Cover Genius is celebrating a decade of successful operations.

The embedded insurance business, founded in Sydney, has served more than 41 million customers and has partnerships with global brands such as Ryanair, Priceline and eBay. 

CEO Angus McDonald says after co-founding an online travel agency a decade ago, he found insurance models were “outdated, fragmented and lacked innovation”.

Traditional insurers were offering one-size-fits-all products “on a massive scale” and were “solution-led”, he says.

“We saw an opportunity to revolutionise how customers protect their purchases and founded Cover Genius. We made a promise to be customer-led, building bespoke solutions.”

Creating tech to deliver cover globally eliminated the need to work with a different insurance provider in each country, and claims handling was brought in house, Mr McDonald says. 

“We provided versatile protection solutions through a single API integration, reducing operational costs and complexities for our partners so they could address underinsurance and build trust with customers.” 

Cover Genius’ partners now span travel, ticketing, retail, shipping, fintech and more. 

Mr McDonald says growth of more than 100% annually has been achieved because many customers lack access to the protection they need. “We’re bridging this gap by providing greater accessibility. I’m excited to see what the future holds for Cover Genius.”