Currently celebrating its 10th anniversary, global insurtech Cover Genius has grown from a bold startup into a global leader in embedded technology, disrupting traditional models with its insurance solutions. 

At the helm of this dynamic journey is Angus McDonald, CEO and founder, whose vision and leadership have shaped the company’s rise to success. 

In this exclusive interview with Insurtech Insights, McDonald reflects on the key milestones of the past decade, the challenges of transforming the insurtech landscape, and the future of seamless, customer-centric insurance solutions.

What inspired you to co-found Cover Genius, and how did your past roles at iClick Interactive and Yahoo! influence your decision to enter the insurtech space?

When we began, it was out of frustration with the lack of protection available directly within the customer’s purchase journey, and the fragmented approach to distributing insurance to those who needed it. There was an absolute need for providing customizable protection solutions to customers based on their specific purchases, rather than a “one-size-fits-most” approach. We also needed a system that could be scalable across countries and regions, compliant with local regulations, and capable of processing payments in local currencies. 

Ensuring this was a significant undertaking, requiring us to invest in acquiring licenses or authorizations in 60 countries and all 50 US states within our first few years. However, this laid the groundwork for our global reach, which remains one of our key differentiators in the market today and a major reason our partners want to work with us. 

Ten years ago, we had a vision to protect the customers of the world’s largest digital companies. At the time, we didn’t think that we would have more than 41 million customers across the globe with partnerships with dozens of insurance companies and underwriters for brands across the ticketing, travel, gig economy, retail and logistics sectors, to name a few. It’s an exciting time for insurtech and we’re making inroads in various industries with new ways to get protection to consumers when they need it most.

What were some of the biggest challenges you faced in launching the company, and how did you overcome them? 

One of the biggest hurdles we faced was: obtaining licenses and authorisations to operate in more than 60 countries and all 50 US states. It was a significant investment, but it has proven to be worth it. With our global reach, partners can now work with a single, unified team and integrate our API seamlessly, rather than navigating a patchwork of separate regional providers. This sets us apart from traditional insurance models, which often are limited to a single industry or country and lack a built-in distribution platform to offer protection alongside core products and services.

I’m particularly proud of the work we’ve done to build a platform that can provide frictionless, worldwide protection for our global partners. Overcoming this hurdle has allowed us to put our customers at the forefront of everything we do. By offering a vast array of insurance and protection solutions through our platform, we’re able to support our partners in serving their customers more effectively, no matter where they operate.

Cover Genius has scaled rapidly, how has your leadership style evolved? How do you balance the demands of growth with maintaining the company’s core values and keeping the company culture healthy?

Cover Genius has experienced tremendous growth over the past decade, expanding from one merchant partner to hundreds and from two co-founders in one office to more than 500 team members worldwide. Our company culture was defined early on by our desire to keep people at the core of what we do. As a leader, I believe in empowering my team and keeping my door open to support them, as I’ve found that when people work together toward a common goal, magic happens. In fact, “creating magic” is one of our four values at Cover Genius, with the others being, “We succeed together”, “We make it our own”, and “We make things better.” 

With company growth and expansion, there have been adjustments, but our culture and values have always remained consistent.  I attribute this to hiring people who share our values and a leadership team that incorporates them into every decision. 

As the company has grown, my leadership style has evolved.  I’ve had to relinquish control over certain areas of our business to people who are experts in that field and focus on higher-level tasks, such as meeting with investors and top business leaders. However, my core style remains collaborative,  cooperative and open to the entire team. I’ve learned to put trust in the people closest to me in the business, who are extremely talented at what they do and learn from them daily. 

What excites you most about the current state of the embedded insurance market, and where do you see the greatest opportunities for innovation in the next few years?

At the risk of sounding cliché, Artificial intelligence (AI) is a game changer, having already transformed the business over the past few years. I believe it will only get more sophisticated, particularly with the emergence of generative AI. This technology presents an incredible opportunity to automate aspects of the claims journey, making it faster, more seamless and more customer-friendly. 

While human interaction will always be essential for assessing claims and providing a personalised service, AI can help identify larger trends and anticipate customer needs in real time. Historically, an insurance claim could take anywhere between 30 to 90 days to settle. However, with the integration of AI and enhanced claims platforms, companies have been able to streamline the process, reducing the time it takes to settle claims. 

As we continue to advance and make AI an integral part of our operations, we are confident that our business and partners will see significant benefits, including improved customer satisfaction and increased efficiency. This will continue to differentiate us from our competitors and drive returns for our partners.  

Cover Genius is approaching its 10-year anniversary. What key moments or milestones stand out to you, and what lessons have been most impactful for you along the way?

