Insurtech Insider Podcast with Chris Bayley, Chief Innovation Officer at Cover Genius
Our co-founder and Chief Innovation Officer Chris Bayley was invited to feature on episode 78 of the Insurtech Insider podcast. In this episode Chris discusses Cover Genius’ $10 million cap raise and what this means for innovation in the insurtech industry.
Cover Genius has focussed on a mission of bringing customers’ convenience to the value chain from inception and the raise will allow us to continue to expand our capabilities globally.
Next story links back to the previous story. The next one is Cover Genius raises 10 million US dollars. So the global insurtech leader, the leading provider of protection for the customers for the world’s largest online companies, has raised $10 million in series B. Quite an interesting piece right now if you think of the amount of fundraising that’s going on to the amount of insurtechs that are emerging at the minute from a report we did recently. Funds for these guys will support the company’s investment in talent and its continued global growth across the UK, U. S. and into Asia. I think you get a really good sign. Distribution technology provides regulated insurance policies that integrate into online point of sale and sign up paths in more than 60 countries and 50 U. S. states. Why I got confused on this with you guys earlier is these are the guys imbed, in short, tech into point of sale. So for example you can hire a car and by default it’s always better to do the user journey at the outset. So they do have a jewelry, flight tickets, cars and a whole host of things. To find out more we spoke to Cover Genius’ co-founder and Chief Innovation Officer Chris Bayley. Let’s hear more from him now.
Hi, it’s Chris Bayley, co-founder of Cover Genius. I’m really pleased to make today’s announcement regarding our 10 million pound capital raise, which is a follow on from our series C at the end of last year. The raise confirms that insurtechs are bringing innovations to the insurance industry and turning traditional insurance programs on their head. The raise allows Cover Genius to expand our neo carrier capability. We’ve got captives up and running in Europe and U. S. surplus lines and to continue to expand our insurance licensing which extends to over 60 countries and 50 US states. And to continue our mission to protect all the customers of the world’s largest online companies, on covergenius.com we recently published case studies from AXS UK who grew their ticket insurance GWP nearly 3x by replacing a traditional insurer, while another global retail grew theirs by 530% within a few weeks of switching out another well known traditional warranty provider. We’ve also provided a playbook on the site for how we got our NPS +65, which is on our tallying about 50 to 70 points higher than the top insurers in any other market, and as far as we know it’s also higher than every other B2C insurtech who releases their NPS data. My final point is that this is really encouraging for all your insurtech listeners. We’re seeing amazing innovation within the industry from insurtechs who are disrupting archaic and expensive risk focussed traditional structures and instead bringing customers’ convenience to the value chain. In every industry those who are able to do that are unlocking all the value and the end result is millions of happier customers.