Cover Genius surpasses 10 million sales via its distribution platforms
Insurtech firm Cover Genius has announced that it has surpassed 10 million policy sales via its embeddable online distribution platforms
It follows a 667-per-cent year-on-year increase in sales in 2021 for its XCover distribution platform, which enables businesses to embed any line of insurance or warranty product on their website.
This included an 865 per cent increase in sales for Cover Genius’s travel partners, with the average attach rate being six times higher than pre-pandemic levels. Retail partners also saw a 1,900 per cent increase in policies sold, indicating that an overwhelming number of customers are shopping online and buying protection with their purchases.
The rise was also supported by a rapid rise in Cover Genius business partners
This rise was supported by the rapid expansion and solidification of partnerships with brands such as Booking Holdings, Ryanair, Skyscanner, Hopper, Agoda, Flipkart, Icelandair, Shopee, eBay, Wayfair, Rhino, Ola, Intuit, ShipRush, Freightos, AXS and Amazon.
To accommodate for the growth in sales, the firm has reportedly tripled the size of its US team to accommodate for the increase in demand.
“Following a year of substantial growth, we are delighted to have reached this major milestone, which further shows that the majority of digital customers want the convenience of protection when purchasing items or signing up to a service from their favorite brands,” said Angus McDonald, CEO and Co-Founder of Cover Genius. “Having helped partners integrate protection for almost a decade, we understand that it’s the key to making insurance relevant for customers and brands – which are best placed to curate it for each individual’s needs.”