Trip Money, the Fintech arm of MakeMyTrip, Partners with Cover Genius to Offer ‘Cancel for any Reason’ Travel Protection
INDIA, 9th Feb 2023 – Trip Money, the fintech arm of MakeMyTrip, has joined hands with Cover Genius, the insurtech for embedded protection, to introduce embedded travel protection on MakeMyTrip for its global customers through XCover, Cover Genius’ award-winning global distribution platform.
The integration will also provide ‘Cancel For Any Reasons’ (CFAR) travel protection that offers MakeMyTrip’s customers added convenience, security and comfort.
With a single API call, this partnership aims to give global travellers peace of mind by embedding protection that removes the pain points associated with claims on policies that are otherwise applicable for restricted reasons only.
Speaking on the added convenience now being offered through this new CFAR policy, Sumit Agarwal, Senior Vice President, TripMoney, shared, “We are pleased to collaborate with Cover Genius, a valuable partner – who brings in vast amounts of rich experience and industry know-how, to introduce a one-of-a-kind travel protection product that is bundled to offer greater flexibility, comfort, and most importantly, an assurance of coverage in case of any uncertainties to travellers. We are confident that much like our other products, CFAR will also see a positive response for the various user benefits.”
“We are excited to help MakeMyTrip embed end-to-end protection that’s fit for the times,” said Barney Pierce, SVP, Strategic Partnerships, APAC for Cover Genius. “Our unmatched post-claims NPS of +65‡ will enable MakeMyTrip to offer its customers an automated, customer-centric claims experience. The CFAR feature enables travellers to book their tickets whenever they wish and makes it easier for them to cancel their reservation for an immediate refund, with no questions asked.”
Cover Genius’ post-claims NPS stands at +65‡, the highest independently monitored score for any insurance company worldwide.
About Cover Genius:
Cover Genius is the insurtech for embedded protection. Through XCover, our global distribution platform for any insurance or other type of protection, we protect the global customers of the world’s largest digital companies including Booking Holdings, owner of Booking.com and Agoda, Ola and Intuit. We’re also available at Amazon, Flipkart, Pepperfry, BetterPlace, and Shopee. 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 claim 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.
TripMoney, the fintech arm of MakeMyTrip, offers convenient and hassle-free travel-related financial services digitally. The range of solutions includes Travel loans/Cardless credit/ Book Now Pay Later (BNPL), Travel insuretech APIs & Forex solutions for international travellers and students studying abroad. TripMoney has partnered with multiple leading Fintech companies, NBFCs, and Banks. TripMoney’s products and solutions are currently available to bookers of MakeMyTrip and Goibibo.
MakeMyTrip Limited is India’s leading online travel company. We own and operate well recognized online brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travellers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.
We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside India, Indian Railways, and all major Indian bus operators.