The acquisition 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, which is forecasted to grow 80% in 2023.
Cover Genius Growth Strategy
Launched in 2014 by Angus McDonald, the former head of publisher partnerships at Yahoo and ex-Googler Chris Bayley, Cover Genius, broke boundaries by being an insurtech platform that prices and handles claims for virtually any line of insurance or warranty.
The company swiftly expanded to all 50 US states and now serves customers in more than 60 countries, In December 2022 it raised US $70mn in a Series D round led by Dawn Capital with participation from Atlas Merchant Capital, GSquared and King River Capital.
Speaking about the recent announcement, 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,” .
He continued: “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 expects there to be no impact on servicing and sales for Clyde’s partners.
Source: Fintech Finance News
