Since becoming the preferred insurance partner for the one of world’s largest online car rental companies, Rentalcover.com in 2015, London, New York and Sydney-based InsurTech company – Cover Genius – has secured an expanded partnership that will enable the travel giant to offer instant insurance claim payments for Rentalcars.com customers.
The partnership with Rentalcars.com will give the travel company usage of the new Cover Genius XClaim API, technology that delivers global claims capability to travel and other online businesses that have branched out to offer customers insurance products.
Through the partnership, Rentalcars.com will have access to the brand new Cover Genius XClaim API, technology that enables instant payment of claims into 90+ currencies.
Cover Genius’ XClaim API is a world first instant payment solution for insurance claims. For Rentalcars.com, it will supplement Cover Genius’ end-to-end capability that enables the world’s largest online companies to roll-out and easily sell any type of personal or commercial insurance in 60+ countries and 40 languages.
Cover Genius’ Australian firm was recognised as the country’s fastest growing firm in 2017. It’s co-founder and CEO Angus McDonald said: “Our XCover technology is configurable for any line of insurance making it simple, quick and accessible for global travel eCommerce businesses to push a new insurance product live.
One way of looking at the benefits of our technology is to compare setting up an insurance framework the traditional way, requiring dozens of staff to establish incorporated companies and associated licences and compliance activities, versus a single elegant API call.”
The key benefit of the new XClaim API is instant payments. He continues, “XClaim is a key feature of all our policies, it allows customers to get a same-day bank transfer for 90+ currencies, or to receive a “store credit” to spend back on the partner’s website. This has been a tough challenge for traditional travel insurers for whom the average payment time is 20 days after approval. We’re proud that our technology can be thanked for industry-high NPS averages of 70+ for claims.”