Freely

What Freely does

Freely is a mobile-first travel insurance brand operated by Cover-More Insurance Services Pty Ltd (and Cover-More, Inc. in the United States), which is itself a subsidiary of Cover-More Group, a company of Zurich Insurance Group. The company sells travel insurance to leisure travelers in Australia, the United States, and New Zealand through a direct-to-consumer, self-serve model centered on its native iOS and Android applications and a supporting website. The product portfolio consists of a single Essentials Plan in the US and a three-tier Essentials/Explorer/Explorer Pro structure in Australia for both overseas and domestic trips, augmented by modular "Trip Extras" add-ons such as Snow Activities, Adventure Activities, Rental Car Damage, Cruise, Motorcycle/Moped Riding, Pre-Trip Cancellation, and Baggage Upgrade.

The technology stack is built around the Freely mobile app, which integrates quote generation, real-time policy management, in-app claims submission, 24/7 live chat, geo-specific safety alerts with SOS, and 24/7 telehealth with e-script capabilities across 70+ countries. The defining technical feature is the Daily Boosts construct, which allows travelers to toggle pay-per-day coverage on or off while already traveling—a non-trivial product and billing implementation given the underlying insurance ledger. Underwriting is provided by Zurich Australian Insurance Limited in Australia and Zurich American Insurance Company in the US, with World Travel Protection Canada Inc. (Zurich Travel Assist) handling global emergency assistance and Tango Card fulfilling rewards.

Freely's business model is a one-time premium revenue model supplemented by usage-based fees from pay-per-day add-ons. Distribution is product-led growth through app store presence, digital marketing, content marketing (Travel Stories blog), referral programs, and earned media. Customer segments span solo, family, adventure, senior, LGBTQIA+, and student travelers in AU and US, supported by a tiered Freely Travel Rewards loyalty program launched in September 2025. To date, Freely has covered 300,000+ Australian customers and is rated 4.7/4.8 on the US/AU App Stores and 9.5/10 by Forbes Advisor.

Name

Freely

Legal name

Cover-More Insurance Services Pty Ltd

Website

https://freely.me

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Freely is a mobile-first travel insurance brand operated under Cover-More (Zurich Insurance Group), offering app-based policies with real-time Trip Extras and 24/7 telehealth for leisure travelers in Australia, the United States, and New Zealand.

Ownership category

akta.pro rank

Product category

Travel Insurance

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

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

akta.pro primary industry

Trip Cancellation/Interruption & Refund Protection Platforms (THALALAB)

akta.pro secondary industries

Travel Medical & Health Insurance Platforms (THALALAC), Adventure Sports & High-Risk Activity Travel/Accident Insurance (FSAJAJAL)

Keywords

• Travel insurance
• Medical travel coverage
• Trip cancellation insurance
• Adventure sports insurance
• Mobile insurance app

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Travel Insurance Premiums: Freely generates revenue through the sale of travel insurance policies. The core product is the Essentials Plan (US) or tiered plans Essentials/Explorer/Explorer Pro (AU), which bundle medical, trip, and belongings coverage. Revenue is one-time premium based, collected at policy purchase.
2. Trip Extras Add-ons: Optional add-on coverage products (Snow Sports, Pre-Trip Cancellation, Baggage Upgrade, Trip Inconvenience, Rental Car Damage, Adventure Activities, Cruise) available on pay-per-trip or pay-per-day basis. These generate incremental revenue from policy customization.
3. Daily Boosts: On-demand coverage add-ons for specific days of travel, allowing users to pay only for coverage on days they need specific activities covered (e.g., skiing, car rental). Revenue is usage-based per day.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Freely sells travel insurance policies to individual travelers in the US and Australia through a mobile-first app and website. Its core products are bundled insurance plans covering medical emergencies, trip cancellation/interruption, baggage, and evacuation, with modular Trip Extras (snow sports, adventure activities, rental car damage, cruise, pre-trip cancellation) that customers can toggle on or off in real time via the app. Policies are underwritten by Zurich, and the platform integrates 24/7 telehealth, geo-specific safety alerts, digital claims, and live chat support.

