With more than a decade of experience in a variety of executive roles at high-growth technology companies, Angus is the Co-Founder and Chief Executive Officer at Cover Genius overseeing the global expansion and development of Cover Genius across industries.
Before Cover Genius, Angus was the VP of International Business Development at iClick Interactive, and Head of Publisher Partnerships at Yahoo!.
Angus has a Bachelor of Science in Mathematics and Computer Science from the University of Technology Sydney and is a passionate contributor to rural and youth wellbeing programs through personal efforts and those of CG Gives, the philanthropic arm of Cover Genius.
Q&A:
In this Q&A, Angus McDonald, CEO and Co-founder of the global insurtech Cover Genius, discusses the company’s 10-year anniversary milestone, what prompted him to found the company and what’s ahead in the years to come.
Q: Can you explain what Cover Genius does and the problem you are aiming to solve?
A: Cover Genius was founded when my co-founder and I started an Online Travel Agency (OTA) in 2014. When we attempted to add an option for insurance in various markets, we quickly discovered that traditional insurance models were outdated, fragmented, and lacked innovation. From there, we pivoted away from our OTA as we saw an opportunity to revolutionize how customers could protect their purchases in markets around the world and founded Cover Genius.
Traditional insurance models offer one-size-fits-all policies on a massive scale, without taking into account that different customers have different needs. At Cover Genius, we prioritize being customer-led, building tailored solutions to meet the needs of our partners and today’s digital-first consumer. We have licenses or authorizations in all 50 US states and more than 60 countries, allowing our partners to seamlessly protect customers across regions with a single API. We’ve also brought our claims team in-house to ensure the best possible customer experience. All of this enables us to deliver the right protection solution at the right moment for customers worldwide, seamlessly integrated into their online purchasing journey.
Q: In the early days of the company, what were some of the challenges you faced and how did you overcome them?
A: A key challenge we overcame was obtaining licenses or authorizations in more than 60 countries and all 50 US states. This was a critical step in establishing our business and required significant time and resources. However, it has proven to be well worth the investment.
Today, our global capabilities set 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. Our global reach allows our merchant partners to work with a single, unified team and integrate our API seamlessly, rather than navigating separate regional providers. We’ve collaborated with some of the world’s largest digital companies, expanded our workforce to more than 600 employees, and opened offices around the world, including New York, London, Amsterdam, Singapore, and Sydney, among others.
Q: What milestones in your 10-year journey stand out the most for you?
A: One stand out achievement over the last decade was the launch of our global distribution platform, XCover. XCover and its technology allowed us to significantly expand our business and offer more than just insurance products through a single API. By providing warranties and other value-added protection options, we made our technology more flexible and responsive to changing customer needs. With XCover, we were able to expand into new industries, including shipping, retail, fintech, proptech, and ticketing. This move positioned us as a unique platform that could help global brands across various sectors protect their customers worldwide.
Our XCover platform continues to be a key differentiator for us and we’ll be unveiling new updates in 2025 that will enhance our solutions and capabilities even further.
Q: What was the most significant factor that contributed to Cover Genius’ growth and success over the past decade?
A: First and foremost, our dedicated team has been instrumental in our success and propelled us to the position we are in today. Ten years ago, we had a vision to protect the customers of the world’s largest digital companies. We assembled a global team of talented individuals who shared our passion for transforming the insurance industry and were frustrated by the industry’s slow pace. Today, we serve 41 million customers worldwide, partner with dozens of insurance companies and underwriters, and collaborate with top brands in ticketing, travel, retail, and logistics. This success is a testament to our team’s hard work and a commitment to our core values.
A second significant factor that’s contributed to our success is our focus on technology. Cover Genius is a technology company not an insurance company, which is why our partners choose to work with us. Our complete in-house technology capabilities mean we have the flexibility to provide our partners the right solution for all distribution channels and device types. We utilize real-time data to offer customers highly relevant, tailored protection options. We’ve also invested heavily in our claims technology and in-house team to ensure quick resolutions, clear status updates and instant payments for approved claims. In the years to come, we’ll continue to invest in these capabilities and launch new solutions on our platform to provide customers with the protection they need and value added services.
Q: Are there any emerging trends or technologies that you’re excited about, and how do you plan to leverage them?
A: As we’ve heard across the board, Artificial intelligence (AI) has the power to revolutionize the insurance business, and its capabilities will get more sophisticated as we see generative AI mature. This technology can automate aspects of the claims journey, ensuring quick, seamless and customer-friendly experiences. In fact, Cover Genius recently completed its first fully automated claim which is a significant milestone in our businesses AI-driven claims advancements.
While human interaction will always be essential for assessing claims and providing a personalized 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 and the financial burden on customers.
As we continue to integrate AI into our operations, we are confident that our business and partners will see significant benefits, including improved customer satisfaction and increased efficiency.
Q: What are your company’s goals and aspirations for the next decade?
A: It’s been a tremendous decade and we are looking forward to another 10 years of growth. We’re currently focusing on key industries where we’ve seen traction, including travel, retail, logistics and ticketing. We’re also developing new solutions on our platform that address the evolving needs of digital customers, going beyond traditional insurance offerings. Lastly, we’ll be focused on growing our presence in the United States and expanding our partnerships in Europe, which are two critical markets for us.
