Cove
- Company typePrivate
- Founded2017
- HeadquartersAuckland, New Zealand
- Headcount11–50
- GTM typeB2C
- OfferingServices
Cove firmographics
Firmographics- Name
- Cove
- Legal name
- Cove Limited
- Website
- https://coveinsurance.co.nz
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Cove industry classification
Industry- Product category
- Personal Insurance
- NAICS
- Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)
- akta.pro secondary industry
- Pet Insurance (FSAJAKAG)
Keywords
Where Cove is headquartered
LocationHeadquarters
- HQ city
- Auckland
- HQ country
- New Zealand
- HQ region
- Oceania
Offices1 record
Markets served
Cove business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Insurance Premiums: Monthly subscription payments for comprehensive car insurance and pet insurance policies. Premiums calculated based on individual risk profile including vehicle value, driver history, address, and selected coverage options. Payments via debit/credit card.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Comprehensive Car Insurance - Starting from ~$30/month |
| Subscription | Monthly | Pet Insurance - Three policy types |
| Subscription | Monthly | Multi-Policy Discount - ~10% off |
| Subscription | Annual | Annual Payment Discount - ~10% off |
| Other | Monthly | Puppy & Kitten Discount - 3 months free |
| Other | Monthly | Partner Promotion - 1 month free |
| Other | Monthly | Online Promotion - 1 month free |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
Cove product offering
Product offeringCore offering
Cove develops and operates a digital-first insurance platform on which New Zealanders can quote, buy, and manage personal insurance policies entirely online via a web interface and a Facebook Messenger chatbot. It currently sells comprehensive car insurance and pet insurance (dogs and cats) on a monthly subscription basis, with home and contents insurance announced as upcoming products. Policies are issued by Cove Limited and 100% underwritten by Aioi Nissay Dowa Insurance Company Limited under Cove's Lloyd's of London coverholder authorisation.
Product overview
Cove is a digital-first insurance company offering a platform of insurance products through conversational interfaces (chatbot and web). The core product portfolio consists of Car Insurance (comprehensive coverage with flexible options) and Pet Insurance (dog and cat coverage with multiple plan tiers). Home Insurance and Contents Insurance are announced as upcoming products. The My Cove customer portal enables 24/7 self-service policy management, claims lodgment, and account administration. All policies are underwritten by Aioi Nissay Dowa Insurance Company Limited (Lloyd's of London coverholder) and offered on a monthly subscription basis with optional add-ons such as roadside assistance.
Differentiator
Problem solved
Functional benefit
Products and services
- Comprehensive Car Insurance Monthly-subscription comprehensive car insurance covering accidental damage, theft, and third-party liability, with flexible excess options and optional extras including roadside assistance and excess-free glass claims. Covers standard cars, SUVs, and utes under 3,500kg and up to NZ$80,000 in value, sold to individual New Zealand vehicle owners.
- Pet Insurance (Accident Only, Major, Major + Minor) Pet insurance for dogs and cats offered on a monthly subscription with three policy types — Accident Only, Major, and Major + Minor — covering veterinary expenses from accidents and illness, including a 3-month free premium for puppies and kittens under 6 months.
- Roadside Assistance Add-On Optional add-on benefit bundled with Cove car insurance providing 24/7 roadside assistance and breakdown cover for New Zealand customers.
Quantifiable outcome
- NZ's first insurance policy sold via chatbot (June 2018)
- +3 more outcomes
Companies that use Cove
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Cove technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability7 records
Feature4 records
Cove partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- Lloyd's of LondoncoreCove became an approved coverholder at Lloyd's of London in June 2018. Insurance policies are 100% underwritten by certain underwriters at Lloyd's. Lloyd's has A+ Standard & Poor's Rating providing financial strength.
- Amazon Web Services (AWS)coreCloud infrastructure provider enabling Cove's serverless architecture. Allows company to remain agile, focus on development, and benefit from rapid deployment and usage-based pricing.
- Aioi Nissay Dowa Insurance Company LimitedcoreUnderwriter for Cove's insurance policies. One of the largest insurance companies globally, underwriting major car brands in New Zealand. Has Financial Strength Rating of A+ (Stable) from A.M. Best and A+ (Stable) from Standard & Poor's.
- API Talent / DeloitteminorProvided advice as Cove's cloud infrastructure grew - acquired by Deloitte.
