Cover Genius Acquires Clyde, Deepening Footprint in $121B Global Warranty Industry
Merchants will benefit from the same global, end-to-end protection available at Amazon, eBay, Wayfair, Descartes ShipRush and several others
NEW YORK, NY – Tuesday, March 14, 2023 – 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.
“58% of customers were not offered warranties for their most recent purchase, a gap caused by traditional models of insurance that – 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 industry-leading NPS. 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.
Cover Genius is the global insurtech for embedded protection. Through XCover, its award-winning global distribution platform, it protects the customers of the world’s largest digital companies with seamless, end-to-end experiences. Licensed or authorized in over 60 countries and all 50 US States, the insurtech enables partners to embed and sell multiple lines of insurance and other types of protection, resulting in an industry-leading post-claims Net Promoter Score (NPS) and more than 30 million happy customers.
For more information, visit covergenius.com.
‡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.