Product overview

Freely is a mobile-first travel insurance company offering flexible, app-based coverage for travelers in the US and Australia. The product portfolio consists of two market-specific offerings: In the US market, Freely provides a single Essentials Plan (bundled medical, trip, and belongings coverage) with optional Trip Extras that can be added on a pay-per-trip or pay-per-day basis, including Snow Activities, Pre-Trip Cancellation, Baggage Upgrade, Trip Inconvenience, Rental Car Damage, and Adventure Activities. The Daily Boosts feature allows travelers to toggle additional coverage in real-time during their trip. In the Australian market, Freely offers three-tiered plan structures for both overseas and domestic travel: Essentials, Explorer, and Explorer Pro. Each tier provides progressively higher coverage limits for medical expenses, cancellation, luggage, travel delay, and rental vehicle excess. Australian customers can also purchase single-trip or long-term policies and add Trip Extras for activities like skiing, cruising, and adventure sports. The Freely Mobile App serves as the unified platform across both markets, enabling quote generation, policy management, real-time Trip Extra adjustments, claims submission, 24/7 telehealth access, geo-specific safety alerts, and live chat support. The company also operates a Freely Travel Rewards loyalty program for Australian customers launched in September 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Essentials Plan (US) Base bundled travel insurance for US travelers covering medical emergencies (up to $500,000), emergency evacuation ($1,000,000), accidental death and dismemberment ($50,000), trip interruption (up to 150% of trip cost), lost/stolen baggage ($2,500), baggage delay ($250), and 24/7 emergency assistance.
• Overseas Essentials Plan (AU) Base-level overseas travel insurance for Australian travelers with unlimited overseas medical and emergency dental cover, $5,000 cancellation, $5,000 luggage, and $500 travel delay. 75+ adventure activities are automatically included.
• Overseas Explorer Plan (AU) Comprehensive overseas travel insurance for Australian travelers with unlimited overseas medical and emergency dental cover, $5,000 cancellation, $10,000 luggage, $2,000 travel delay, and $5,000 rental vehicle excess.
• Overseas Explorer Pro Plan (AU) Highest-tier overseas travel insurance for Australian travelers with unlimited overseas medical and emergency dental cover, $10,000 cancellation, $15,000 luggage, $3,000 travel delay, and $10,000 rental vehicle excess.
• Domestic Essentials Plan (AU) Entry-level domestic travel insurance for Australian travelers covering cancellation, additional expenses, and luggage within Australia.
• Domestic Explorer Plan (AU) Comprehensive domestic travel insurance for Australian travelers with $2,000 cancellation, $10,000 additional expenses, $5,000 luggage, $1,500 special events, and $5,000 rental vehicle excess.
• Domestic Explorer Pro Plan (AU) Highest-tier domestic travel insurance for Australian travelers with $3,000 cancellation, $10,000 additional expenses, $10,000 luggage, $2,000 special events, and $8,000 rental vehicle excess.
• Pre-Trip Cancellation Trip Extra Pay-per-trip add-on coverage that helps cover non-refundable trip expenses if something goes wrong before departure, attachable to the US Essentials Plan.
• Snow Activities Trip Extra Pay-per-day add-on coverage for skiing and snowboarding, toggleable on/off in the app during the trip.
• Adventure Activities Trip Extra Pay-per-day add-on coverage for adventure activities including skydiving, white water rafting, and trekking above 3,000 meters.
• Rental Car Damage Trip Extra Pay-per-day add-on coverage for rental vehicle damage or theft, allowing coverage only for days when renting a car.
• Baggage Upgrade Trip Extra Pay-per-trip add-on coverage providing increased limits for baggage and personal belongings.
• Trip Inconvenience Trip Extra Pay-per-trip add-on coverage for trip disruptions and inconveniences.
• Cruise Trip Extra (AU) Pay-per-day add-on coverage for cruise activities, available to Australian customers.
• Motorcycle/Moped Riding Trip Extra (AU) Pay-per-day add-on coverage for motorcycle and moped rental, available to Australian customers.
• Luggage Item Limit Increase Trip Extra (AU) Pay-per-trip add-on coverage increasing the per-item limit for valuable belongings.
• Freely Mobile App Native mobile application (iOS 5S and up; Android 7.0 and up) that serves as the primary platform for purchasing insurance, managing policies, adding Trip Extras in real-time, submitting claims, accessing 24/7 telehealth, receiving geo-specific safety alerts, and contacting live chat support.
• Single Trip Insurance (AU) One-time trip travel insurance for Australian travelers, available at Essentials, Explorer, or Explorer Pro coverage tiers.
• Long Term Insurance (AU) Long-term travel insurance for Australian frequent travelers, available at Essentials, Explorer, or Explorer Pro coverage tiers.
• Freely Travel Rewards Program Loyalty program that automatically enrolls Australian policyholders purchasing a Freely travel insurance policy and offers tiered membership levels (Explorer, Wanderer, Adventurer, Voyager, Voyager+) with progressive reward benefits for repeat customers.

