Cover Genius acquires Friendsurance to strengthen European embedded insurance strategy
Acquisition expands Cover Genius’s presence in European bancassurance as embedded protection continues to reshape insurance distribution
Embedded insurance provider Cover Genius has acquired German insurtech Friendsurance, strengthening its position in the European bancassurance market and expanding its ability to deliver embedded protection products through financial institutions across the DACH region (Germany, Austria, and Switzerland).
The acquisition combines Cover Genius’s global embedded insurance platform with Friendsurance’s digital bancassurance technology and regulatory expertise in the DACH region.
The deal reflects the continued evolution of embedded insurance, with banks increasingly viewed as an important distribution channel for protection products, including travel insurance, alongside traditional insurance and travel retail partners.
Friendsurance has developed technology that enables banks and insurers to integrate insurance products into digital banking journeys while addressing regional regulatory requirements. Cover Genius said combining the two businesses would accelerate the rollout of embedded protection solutions for financial institutions across Europe.
Angus McDonald, Chief Executive Officer and Co-Founder of Cover Genius, said European banking represented a significant growth opportunity for embedded protection as financial institutions looked to diversify revenue streams beyond traditional banking services.
“Friendsurance has spent over a decade building the technology, the deep bank networks, and the institutional compliance required to make that possible,” he added.
The Friendsurance team will join Cover Genius as part of the acquisition, enabling existing banking and insurance partners to access an expanded suite of embedded protection solutions.
Cover Genius currently operates in more than 60 countries and partners with a range of digital platforms, including Booking.com, Agoda, Klarna, Revolut, Uber, and Turkish Airlines.
Earlier this month, BankDhofar expanded its travel insurance offering ahead of the holiday season, highlighting the growing role of banks as distributors of travel protection products through integrated bancassurance models.