Insuring an antique or collectable item is tricky. For a start, you need to agree a value, then there are various packaging and delivery service issues to think about. But solutions are there if you look for them and that’s what Cover Genius have been doing with Catawiki, which is kinda like an online village hall Antiques Fair. Here’s the word;
Cover Genius, the leading insurtech for embedded protection, and Catawiki, the leading online marketplace for special objects, have launched an exclusive partnership to protect the shipping of special objects. Through this partnership, Cover Genius will be offering embedded protection to Catawiki sellers directly within the online shipping process for in-country and cross-border shipments.
“Insuring collectibles or rare objects during shipment has been difficult and dependent on policies that differ widely from carrier to carrier, but together we have been able to make it a reality,” said Barney Pierce, interim Chief Business Officer, EMEA and APAC, at Cover Genius. “We are excited to be Catawiki’s insurtech partner and offer sellers peace of mind as they ship their, often, emotionally-charged special objects to their buyers – wherever they are.”
“As we continue to grow, we’re constantly looking at ways to improve the experience of our users,” said Janet Baireva, Vice President Product at Catawiki. “Through this partnership we’ll be offering sellers the easiest and most efficient solution to protect their objects during shipment. Sellers will not only benefit from a hands-off approach to any complicated claims procedures but also growth of customer loyalty.”
Embedded Protection Through XCover
The new insurance is embedded directly within Catawiki’s shipping process through Cover Genius’ award-winning global distribution platform for any insurance or other type of protection, XCover. XCover has a seamless claims process that has reduced end-to-end claims finalization with same-day payments or reimbursements on approved parcel claims. Payments for approved claims are processed instantly in more than 90 currencies. Cover Genius’ streamlined approach to protection is up to 20% cheaper than traditional logistics carriers†. This process, resulting in an industry-leading post claims NPS of +65, can help keep Catawiki buyers happy and returning to the platform.
Sellers can opt into the shipping insurance embedded directly in the submission flow of special objects. When ready to ship their item with any logistics carrier, sellers can choose the XCover customized protection solution that fits their needs; the platform handles the claims experience online, from policy purchase to claims administration to payout. The global solution supports all types of packages shipped for the various special objects available on Catawiki.
†Time savings are based on average resolution times (i.e. the duration from initial filing to completed payment) for all XCover shipping protection claims as at May 31, 2022 (sample size = 868) compared with the industry average time including payment settlement (min. 6 days) and period to acknowledge a filed claim.
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