The investment round, which was led by Dawn Capital, will help Cover Genius expand its XCover insurance distribution platform, according to a news release.
Customers are angry with traditional insurers that went MIA during the pandemic and typically provide negative post-claim Net Promoter Ratings (NPS) scores, according to the company’s co-founder and CEO, Angus McDonald.
Our tech-forward strategy “focuses on a seamless and transparent customer journey and achieves a post-claim NPS of +65,” in contrast to traditional insurers.
In addition to nearly tripling its revenue year over year, the press release highlights the company’s growth since its Series C in 2021. It mentions partnerships with companies like the travel app Hopper, the buy now, pay later business Zip, and the Indian gig economy apps Ola and Betterplace.
A fee was also paid by the New York City-based company last summer to obtain built-in ticket insurance for the sellers’ platform Booking Protect.
As was stated at the time, by offering embedded protection for ticket brokers, ticket marketplaces, and live event companies like SeatGeek, Spectrix, AudienceView, and Night Out, the agreement enables Cover Genius to increase its market share in the live entertainment and ticketing sectors.
