InsurTech company Cover Genius announced Thursday (Aug. 4) that it has entered a partnership with Zip, an Australia-based buy now, pay later (BNPL) provider, to offer customers tailored protection embedded into the payment process and Zip’s wallet experience.
The partnership will also allow customers to add insurance to their purchases, either during or after checkout on select purchases, according to a joint press release.
On the news, Angus McDonald, co-founder and CEO of Cover Genius, said, “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.
“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.”
Larry Diamond, Zip co-founder and global CEO, added that Zip is excited to offer customers real-time, relevant offers on online purchases.
“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,” Diamond said.
The solution will initially launch in Australia, marking the latest expansion of Cover Genius’ XCover product.
Last month, PYMNTS reported that Cover Genius will integrate XCover into the ticket protection platform Booking Protect following an acquisition deal.
See also: Cover Genius Buys Booking Protect to Drive Embedded Ticket Protection
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 in the U.S., Zaiko in Japan and OzTix in Australia.
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