There are several memorable moments that stand out, but one of the most significant was when we signed our first partner, a Booking Holdings brand, Rentalcars.com. This marked a defining moment for the business, showcasing the capabilities of our technology and setting the stage for future growth and success. To this day, we’re happy to say that they’re still a valued partner and that the travel conglomerate has expanded with us, entrusting us to protect customers across its group of brands including Priceline and Agoda. 

In 2019, we launched our XCover platform, a huge milestone for the business that allowed us to expand our business and offer more than just insurance products through one single API. This expansion enabled us to provide warranties and other value-add protection options, making our technology more flexible and self-sufficient in responding to changing needs.  At the time, it was a game-changer for us and we’re excited to unveil new updates in 2025, which have already shown improved results for our partners. 

Another significant development was our expansion into new verticals, such as shipping, retail, fintech, proptech and ticketing, in 2020. This move positioned us as a unique platform in the market that could help global brands that were also expanding their core businesses. As these brands shifted their focus beyond a single product or service, they needed protection options that could safeguard all purchases or experiences their customers were buying through their platforms. We grew alongside them, providing tailored solutions that met the evolving needs of their customers. 

Lastly, the pandemic had a major impact on the way brands and consumers view protection. Consumer demands changed during the pandemic, and we’re still seeing the ricocheting effects of that on today’s and next-generation consumers. People now want value, convenience and tailored options with their purchases from the brands they trust. With our partners and their customers, we know that embedded protection, when done well, offers just that and fosters repeat business. 

Is there anything you might have done differently, when you look back at those early years?

I don’t regret anything, to be honest. Even the mistakes we’ve made along the way have helped us learn and grow. We’re confident that we’ll continue to succeed by staying true to our values,  partners and customers. If I could go back in time I’d probably try to launch XCover sooner, as it was a crucial component of our success. From that experience, I’ve learned that soft testing is possible and we can grow together with willing partners, just as we did 10 years ago.  

Cover Genius has forged partnerships with major companies like Amazon, eBay, and Booking Holdings. What have you learned from forging these partnerships – and what elements are critical to success? 

Through all of these moments within our business, we have always kept the customer at the center of everything. That hasn’t changed. We have learned over the last 10 years that the best partners are those who also share the same core values – their customers. We have learned that it truly has to be a partnership, with open communication, feedback, along with trial and error. I think the reason we’ve been able to work with these large companies and grow with them is because we keep them and their customers in mind for the changes we implement. Our team works with them regularly to understand changing needs, trends and the macro environment that could affect their businesses. We’re able to provide insights into the type of protection customers need, and pull know-how from various industries. It’s a partnership and I believe in having a win-win scenario for us, them and their customers.   

How do you manage stress, maintain perspective, and ensure you stay focused on both the big picture and day-to-day operations?

Mental health is extremely important to me. I prioritize my mental health by making time for exercise, particularly tennis, which helps me stay focused on the present moment and disconnect from the everyday. I think it’s essential to give myself distance from work to come back to it with fresh eyes every day. I also encourage our team to do the same, and we offer a Wellness day every month to help our team disconnect when needed.

You’re deeply involved in rural and youth wellbeing programs through CG Gives. How has this philanthropic work shaped your approach to leadership and your vision for the company’s future?

Our CG Gives programs are rooted in giving back to communities in need. We focus on causes that alleviate poverty and provide disaster relief for communities around the world. We aim to empower individuals to improve their circumstances and their communities, particularly in youth and rural communities. This may also be influenced by my own experiences growing up in rural Australia, where I saw how communities came together to support one another during times of crisis. Our values are centered on the idea that we succeed together and make it better. We believe that each of us has a role to play in making a positive impact, but that we’re stronger when we work together.

What advice would you give to aspiring entrepreneurs who are looking to build companies in rapidly evolving sectors like insurtech? How can they best prepare themselves for the challenges ahead?

For any professional starting on new challenges, my advice is to “Make it your own, but keep your customer first.” If a business idea seems impossible, “do it anyway and do it the way you think is best for your customers,” as long as you’re willing to listen to their needs and anticipate what they will need in the future. 

Looking ahead to the next five years, where do you see Cover Genius heading in terms of growth, market expansion, and technological advancements?

We’re poised for growth and looking forward to another successful 10 years and beyond.  We’re currently focusing on key verticals where we’ve seen the most traction, including travel, retail, logistics and ticketing. As these industries expand their offerings, we’ll be there to help protect their customers for the things they didn’t even realize they’d find value in protecting or offering, such as an eSIM when traveling. 

We are working towards the official launch of a new platform that will enable us to respond more quickly to our partners’ customers with fewer resources on their end, helping to grow customer loyalty and increase revenue. New underwriting partners will also be added to our roster over the next few years as they continue to look for ways to help distribute their solutions to a new customer base. 

Our focus is on growing our presence in the United States and expanding our partnerships in Europe, which are two vastly different but important markets for our continued growth.