- SharesiesminorInvestment platform partner - Cove policies available for purchase through Sharesies. Personal information shared with partner to the extent required to operate and improve the partnership.
- MightyApeminorRetail partner - Cove policies available for purchase through MightyApe platform.
- Pulse EnergyminorPartner referral relationship - Cove partner promotion available for Pulse Energy users.
- FintechNZminorCove is proud to be part of FintechNZ and a member of the FintechNZ Insurance Working Group established to lead insurance technology revolution.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
Cove competitors and assessment
Company assessmentDirect peers
- Southern Cross Pet Insurance: New Zealand pet insurance provider offering dog and cat coverage. Directly comparable as Cove's most relevant pet insurance competitor in the NZ market, with established brand and product depth.
- Youi: Australian-founded direct-to-consumer insurance brand operating in NZ, offering car and home insurance with a digital-led, conversation-based sales model. Comparable to Cove in customer experience philosophy and personal lines focus in NZ.
- PD Insurance: NZ online-focused pet insurance provider with direct-to-consumer digital distribution. Closely comparable to Cove's pet insurance offering in terms of target customer, product structure, and digital-first delivery.
Emerging players
- Lemonade: US-listed insurtech applying AI, behavioural economics, and a digital-first model to renters, homeowners, pet, and auto insurance. Highly comparable as the leading global reference case for Cove's PLG, chatbot-driven, monthly-subscription insurtech model.
- Root Insurance: US insurtech that disrupted auto insurance with a mobile-first, telematics-based underwriting model. Comparable as a digital-native auto insurer focused on simplifying the customer experience, though Root uses mobile-app UX rather than chatbot.
- Trov: Insurtech originally focused on on-demand, digital-first personal lines insurance, with similar technology-first DNA to Cove. Comparable as a digitally native insurance platform exploring modern product UX, though operating in different geographies.
Broad incumbents
- AA Insurance: Major NZ direct-to-consumer insurer offering car, home, and contents insurance with strong brand recognition. Closely comparable customer segment (NZ personal lines) and distribution philosophy, making it Cove's most direct established competitor.
- Tower Insurance: One of New Zealand's largest general insurers offering car, home, contents, and other personal lines. Directly comparable as Cove's primary NZ incumbent competitor, with a far larger product portfolio and brand presence, though increasingly investing in digital channels.
- AMI Insurance: NZ subsidiary of IAG offering car, home, and contents insurance to consumers. Operates in the same product lines as Cove with significant brand and capital advantages, competing for the same NZ household insurance wallet.
- State Insurance: NZ consumer insurance brand owned by IAG, offering car, home, and contents policies. Comparable as an incumbent NZ personal-lines insurer with overlapping product set and similar target customer demographic.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Cove social profiles
Digital presenceCove compliance and trust
Trust signalCompliance4 records
Cove financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cove leadership team
Management profileNumber of profiles
Profiles6 records
Cove funding detail
Funding detailFunding overview
Funding rounds5 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cove M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cove
What does Cove do?
Cove develops and operates a digital-first insurance platform on which New Zealanders can quote, buy, and manage personal insurance policies entirely online via a web interface and a Facebook Messenger chatbot. It currently sells comprehensive car insurance and pet insurance (dogs and cats) on a monthly subscription basis, with home and contents insurance announced as upcoming products. Policies are issued by Cove Limited and 100% underwritten by Aioi Nissay Dowa Insurance Company Limited under Cove's Lloyd's of London coverholder authorisation.
Is Cove a public or private company?
Cove is a private company. It is classified as venture growth investor backed and is currently operating.
When was Cove founded?
Cove was founded in 2017. It employs 11 to 50 people.
Where is Cove based?
Cove is headquartered in Auckland, New Zealand, in the Oceania region.
How does Cove make money?
One revenue line is on record: insurance Premiums.
Who are Cove's main competitors?
Direct peers on record are Southern Cross Pet Insurance, Youi and PD Insurance. Emerging players are Lemonade, Root Insurance and Trov. Broad incumbents are AA Insurance, Tower Insurance, AMI Insurance and State Insurance.
Does Cove have an API?
No public API is recorded for Cove.
What industry is Cove in?
Cove's product category is Personal Insurance. Its primary akta.pro industry code is FSAGAGAL, Embedded Insurance & Affinity Distribution Platforms, with a secondary code of FSAJAKAG, Pet Insurance. Its NAICS code is 524126 and its SIC code is 6331.