InsurTech firm Cover Genius, which provides embedded insurance, closed an acquisition deal for embedded ticket protection for sellers platform Booking Protect for undisclosed terms.
With Booking Protect, Cover Genius is expanding its footprint in the ticketing and live entertainment space by offering embedded protection for ticket sellers, platforms, and live event companies including SeatGeek, Spectrix, AudienceView, and Night Out in the U.S.; Zaiko in Japan; See Tickets, Festicket and TicketSource in the U.K.; OzTix in Australia, and others.
Booking Protect’s more than 350 partners will be offered embedded ticket protection worldwide through XCover from Cover Genius, an end-to-end global distribution platform, according to a press release on Monday (July 25).
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Angus McDonald, CEO and co-founder of Cover Genius, says that acquiring “established leaders” in a particular specialty makes Booking Protect a “natural fit” for Cover Genius.
McDonald pointed to his firm’s collaboration with ticketing partner AXS, which brought “significant growth in attach rates and customer satisfaction metrics,” and what was learned will be used in a similar approach to “supercharge the exceptional foundational work from the talented Booking Protect team.”
XCover 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, according to the release.
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“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,” said Simon Mabb, CEO of Booking Protect.
“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,” Mabb said.
Cover Genius is an InsurTech platform offering embedded insurance to protect the global customers of the world’s largest digital companies. The company and partners co-create solutions that embed protection that’s licensed or authorized in over 60 countries and across the U.S.
Founded in Leeds in 2014, Booking Protect is a global refund protection specialist, protecting bookings of any size worldwide. The startup offers some of the most comprehensive coverage for customers while generating additional revenue for sales partners, per the release.
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