Embedded insurance insurtech Cover Genius tries M&A for e-commerce drive
Cover Genius, a global insurtech for embedded insurance, has acquired US-based embedded warranty provider, Clyde Technologies as it drives towards growth goals in the mid-sized e-commerce segment.
Cover Genius justifies the purchase with reference to its mission to “protect all the customers of the world’s largest digital companies” and aligns with a growth strategy highlighted by the recent acquisition and integration of Booking Protect, a provider of refund protection for live entertainment events.
Cover Genius CEO and co-founder Angus McDonald 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.”
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