Top 10 insurtech companies in Australia

XCover: Provides personalised insurance to clients in 60 countries through dynamic bundling of policies from any category and underwriter from a single API.
RentalCover: Enables car share platforms, rental car companies, and online car and travel agencies to sell car insurance to their customers anywhere in the world.
XCover Go: Offers price-optimised warranty and shipping protection for customers worldwide. Used by online retailers eBay, ShipRush, and Wayfair.
XClaim: Delivers instant claims payments in more than 90 currencies through a range of payment methods, including bank transfer, digital wallets, card top-up, and store credit.
BrightWrite: A data analytics tool built into the XCover and RentalCover platforms.

Cover Genius has offices in key cities across the world, including San Francisco, New York, London, Amsterdam, Tokyo, Seoul, Singapore, Kuala Lumpur, and Manila. It has a pair of acquisitions – global refund protection specialist Booking Protect in 2022 and embedded warranty provider Clyde Technologies in 2023. The insurtech firm is also an investor for AI-based sales and marketing solutions provider Ensuredit.

https://www.youtube.com/watch?v=885K8b3Z2hA

2. Socotra

Total funding: US$93.9 million (about $140 million)

Number of investors: 17

Number of acquisitions: 1

Headquarters: Bondi Junction, NSW

Originally from San Francisco, California, Socotra is among Insurtech Australia’s largest players, offering insurance companies a digital platform that enables them to accelerate product development, save on maintenance costs, and improve customer experience. It has five products, namely: