Cover-More Group

What Cover-More Group does

Cover-More Group is a privately held global specialist provider of travel insurance, medical assistance, and travel risk management services, founded in Australia in 1986 and operating as a wholly-owned subsidiary of Zurich Insurance Group since 2017. The group protects more than 17 million people annually across 15+ countries and five continents, holding leading positions in the United States (via Travelex Insurance Services), Australia, New Zealand, Brazil, Argentina, and Ireland. Its portfolio spans direct-to-consumer brands (Cover-More, Travelex, Blue Insurance, MultiTrip, iCarhireinsurance, Freely, Universal Assistance) and an enterprise corporate travel risk management offering under World Travel Protection.

The underlying technology stack pairs distribution platforms with proprietary capabilities: Impulse™ dynamically optimises and personalises insurance offers in real time to drive conversion and average sale values; Sentiance motion-sensing technology in the Freely app enables automated safety tracking (bus, car, bicycle, moped detection); and 24/7 command centres in Australia, Argentina, Canada and the United Kingdom provide global emergency medical and security assistance. Group-wide ISO/IEC 27001:2022, PCI DSS and SOC 2 Type II certifications underpin enterprise and payment handling requirements.

The company monetises through four primary revenue streams: direct and partner-distributed travel insurance premiums, specialty insurance products (car hire excess, pet, gadget, wedding), B2B2C embedded and white-label insurance (transaction fees and revenue share with airlines, OTAs, financial institutions and retailers), and B2B2E subscription-based corporate travel risk management. Go-to-market combines owned branded websites and the Freely mobile app, traditional travel agency distribution (notably Flight Centre since 1991), airline distribution agreements (Malaysia Airlines, Air New Zealand), the Booking.com embedded partnership in Europe, and a dedicated enterprise sales motion for corporate risk management.

Name

Cover-More Group

Legal name

Cover-More Insurance Services Pty Ltd

Website

https://covermoregroup.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cover-More Group is a Zurich-owned global travel insurance and assistance specialist, protecting 17 million people annually across 15+ countries through owned brands, embedded B2B2C partnerships, and 24/7 command centres serving leisure travellers, corporate travel risk programmes, and distribution partners.

Ownership category

akta.pro rank

Product category

Travel Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Agencies and Brokerages (524210), Direct Property and Casualty Insurance Carriers (524126)

SIC

Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411), Insurance Carriers, Nec (6399)

akta.pro primary industry

Travel Insurance Coordination (HSACAKAI)

akta.pro secondary industries

Group Travel & Corporate Travel Accident Insurance (FSAJAJAK), Travel Medical Insurance (Individual) (FSAIAEAI)

Keywords

• Travel insurance
• Travel risk management
• Travel assistance services
• Specialty insurance products
• Embedded insurance platforms

Headquarters

HQ city

North Sydney

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Travel Insurance Premiums: Annual and single-trip travel insurance policies sold directly to consumers and through partner channels. Covers medical assistance, trip cancellation, baggage loss, and travel delays.
2. Specialty Insurance Products: Car hire excess insurance, pet insurance, gadget insurance, and wedding insurance offered as add-on or standalone products.
3. B2B2C Embedded Insurance: White label and embedded insurance solutions for partner brands including airlines, travel agencies, financial institutions, and retailers. NAC programs and agent platforms.
4. Travel Risk Management Services: Corporate travel risk management services for B2B2E including global security services, real-time tracking, and emergency response through World Travel Protection.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Cover-More Group is a global specialist travel insurance, medical assistance and employee assistance provider selling single-trip, annual multi-trip, backpacker and specialty insurance policies (car hire excess, pet, gadget, wedding) directly to consumers and through embedded partner channels, alongside 24/7 emergency medical, travel security and corporate travel risk management services delivered through global command centres and the proprietary Impulse™ technology platform.

Differentiator

Problem solved

Functional benefit

Brands

• Cover-More Travel Insurance: Travel insurance brand covering travellers from Australia and New Zealand.
• Travelex Insurance Services
• Universal Assistance
• World Travel Protection
• Freely
• Blue Insurance
• iCarhireinsurance.com
• MultiTrip

Products and services

• Cover-More Travel Insurance (Australia & New Zealand) Leading travel insurance brand for travellers from Australia and New Zealand, covering leisure and business trips with comprehensive protection and 24/7 emergency medical assistance.
• Travelex Insurance Services Leading US travel insurance provider with 25 years of industry expertise helping consumers explore and travel with confidence.
• Universal Assistance Travel assistance and insurance service for Latin American travellers, providing protection anywhere in the world.
• World Travel Protection Global medical, travel and security assistance for corporate travellers; specialists in B2B2E travel risk management services supporting enterprise risk managers.
• Freely Travel insurance and safety app for modern-day travellers in Australia, New Zealand and North America. Enables purchase and adjustment of cover, connection with health professionals, claims logging and 24/7 live chat support with click-to-call assistance, powered by Sentiance safety-tracking technology.
• Blue Insurance Ireland's award-winning travel insurance brand providing annual, single trip and backpacker travel insurance, plus car hire excess, gadget and pet insurance.
• MultiTrip Online UK travel insurance brand offering low-cost annual and single trip insurance policies.
• iCarhireinsurance.com Online car hire excess insurance service offering fully comprehensive policies accepted at car rental locations worldwide.
• Impulse™ platform Proprietary platform combining traveller knowledge with technology to capture customer data, enhance conversion rates and average sale values, and enable businesses to seamlessly integrate specialist insurance and assistance solutions.

