Cover Genius

Name of the product or service

XCover

Votes: 15

Product or service description

Cover Genius is the insurtech for embedded protection. Through XCover, its global distribution platform for any insurance or other type of protection, it protects the global customers of the world’s largest digital companies. Together with its partners, Cover Genius co-creates solutions to embed tailored, optimized protection that’s licensed or authorized in over 60 countries and all 50 US States.

Distinction from the competition

Cover Genius provides 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 score.

Product or service innovations

Cover Genius is the insurtech for embedded protection. Through XCover, its global distribution platform for any insurance or other type of protection, it protects the global customers of the world’s largest digital companies. Together with its partners, Cover Genius co-creates solutions to embed tailored, optimized protection that’s licensed or authorized in over 60 countries and all 50 US States. Cover Genius provides 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 score.

Customer case study

Case Study: https://covergenius.com/global-online-retailer-513-growth-case-study/

As a large global online retailer that has long prioritized its customer experience, our partner understood the value that a multi-line insurance and warranty distribution platform could bring to both its customers and its business. In partnering with Cover Genius, our partner is leveraging the XCover platform – (marketed under Cover Genius’ consumer brand XCover.com) to provide its customers with warranties and insurance across a variety of product categories.

The introduction of tailored product protection through the partnership led to significant growth for our partner within just a few short weeks of launch, as seen here in the side by side comparison of the predecessor warranty provider and Cover Genius’ consumer warranty brand “XCover.”

Since integrating with the XCover platform to offer multiple types of product insurance and warranties in the purchase path, our partner has achieved 513% growth almost immediately after launch, with sales increasing from an average of $3,709 per week with the previous warranty provider to $19,037 per week by Week 4.

The data suggests a further 41% increase in warranty sales by the end of 2021, and, given much of the sales are annual policies sold as a subscription, on a lifetime value basis the number is expected to compound each year, with 2023 achieving 3X the sales figures for 2021.


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