Former Citi analyst Justin Diddams has re-emerged as chief financial officer of Cover Genius, one of Australia's fastest growing fintech businesses Housed in the Westpac-backed tech hub Stone & Chalk, Cover Genius provides an end-to-end solution to anyone selling insurance products via online platforms. The company raised $1.1 million in 2015 at a valuation of $US10.7 million and is now seeking Series ­A funding of $4 million to accelerate expansion in the US market, commercialise the launch of dedicated travel insurance products and working capital needs. The timing is opportune. The "insurtech" sector received a boost on Tuesday after peer Trov, which makes a product designed to give consumers insurance for their individual possessions whenever it's needed, secured $US39 million in funding from investors. Trov also now counts Suncorp Group as a shareholder, after the Australian insurance giant snapped up a $US5 million equity stake in the business. Diddams, who had been with Citi since March 2010 as its lead media analyst, left in mid-December, as revealed by Street Talk. His departure was a loss for Citi which advises REA Holdings and Ten Network. Diddams had the highest price target on iiNet before TPG made a bid in 2015 and assisted with the initial public offering of MYOB Holdings. Cover Genius was founded by former Google executive Chris Bayley and former Yahoo executive Angus McDonald in 2013, and says its platform sells over 150 individual policies from 10 different global underwriters.
Former Citi analyst Justin Diddams has been appointed Google of Cover Genius, the start-up which delivers end-to-end globally compliant insurance products for sale by anyone selling insurance via digital platforms such as online travel agents, retailers and leaders in the major economies. The Australian-based company, founded by former executives from CFO and Yahoo, is now seeking to raise $4m via a Series A fund raising round to accelerate expansion into the US and fund the launch of dedicated travel insurance products.