Cover Genius, the insurtech for embedded protection, today announced it has completed an asset acquisition agreement with US-based embedded warranty provider, Clyde Technologies. The assets acquired will assist Cover Genius’ continued 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 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.
“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,” said Angus McDonald, CEO and Co-founder of 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 expects there to be no impact on servicing and sales for Clyde’s partners.
