Cover Genius Expands Relationship with Ola to Offer Customers Embedded Travel Protection
Follows Research That Shows 32% of Indian Travellers Intend to Switch to An Alternative Channel for Travel Insurance Due to Dissatisfaction with Pandemic-Related Insurance Coverages and Claims
PRESS RELEASE — November 30, 2021 — Cover Genius, the insurtech for embedded insurance, today announced an expansion of its partnership with Ola, India’s largest mobility platform. This news follows Cover Genius’ recent Series C funding round of $70M USD, which is being used to expand its global distribution platform, XCover, and support new global partnerships in e-commerce, property, travel, mobility, auto, B2B, and financial services.
Through this partnership, Ola will now offer tailored travel protection, Travel Cover with Smart Delay, which utilises Cover Genius’ award-winning API for instant, automated payments if an Ola customer’s flight is delayed. With significant market share in airport rides and higher than expected uptake of the current groundbreaking product offering called Ride Advantage, the partnership puts Ola at the forefront of embedded protection products in the mobility sector.
“We are delighted to work with Cover Genius on a unique benefit for our customers. Their world-leading technology, award-winning claims process and customer centricity makes them an invaluable partner for Ola as we continue our growth,” Pranshu Diwan, Head of Insurance for Ola, said.
This partnership follows a survey, conducted by Momentive.ai and commissioned by Cover Genius, of 548 travellers from India, which sought to understand sentiments regarding travel insurance, the preferred channels for obtaining it and claims experiences. Overall, findings showed that the majority of travellers (49%) would prefer to purchase embedded travel protection directly from travel providers and agents with the primary driver being convenience. In fact, of the travellers who previously purchased travel protection from a travel provider, 69% would do so again.
When asked to evaluate their most recent claim, Indian customers who obtained insurance via an online insurer rated their experience with a post-claim NPS of +8 and an average completion time of 11 days. Travel providers/agents measured an NPS of +22, taking 8 days to process claims. Cover Genius’ post-claims NPS stands at +65, the highest independently monitored score for any insurance company worldwide.
“With data revealing that travellers are dissatisfied with travel insurance that doesn’t payout for pandemic-related events, we are excited to help Ola embed end-to-end protection into their service,” said Arijit Chakraborty, Managing Director, APAC, for Cover Genius. “Our unmatched post-claims NPS of +65 will enable Ola to offer its customers an automated, customer-centric claims experience.”
This study showed a correlation between NPS and resolution time for claims, suggesting that claims backed by faster payments, clearer policy wordings, online status updates, online filing, and avoidance of data re-entry can all increase satisfaction rates.
Download the full report, “A consumer-focused survey on claims experience and embedded offers for the travel industry – India“.
about cover genius
Cover Genius is the insurtech for embedded insurance that protects the global customers of the world’s largest digital companies including Booking Holdings, owner of Booking.com and Agoda, Ola, Intuit, Skyscanner, and Descartes ShipRush. We’re also available at Amazon, Flipkart, Pepperfry, eBay, and Shopee. Cover Genius’ vision is to protect all the customers of the world’s largest online companies through XCover, an award-winning global distribution platform for any line of insurance or warranty, and XClaim, an API for instant payment of approved claims that delivers an NPS of +65, a result that has been independently recognized as the highest for any insurance company globally.
Cover Genius and partners co-create solutions that embed protection that’s licensed or authorized in over 60 countries & all 50 US States.