Cover Genius Acquires Embedded Warranty Provider Clydeby Fintech News Singapore March 16, 2023
Cover Genius, an Australian insurtech for embedded protection, announced that it has acquired US-based embedded warranty provider, Clyde Technologies. Details of the transaction was not disclosed.
The insurtech said that the assets acquired will assist its continued expansion into the medium-sized e-commerce segment.
Cover Genius expects there to be no impact on servicing and sales for Clyde’s partners.
“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.”
said Angus McDonald, CEO and Co-founder of Cover Genius.