Cover Genius, a global InsurTech for embedded insurance, has completed an asset acquisition agreement with US-based embedded warranty provider, Clyde Technologies.
Cover Genius offers embedded protection to multiple industries including airlines, travel and rental companies, retail, financial services, real estate, logistics, ticketing, gig economy and benefit companies and more.
The assets acquired in this deal will assist Cover Genius’ continued expansion into the medium-sized e-commerce segment.
According to Cover Genius, the acquisition also enhances the company’s mission to protect all the customers of the world’s largest digital companies and aligns with their growth strategy, which most recently included the successful acquisition and integration of Booking Protect, a provider of refund protection for live entertainment events.
Clyde’s merchant partners include household brands such as Skullcandy, Movado, Dyson, Shark Ninja, Rugs.com, Tuft and Needle, Lull Mattress and others. Cover Genius expects there to be no impact on servicing and sales for Clyde’s partners.
Angus McDonald, CEO and co-founder of Cover Genius, said, “Data shows that adding protection within the checkout experience increases purchase conversion rates 8%‡, but 58% of customers were not offered warranties for their most recent purchase, a gap caused by traditional insurers who – beset by legacy systems – have been unable to meet the demands of small and medium-sized retailers.
“With XCover already available at Amazon, eBay, Wayfair, Descartes ShipRush and many more, our global distribution platform has delivered outstanding growth for merchants with its AI-based pricing for any type of protection globally, and an NPS of +65‡. This strategic acquisition is a natural fit for Cover Genius in America.”
Last year, Cover Genius raised $70m in Series D funding. The round was led by Dawn Capital, with participation from new investor, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital.
The company also partnered with Turkish Airlines to bolster its travel protection to global passengers.
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