Cove Insurance
| Cove Insurance Logo | |
| Private | |
| ISIN | 🆔 |
| Industry | Insurance |
| Founded 📆 | 2017[1] |
| Founders 👔 | Andy Coon; Rob Coon; Brett Wilson[2] |
| Headquarters 🏙️ | Auckland, New Zealand[3] |
Area served 🗺️ | New Zealand |
| Products 📟 | Car insurance; Pet insurance[4] |
| Members | |
Number of employees | |
| 🌐 Website | coveinsurance |
| 📇 Address | |
| 📞 telephone | |
Cove Insurance is a New Zealand–based digital insurer that sells personal insurance online. The company launched to the public in 2018 after a 2017 founding, and has been cited in industry press for using chatbots in policy sales and customer service. Cove's policies are underwritten by Aioi Nissay Dowa Insurance (New Zealand).[5][6]
History
Cove was founded in 2017 by brothers Andy and Rob Coon and finance executive Brett Wilson. In July 2019, the company announced a NZ$2 million capital raise that included investment from Greenlight Re Innovations, a subsidiary of NYSE-listed Greenlight Capital Re.[7]
In June 2018, Insurance Business reported that Cove sold what was believed to be New Zealand's first insurance policy via a Facebook Messenger chatbot, completing the purchase in just over three minutes.[8]
Cove has also been reported as obtaining coverholder status with Lloyd's of London in 2018, enabling it to offer products using delegated underwriting authority.[9]
Operations and underwriting
Cove distributes policies directly online. Its car and pet insurance policies are issued by Cove Limited and underwritten by Aioi Nissay Dowa Insurance Company Limited (New Zealand).[10][11]
Products
Cove offers comprehensive car insurance sold online, with optional add-ons such as windscreen cover, rental vehicle cover and roadside assistance, as described by independent consumer guides.[12]
Cove introduced pet insurance in 2022, offering multiple tiers of cover (e.g., Accident Only, Major, and Major + Minor).[13]
Partnerships
In September 2023, New Zealand energy retailer Pulse Energy announced that it was partnering with Cove to introduce pet insurance offers for its customers. The partnership was part of a broader initiative enabling energy retailers to offer insurance products through Cove's digital platform.[14][15]
Cove also formed a partnership with Grey Power Electricity, offering its customers both car and pet insurance at discounted rates, as part of promotional benefits for Grey Power Electricity customers.[16][17]
In 2024 - 2025, investment platform Sharesies promoted "Sharesies Car Insurance by Cove," indicating a distribution partnership in which Cove issues the policies and Aioi Nissay Dowa underwrites them.[18]
Reception
Trade and consumer publications have covered Cove's products and business model. Insurance Business has profiled the company's founding and use of chatbot-based distribution,[19][20] while consumer sites such as MoneyHub and Quashed have published policy overviews and reviews for New Zealand buyers.[21][22]
Diversity and inclusion
In February 2019, Cove received New Zealand's Rainbow Tick certification, which recognizes workplaces meeting benchmarks for LGBTQIA+ inclusion.[23]
References
- ↑ "Cove Insurance". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ Parker, Tamsyn (25 July 2019). "Insurance start-up attracts NYSE-listed investor". The New Zealand Herald. Retrieved 19 August 2025.
- ↑ "Cove Insurance". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ "Cove Car Insurance – promos & product notes". Banked. 28 February 2022. Retrieved 19 August 2025.
- ↑ "Cove Insurance". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ "Car insurance made for today". Sharesies. Retrieved 19 August 2025.
- ↑ Parker, Tamsyn (25 July 2019). "Insurance start-up attracts NYSE-listed investor". The New Zealand Herald. Retrieved 19 August 2025.
- ↑ Stepanova, Ksenia (27 June 2018). "First NZ insurance policy sold by chatbot". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ "Cove Insurance". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ "Car insurance made for today". Sharesies. Retrieved 19 August 2025.
- ↑ "Is Cove legitimate? (Underwriter details)". MoneyHub. 22 July 2025. Retrieved 19 August 2025.
- ↑ "Cove Car Insurance Review". MoneyHub. 13 July 2025. Retrieved 19 August 2025.
- ↑ "Cove Car Insurance – promos & product notes". Banked. 28 February 2022. Retrieved 19 August 2025.
- ↑ Araullo, Kenneth (13 September 2023). "Energy firm unveils partnership to provide pet insurance for customers". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ "Gentrack support Pulse Energy with the launch of its innovative Pet Insurance offer for customers". Scoop. 25 September 2023. Retrieved 19 August 2025.
- ↑ "Car & Pet Insurance". Pulse Energy. Retrieved 19 August 2025.
- ↑ "Grey Power Electricity car and pet insurance benefit". Grey Power Electricity. Retrieved 19 August 2025.
- ↑ "Car insurance made for today". Sharesies. Retrieved 19 August 2025.
- ↑ "Cove Insurance". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ Stepanova, Ksenia (27 June 2018). "First NZ insurance policy sold by chatbot". Insurance Business New Zealand. Retrieved 19 August 2025.
- ↑ "Cove Car Insurance Review". MoneyHub. 13 July 2025. Retrieved 19 August 2025.
- ↑ "Cove Insurance NZ Review (2025): Is It Worth It?". Quashed. 14 June 2025. Retrieved 19 August 2025.
- ↑ Olano, Gabriel (1 February 2019). "Cove recognised as LGBT-friendly organisation". Insurance Business New Zealand. Retrieved 19 August 2025.
Template:New Zealand insurance companies
External links
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