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.
Angus McDonald
“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.
