SingularCover
Spanish insurtech MGA offering AI-powered commercial insurance for SMEs and self-employed professionals
Overview
SingularCover was a Spain-based insurtech MGA that sold customized insurance products directly to small and medium-sized enterprises (SMEs) and self-employed professionals. The company operated exclusively in the Spanish market, offering civil liability, commercial multi-risk, and work absence coverage through a web-based platform that delivered online quotes in under five minutes.
The platform applied AI and data analytics to tailor coverage to individual business profiles across construction, hospitality, retail, professional services, and wellness verticals. Mutua Madrilena, a major Spanish insurer and Series A investor, served as a key carrier partner providing underwriting capacity. Liberty Mutual Strategic Ventures also participated in the Series A alongside existing investors Global Founders Capital and Antai Venture Builder.
SingularCover raised EUR 6.3M across seed (2019) and Series A (June 2020) rounds, grew 84% year-over-year in 2021, and reached approximately 4,000 active policies. After failing to close an additional financing round, the company sold its active policy portfolio to Micappital in April 2023 and ceased operations in August 2023. As of March 2026, a Madrid court was investigating the company bankruptcy.
Products & Services
Civil Liability Insurance
Third-party liability coverage for SMEs and self-employed professionals, addressing general liability and temporary or project-based liability exposure across multiple business types.
Key Features
- Third-party bodily injury and property damage
- General business liability
- Project-based and temporary liability
Target Users: Spanish SMEs and independent contractors
Distribution: Direct digital platform
Commercial Multi-Risk Insurance
Property and operational risk coverage customized by industry sector, addressing physical assets, business interruption, and sector-specific risks such as kitchen equipment for hospitality operators or inventory for retailers.
Key Features
- Property damage
- Business interruption
- Sector-tailored endorsements
Target Users: SMEs in construction, hospitality, retail, and commercial services
Distribution: Direct digital platform
Work Absence / Disability Insurance (ILT)
Income replacement and disability coverage for self-employed professionals and SME employees requiring protection against lost income during illness or accident-related work absences.
Key Features
- Income protection during illness (Incapacidad Laboral Temporal)
- Accident-related disability coverage
- Temporary incapacity benefits
Target Users: Self-employed professionals and SME employees in Spain
Distribution: Direct digital platform
Industry-Specific Packages
Pre-built insurance packages tailored to named business verticals, enabling customers to select sector-appropriate coverage without broker intermediation.
Key Features
- Construction and trades (contractors, electricians)
- Food and beverage (bars, restaurants, cafes)
- Personal services (hair salons, yoga studios, personal trainers)
- Professional services (photographers, consultants)
Target Users: Construction, hospitality, retail, professional services, wellness, and healthcare practitioners
Distribution: Direct digital platform