Japan's Sompo to invest in Australian insurtech firm Cover Genius

Economy

Japan's Sompo Holdings Inc. will invest in major Australian insurance technology firm Cover Genius Pty Ltd. to expand its digital distribution channel in the embedded insurance market. Sompo said its Singapore-based wholly owned subsidiary, Sompo Holdings (Asia) Pte. Ltd. (Sompo Asia), will pump $50 million into Cover Genius. "Cover Genius is a leading digital managing general agent to provide embedded insurance policies for business-to-business-to-consumer," a Sompo official explained the Japanese insurer's decision to make the investment. Cover Genius operates in more than 60 countries, offe...

Kyodo News

Kyodo News