Genius has raised US $ 70mn in an oversubscribed Series D funding round , which it says represents a significant but undisclosed “ valuation uplift ” on its Series C raise in 2021 .
The global insurtech , which specialises in embedded insurance , has grown considerably over the last year alone , with daily gross written premiums ( GWP ) reaching US $ 1.1mn and year-on-year revenue almost trebling . In August , it forged a new partnership with BNPL provider Zip to offer insurance cover on purchases at checkout – one of several new partnerships that the insurtech has announced in recent months .
It plans to use the money to support its rapid growth and the expansion of its global insurance distribution platform , XCover . CEO Angus McDonald says : “ Closing our highest ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model .”
12 January 2023