(Image source: Clyde homepage.)
Cover Genius, an InsurTech focused on embedded protection, has announced the completion of an asset acquisition agreement with U.S.-based embedded warranty provider, Clyde Technologies (New York). Cover Genius says the assets acquired will assist its continued expansion into the medium-sized e-commerce segment. The company adds that the acquisition enhances its 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, which is forecasted to grow 80 percent in 2023.
“Data shows that adding protection within the checkout experience increases purchase conversion rates 8 percen, but 58 percent 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,” comments Angus McDonald, CEO and co-founder, Cover Genius. “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.”
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 says it expects no impact on servicing and sales for Clyde’s partners.