InsurTech firm introduces product insurance, joins hands with Shopee

InsurTech firm Cover Genius, whose insurance distribution platform protects the customers of some of the world's largest online companies, has announced the expansion of its product and parcel insurance and warranty products into Asia and a partnership with one of the region's leading ecommerce platforms, Shopee.

With the outbreak of COVID-19 in early 2020, an increasing number of consumers have turned to online e-commerce platforms as lockdowns and stay at home orders came into place. The number of online shoppers in Southeast Asia is expected to reach 310m by the end of 2020, with the e-commerce sector to be worth US$150bn by 2025.

Cover Genius managing director for Asia, Arijit Chakraborty, said the expansion of the InsurTech firm’s product insurance and warranties into Asia was aimed at providing customers a level of protection that wasn’t previously possible. “Customers want to protect all their purchases, big or small, and they want that coverage from their favourite brands. We know that Average Order Value is 62% higher when insurance or warranties are purchased at checkout, but so few shoppers are being given that opportunity.”

Partnership with Shopee

Under this partnership, Shopee Thailand’s retail and merchant customers gain access to Cover Genius’ XCover platform, where the world’s largest retailers can sell regulated insurance and warranties in over 60 countries and 50 US states. Cover Genius will provide Shopee’s retail customers with protection that is tailored to the items in their carts, easy-to-understand policies, a fully digital process and instant payment of approved claims. Meanwhile, Shopee’s network of merchants will enjoy customised insurance products for parcel and transit.

Cover Genius is a global InsurTech company with offices in New York, San Francisco, the United Kingdom, The Netherlands, Germany, Japan, Singapore, India, Korea, Indonesia, Malaysia, Thailand, New Zealand, and Australia.

Cover Genius co-creates insurance products with partners.

Source: Asia Insurance Review