Quantifiable outcome

• 17 million people protected every year worldwide
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability5 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered flagship, core and minor.

• Booking.comflagshipChannel Partner/ Reseller/ Distributor · 1 January 2020Cover-More Group and Zurich entered new partnership with leading global OTA Booking.com in Europe in 2020, embedding travel insurance products at point of sale.
• Flight CentrecoreChannel Partner/ Reseller/ DistributorLong-standing distribution relationship with Flight Centre since 1991, emerging as leader in Australian agency channel. Cover-More established in 1986 and distributed travel insurance through travel agents, with Flight Centre as key partner.
• MedibankminorChannel Partner/ Reseller/ DistributorIntermediated distribution agreement with Australian health insurer Medibank.
• Australia PostminorChannel Partner/ Reseller/ DistributorIntermediated distribution agreement with Australia Post for travel insurance distribution.
• SentiancecoreTechnology or IntegrationSafety-tracking technology partner for Freely app. Sentiance technology turns motion into insights, detecting transport mode (bus, car, bicycle, moped) and used by companies like Uber for safety tracking.
• 1% for the PlanetminorStrategic or Co-development PartnerFreely partners with 1% for the Planet, donating 1% of all revenue to protect local and Indigenous communities and support environmental preservation initiatives including Seed Mob, The Hunger Project, and Pacific Wild.
• Rainforest 4 FoundationminorStrategic or Co-development PartnerFreely partnered with Rainforest 4 Foundation, donating a portion of customer purchases to protect the Daintree rainforest in Far North Queensland.
• Z Zurich FoundationcoreStrategic or Co-development PartnerCover-More Group supports Z Zurich Foundation mission to create brighter future for vulnerable people. Through Universal Assistance in LATAM, delivering Transforming the Future program targeting 12,000+ people in Argentina, Brazil, Chile, Colombia and Mexico.
• Make-A-WishminorStrategic or Co-development PartnerCover-More New Zealand supports families with critically ill children to go on Make-A-Wish holidays by funding their travel insurance including cover for their illness.
• Usman Khawaja FoundationminorStrategic or Co-development PartnerCover-More Australia raising $50,000 for the foundation working to impact lives of disadvantaged children in Australia through cricket and education programs.
• Sydney WorldPride 2023flagshipGTM or Marketing PartnerCover-More Travel Insurance was Official Travel Insurance Partner of Sydney WorldPride 2023 - the first WorldPride event in the southern hemisphere. Partnership promoting safe travel for LGBTQIA+ community.
• Unconnected.orgminorStrategic or Co-development PartnerPartnership with Unconnected.org to help Ukrainian families stay safe and connected through Connecting Ukraine project, topping up mobile phone credit and providing free health appointments and advice.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Allianz Partners: Allianz Partners operates one of the world's largest travel insurance and assistance businesses, offering travel, health, and roadside assistance products across similar geographies and channels. Direct competitor to Cover-More in D2C, embedded airline/OTA partnerships, and corporate travel risk management.
• AIG Travel: AIG Travel is a major global travel insurance provider with deep distribution through airlines, OTAs, and travel agents. Competes head-to-head with Cover-More's Travelex brand in the US market and offers comparable product breadth globally.
• AXA Travel Insurance: AXA provides travel insurance across multiple geographies including Europe, Asia, and North America, with similar product offerings (single-trip, annual multi-trip) and distribution through travel agents and online channels. Directly comparable to Cover-More's Blue Insurance and MultiTrip operations.
• Berkshire Hathaway Travel Protection: BHTP is a leading US travel insurance provider with strong D2C and embedded distribution through airlines and OTAs. Directly comparable to Travelex and Cover-More's leisure travel insurance products, particularly in the US market.
• World Nomads: World Nomads specialises in travel insurance for backpackers, adventure travellers, and digital nomads, with strong D2C digital distribution. Competes with Cover-More's backpacker and single-trip products globally, particularly in Australia, NZ, and North America.
• Generali Global Assistance: Generali Global Assistance provides travel insurance and 24/7 assistance services with strong North American and European presence. Comparable to World Travel Protection's assistance operations and Cover-More's embedded airline/OTA products.
• Tokio Marine HCC - MIS Group: MIS Group underwrites and administers travel insurance programmes for financial institutions, retailers, and affinity groups. Comparable to Cover-More's B2B2C white-label and embedded insurance offerings through NAC programmes.

Emerging players

• SafetyWing: SafetyWing is a digital-first travel and global health insurer targeting remote workers, digital nomads, and SMEs with subscription-based products. Represents an emerging challenger to Cover-More's traditional travel insurance model, particularly the Freely app's digital-native segment.

Broad incumbents

• International SOS: International SOS is the largest global medical and travel security assistance company, serving multinational corporations with duty-of-care solutions. Comparable to Cover-More's World Travel Protection B2B2E corporate travel risk management business, though International SOS is significantly larger and broader.

Others

• Zurich Insurance Group: Zurich Insurance Group is the parent company of Cover-More and a top-5 global insurer. Relevant as the strategic owner and capital provider whose Global Ventures platform houses Cover-More's travel insurance business globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cover-more-insurance
• Xx.com/CoverMore

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cover-More Group