NEW YORK and SYDNEY, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Cover Genius, the leading insurtech for embedded insurance, has announced a partnership with Zip, a global Buy Now, Pay Later (BNPL) player, to offer customers tailored protection embedded into the payment process and Zip’s wallet experience. The partnership expands Zip’s BNPL offering by not only protecting purchases in the moment, but also allowing customers to add protection to their recent purchases.
“With the global BNPL market expected to reach $680B by 2025, we’re thrilled to partner with Zip to protect the growing number of worldwide BNPL customers,” said Angus McDonald, Co-Founder and CEO of Cover Genius. “Zip is a popular payment option and is uniquely positioned to protect their customers at point of sale but it also has a tremendously loyal and engaged customer base, meaning they’re able to further develop the relationship with embedded protection in their popular wallet, while also doing away with arcane multi-year products backed by traditional insurers who produce poor customer outcomes.”
The partnership integrates XCover, Cover Genius’ global insurance distribution platform, into Zip’s alternative payment platform for a seamless customer experience that is designed for ultimate flexibility. The feature will give Zip Pay and Zip Money customers the ability to add protection to their Zip purchase, either during checkout or after checkout on select purchases, making it an affordable and timely alternative.
In an initial launch, customers will be offered transaction monitoring, where they can protect their recent purchases —with a first-of-its-kind solution that leverages transaction data to offer protection that is tailored for relevance and renewed on an annual, recurring basis. Insurance options will also be available for Zip customers at checkout, with XCover’s Natural Language Processing utilized to identify relevant items.
The solution launches initially in Australia, meeting the needs of consumers worldwide, 61% of whom — driven primarily by convenience — are highly interested in transaction-based insurance offers from financial institutions, according to recent research from Momentive.ai and PYMNTS that was commissioned by Cover Genius.
“We’re excited to collaborate with Cover Genius to offer Zip’s customers real time, relevant offers for their online purchases,” said Larry Diamond, Co-Founder and Global CEO at Zip. “We understand our customers want flexibility and peace of mind when making major purchases, and Cover Genius’ embedded technology does exactly that in a seamless and convenient way.”
“This partnership also perfectly aligns with our ethos of creating a financially fearless world. We put our customers at the center of everything we do, so it is important to us that we can arm them with the ability to shop confidently and protect the items that they care about in a way that is affordable and tailored to their purchases.”
Through this partnership, Cover Genius has the potential to address Zip’s 11 million+ BNPL customers, giving them access to real time protection that’s embedded into their purchase journey. Amid the rapid growth of the fintech sector, there is a huge demand (up to 96% according to the survey) for banks, neobanks, wallets, accounting platforms, BNPLs and other fintechs to protect their customers in this way.
For more information please visit, covergenius.com.
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, Intuit, Skyscanner, Ola, Ryanair, Descartes ShipRush and SeatGeek. We’re also available at Amazon, Flipkart, eBay, Wayfair 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, with an API for instant claims payments that holds an industry-leading NPS of +65‡.
Cover Genius and partners co-create solutions that embed protection that’s licensed or authorized in over 60 countries & all 50 US States.
‡ 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.
About ZIP: Zip Co Limited (Z1P: ASX) or (“Zip”) is a leading global financial services company, offering innovative, people-centered products that bring customers and merchants together. On a mission to be the first payment choice everywhere and every day, Zip offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments, connecting millions of customers with its global network of tens of thousands of merchants. One of the fastest-growing BNPL companies globally, Zip has a presence in Australia, Canada, Czech Republic, India, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, South Africa, UAE, the United Kingdom, and the USA. Zip provides fair, flexible and transparent payments options to individual consumers and SMBs, helping them to take control of their financial future and helping merchants to grow their businesses. Zip is committed to responsible lending and also owns Pocketbook, a leading financial management tool. Founded in Australia in 2013, Zip now employs over 1000 Zipsters worldwide.
