Reinsurance News

Cover Genius acquires Booking Protect

26th July 2022 - Author: Daniel Jackson

Cover Genius, the insurtech for embedded insurance, has acquired Booking Protect, a company specialising in embedded ticket protection for ticket sellers, platforms and live event companies in the UK and Australia.

MergerBooking Protect enables the world’s largest digital companies to embed offers for any line of insurance or warranty in any country directly into their checkout or app, from a single API call.

Angus McDonald, CEO and co-founder of Cover Genius, said: “We’ve seen significant growth in attach rates and customer satisfaction metrics for ticketing partners like AXS, so we’re excited to apply those learnings and utilize our platform approach in order to supercharge the exceptional foundational work from the talented Booking Protect team.”

“It’s a natural fit for us to team up with established leaders in specialty fields like ticketing who have built a great service and end-to-end solution at the expense of traditional insurers whose legacy systems contribute to poor customer outcomes and stunted growth for partners.”

“While Cover Genius remains focused on enterprise partners like AXS, we recognize that there’s a huge addressable market out there, so acquisitions like this set us to be able to go deep within highly attractive verticals like ticketing.”

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Sales on the XCover platform have grown 74% year-on-year to more than 2 million policies in 2022, a clear reflection that consumer appetite is changing in the post-pandemic world now that platforms are able to meet the demands of consumers who want to be protected in a seamless way by their digital apps.

Simon Mabb, CEO at Booking Protect, said: “We started Booking Protect to provide peace of mind to customers who are buying tickets via sellers and events and their upstream ticketing platforms, especially small-to-midsize players.”

“With the pandemic exposing the need for comprehensive coverage, we believe that now is the time to join forces with Cover Genius to scale our technologies and expand the reach of our mission. We look forward to continuing to serve our partners and help businesses provide a seamless customer experience in their time of need.”

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