Cover Genius, the insurtech for embedded insurance, today announced its continued growth in India with the signing of homegrown E-commerce marketplace, Flipkart. This momentous 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.
Powered by XCover, the partnership enables Cover Genius to offer various protection products on the Flipkart platform, with a claims experience that’s won several global awards and ensures that our customers are kept happy with rapid servicing for repairs and replacement and instant payment when they file an approved claim.
Dheeraj Aneja, Senior Vice President – Fintech and Payments Group, Flipkart said, “Providing our shoppers with an exceptional customer experience is at the core of everything we do at Flipkart. Bringing highly relevant, embedded protection, hence, was a natural decision. With Cover Genius, we are confident that we will amplify the customer service standards on our marketplace.”
Arijit Chakraborty, Managing Director, APAC, Cover Genius
“We are excited to partner with one of the key E-commerce marketplace platforms in the region,” said Arijit Chakraborty, Managing Director, APAC for Cover Genius. “Customers want to protect all their purchases, big or small, and they want that coverage from their favorite brands. We know that the Average Order Value is 62% higher when insurance or warranties are embedded at checkout, but so few shoppers are being given that opportunity. Flipkart clearly recognises the value that protection can offer its customers.”
In addition, enabled by the company’s growth in the region and its Series C funding round, Cover Genius has also announced it will invest considerably in India and Southeast Asia.
“We look forward to working with Flipkart and other industry-leaders to embed co-created protection products that provide a best-in-class customer experience and world-leading post-claims NPS of +65,” said Gourav Agarwal, Director of Partnerships – India, Cover Genius. “We predict embedded insurance will follow a similar trajectory to embedded finance and digital payments.”
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, aided by Cover Genius’ licenses in 60+ countries & all 50 US States.