Cover Genius, the embedded protection infrastructure firm, has bought Berlin-based InsurTech Friendsurance, deepening its footprint in European bancassurance and reinforcing its reach across Germany, Austria and Switzerland (DACH).
The transaction unites Cover Genius’ embedded insurance platform with Friendsurance’s digital bancassurance technology and local regulatory know-how. According to the companies, the tie-up will enable banks and insurers across the DACH region to weave insurance products into digital banking journeys while managing regional compliance demands.
Friendsurance’s technology is built on PSD2 open banking infrastructure and includes a framework designed for regional GDPR (DSGVO) compliance. Its work has centred on helping financial institutions embed cover into customer journeys while streamlining implementation and regulatory processes.
As part of the deal, Friendsurance’s team joins Cover Genius, bolstering the enlarged group’s capabilities in European banking and insurance distribution. The companies said current and prospective partners will be able to access an expanded suite of embedded protection products.
Cover Genius is active in over 60 countries and all 50 US states, delivering embedded protection through partners such as Klarna, Revolut, Stripe, Booking.com, Uber and eBay. The firm said it has protected upwards of 70 million customers worldwide across more than 240 million policies, with over $3.2bn in gross written sales.
Cover Genius CEO and co-founder Angus McDonald said, “European banking represents one of the highest-conviction growth opportunities in embedded protection.”
Friendsurance co-founder and CEO Tim Kunde added, “Banks want to offer modern, customer-centric protection, but legacy infrastructure and compliance make it incredibly difficult.”
The move underlines the ongoing momentum behind embedded insurance in Europe, with insurers and banks seeking fresh revenue streams by building protection products directly into digital banking platforms.
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