Cover Genius, an embedded insurance InsurTech, has acquired Booking Protect, an embedded ticket protection provider.
Founded in 2014, Booking Protect developed proprietary technology to provide ticket protection for sellers and platforms such as SeatGeek, Spectrix, AudienceView, and Night Out in the US, Zaiko in Japan, See Tickets, Festicket and TicketSource in the UK and OzTix in Australia.
Cover Genius said the acquisition expands its presence in the ticketing and Live Entertainment market by enabling ticketing platforms, small-to-mid-sized ticket sellers, events and venues and Booking Protect’s 350+ partners, the ability to offer embedded ticket protection worldwide through XCover, its end-to-end global distribution platform.
Angus McDonald, CEO and co-founder of Cover Genius, said, “We’ve seen significant growth in attach rates and customer satisfaction metrics for ticketing partners like AXS, so we’re excited to apply those learnings and utilize our platform approach in order to supercharge the exceptional foundational work from the talented Booking Protect team.
“It’s a natural fit for us to team up with established leaders in specialty fields like ticketing who have built a great service and end-to-end solution at the expense of traditional insurers whose legacy systems contribute to poor customer outcomes and stunted growth for partners. While Cover Genius remains focused on enterprise partners like AXS, we recognize that there’s a huge addressable market out there, so acquisitions like this set us to be able to go deep within highly attractive verticals like ticketing.”
Cover Genius recently teamed up with European airline Ryanair to offer its customers comprehensive travel protection, integrated directly into the booking flow for a more convenient experience.
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