Cover Genius Acquires Clyde, Deepening Footprint in $121B Global Warranty Industry
NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) -- 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.
Together with our partners, we co-create solutions to embed tailored, optimized protection that’s licensed or authorized in over 60 countries and all 50 US States.
In addition, we provide customers with a seamless, end-to-end experience via XCover.com. XCover.com handles customers’ needs – from the initial sale through to administration and claims, resulting in an industry-leading post-claims NPS of +65. Its award-winning service design has shown to reduce support tickets by 7x.‡
‡ The score includes any type of claim and claims outcome across our partner network except for those partners with less than 30 claims and those not assessed by Cover Genius.
‡Inquiry statistics are derived from an internal analysis of 1,355 random XCover support inquiries from December 2022, of which 1,258 (93%) had not activated their XCover account and 97 (7%) had.
‡Conversion statistics are from a wide-ranging digital retail study conducted by an XCover partner that measured XCover’s impact on core conversion rates using a randomized split test of +70,000 visits over 20 days.
Cover Genius Media Contact: Shelley Petri Senior B2B Marketing Communications Manager [email protected]