Quantifiable outcome

• 75+ adventure activities automatically included in AU plans
• +4 more outcomes

Named customers5 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Zurich American Insurance CompanycoreOthersUnderwriting partner for Freely's US travel insurance products. Zurich American Insurance Company (NAIC # 16535) underwrites all US policies and handles claims administration through Zurich Travel Claims Administrator.
• Zurich Australian Insurance Limited (ZAIL)coreOthersProduct issuer and underwriter for Freely's Australian travel insurance products. ZAIL (ABN 13 000 296 640, AFSL 232507) issues the Freely Travel Insurance Product and Cancellation plan.
• Cover-More Insurance Services Pty LtdcoreOEM/ Whitelabel/ Licensing PartnerParent company and brand administrator for Freely. Cover-More (ABN 95 003 114 145, AFSL 241713) administers the Freely Travel Insurance Product on behalf of the product issuer. Also operates as Cover-More, Inc. in the US (CA Agency License #0N13321).
• World Travel Protection Canada Inc. (Zurich Travel Assist)coreTechnology or IntegrationEmergency assistance provider offering 24/7 access to medical and emergency specialists. Monitors global events including COVID-19 outbreaks, natural disasters, and civil unrest. Arranges emergency evacuations and provides travel assistance services.
• Tango Card, Inc.minorOthersThird-party gift card provider for Freely's Travel Rewards Program. Issues electronic gift cards to referrers who successfully refer friends to Freely travel insurance.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• World Nomads: World Nomads is a direct peer — a digital-first travel insurance brand specifically built for adventurous, independent travelers, with comparable adventure-sport coverage, online purchase flow, and a similar customer demographic to Freely.
• SafetyWing: SafetyWing is a direct peer in the digital-native travel/nomad insurance space, offering app-based subscription travel insurance with strong brand recognition among digital nomads and remote workers — a customer segment Freely also targets.

Broad incumbents

• Allianz Travel Insurance: Allianz Travel is a broad incumbent providing travel insurance across multiple geographies with broader product lines (trip cancellation, medical, baggage). It competes head-to-head with Freely but as part of a much larger portfolio and global distribution.
• AIG Travel Insurance: AIG Travel (Travel Guard) is a broad incumbent offering travel insurance across multiple markets. It overlaps with Freely's product suite and customer base but operates with broader corporate insurance distribution and longer-established scale.
• AXA Travel Insurance: AXA offers travel insurance as part of its broad global insurance portfolio. Comparable in product scope (medical, cancellation, baggage) but materially larger scale and broader product/customer portfolio than Freely.
• Berkshire Hathaway Travel Protection: Berkshire Hathaway Travel Protection is an incumbent US travel insurer offering similar product lines (cancellation, medical, baggage). It competes on price/quality but lacks Freely's mobile-first, real-time customization UX.
• IMG Global Travel Insurance: IMG (International Medical Group) provides international travel and health insurance products including for adventurous travelers and expats. It overlaps with Freely's medical/evacuation and adventure positioning at a broader, longer-established scale.

Emerging players

• Battleface: Battleface is an emerging travel-insurance MGA focused on adventure and hard-to-insure travelers with customizable plans — overlapping with Freely's adventure and customization positioning but at smaller scale.
• Faye Travel Insurance: Faye is an emerging digital travel insurance platform with an app-first experience and real-time assistance — directly comparable to Freely's mobile-first approach but operating primarily in the US market.

Others

• Cover-More Travel Insurance: Cover-More is Freely's parent brand — same parent company, similar product offering, but operated as the legacy/agent-channel brand rather than the mobile-first Gen-Z-leaning brand. Directly comparable product set, channel-distinct.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Freelytravelapp
• LinkedInlinkedin.com/company/gofreely
• Instagraminstagram.com/freelytravelapp
• TikToktiktok.com/@freelytravel

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Freely