Insurtech tech firm, Cover Genius has signed a partnership with Scandinavia’s largest travel group, Etraveli, to become its insurance partner, enabling the leading-edge OTA to offer an even broader selection of policies across a wider scope of markets.
This partnership will give Etraveli customers the benefit of a personalised global insurance experience that provides policies which are tailor-made, truly flexible and customer-centric.
The Etraveli insurance offering will be powered by Cover Genius’ XCover insurance distribution platform which enables e-commerce businesses – travel and otherwise – to sell any type of personal or commercial insurance to their global customers.
Through the partnership, Etraveli will also have access to XClaim, the Insurtechs’s instant claims payment solution. XClaim enables the instant payment of approved claims and facilitates payments in 90+ currencies via bank transfers, popular e-wallets, store credits and top-ups to credit cards and virtual prepaid cards. This customer-centric approach to claims payments has enabled Cover Genius to deliver NPS scores of +65 compared to the industry average range of -10 to +15.
The XCover platform will allow the travel company to deliver the right products at the right time, enabling it to rapidly adapt to changing customer preferences and deliver new insurance product offerings to market, faster than before.
Leveraging the insurance firm’s API platform approach with a global network of underwriters – versus the traditional singular framework – Etraveli will be able to overcome legacy restrictions in insurance, giving it the strategic advantage of being able to service and protect customers in over 60 countries and 40 languages across more than a dozen sites in the Etraveli portfolio, including gotogate.com, Flygresor.se and mytrip.com.
Stefan Born, Director Ancillary Sales at Etraveli Group, said:
“Our customers choose us because we’re the fastest, most precise way to make their travel plans happen – we present the flights they want to see at the best prices. Extending this experience of seamlessness and transparency into our insurance offering is a natural step forward in our ongoing commitment to our customers.
“We have experience of selling insurance policies with various structures, and are familiar with the limitations, particularly dealing with multiple underwriters across multiple destinations in multiple languages. Working with Cover Genius as our trusted partner, we are looking forward to such pain points being alleviated, so that we can open up our market and policy scope.
“We are excited to be kick-starting this partnership and delivering a simple yet cutting-edge solution to our customers, wherever they are in the world.”
Co-Founder and CEO of Cover Genius, Angus McDonald said:
“Our XCover platform is configurable for any line of insurance, making it simple, quick and accessible for eCommerce sites that operate in multiple geographies to push a new insurance product live. We have fast become a preferred choice of insurance providers for household-name OTAs, delivering the personalised insurance coverage that customers actually want.
“XClaim is a key feature that allows customers to receive instant claim payments in 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 65+ for claims.
“This partnership with Etraveli Group is an important milestone in the continuing growth story of Cover Genius.”