InsurTech Cover Genius buys embedded warranty provider Clyde
By Gloria Methri
Cover Genius, the InsurTech for embedded protection has completed the asset acquisition of US-based embedded warranty provider, Clyde Technologies. The acquisition will further Cover Genius’ expansion into the medium-sized e-commerce segment.
The acquisition enhances the company’s mission to protect all the customers of the world’s largest digital companies. It also aligns with their growth strategy, which most recently included the acquisition and integration of Booking Protect, a provider of refund protection for live entertainment events. The firm is forecasted to grow by 80% in 2023.
“Data shows that adding protection within the checkout experience increases purchase conversion rates by 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,” said Angus McDonald, CEO and Co-founder of Cover Genius.
“With XCover already at Amazon, eBay, Wayfair, Descartes ShipRush, and many more, our global distribution available 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.”
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.
Led by CEO Angus McDonald, Cover Genius is an InsurTech company for embedded protection. Through XCover, its distribution platform, the company protects customers of digital companies including Booking Holdings, owner of Priceline and Booking.com, Intuit, Hopper, Ryanair, Turkish Airlines, Descartes ShipRush, Zip, and SeatGeek. It is also available at Amazon, Flipkart, eBay, Wayfair, and SE Asia’s largest company, Shopee.
IBSi Daily News Analysis
June 08, 2023
The deep dive: payment systems in NetherlandsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage