Trip Money, the fintech arm of MakeMyTrip, has joined hands with Cover Genius, the insurtech for embedded protection, to introduce embedded travel protection on MakeMyTrip for its global customers through XCover, Cover Genius’ award-winning global distribution platform.
The integration will also provide ‘Cancel For Any Reasons’ (CFAR) travel protection that offers MakeMyTrip’s customers added convenience, security and comfort.
With a single API call, this partnership aims to give global travellers peace of mind by embedding protection that removes the pain points associated with claims on policies that are otherwise applicable for restricted reasons only.
Speaking on the added convenience now being offered through this new CFAR policy, Sumit Agarwal, Senior Vice President, TripMoney, shared, “We are pleased to collaborate with Cover Genius, a valuable partner – who brings in vast amounts of rich experience and industry know-how, to introduce a one-of-a-kind travel protection product that is bundled to offer greater flexibility, comfort, and most importantly, an assurance of coverage in case of any uncertainties to travellers. We are confident that much like our other products, CFAR will also see a positive response for the various user benefits.”
“We are excited to help MakeMyTrip embed end-to-end protection that’s fit for the times,” said Barney Pierce, SVP, Strategic Partnerships, APAC for Cover Genius. “Our unmatched post-claims NPS of +65‡ will enable MakeMyTrip to offer its customers an automated, customer-centric claims experience. The CFAR feature enables travellers to book their tickets whenever they wish and makes it easier for them to cancel their reservation for an immediate refund, with no questions asked.”
Cover Genius’ post-claims NPS stands at +65‡, the highest independently monitored score for any insurance company worldwide.
Cover Genius is the insurtech for embedded protection. Through XCover, our global distribution platform for any insurance or other type of protection, we protect the global customers of the world’s largest digital companies including Booking Holdings, owner of Booking.com and Agoda, Ola and Intuit. We’re also available at Amazon, Flipkart, Pepperfry, BetterPlace, and Shopee. Together with our partners, we co-create solutions to embed tailored, optimized protection that’s licensed or authorized in over 60 countries and all 50 US States.
In addition, we provide customers with a seamless, end-to-end experience via XCover.com. XCover.com handles customers’ needs – from the initial sale through to administration and claims, resulting in an industry-leading post claims NPS of +65. Its award-winning service design has shown to reduce support tickets by 7x.‡
Funding & Growth
Cover Genius recently announced it has raised $70M USD in Series D funding in a round led by Dawn Capital, with participation from new investor, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital. The raise will assist in the insurtech’s rapid business growth and expansion of its award-winning global insurance distribution platform, XCover.
The oversubscribed round represents a significant valuation uplift from Cover Genius’ Series C in 2021. Since then, the company has experienced a year of immense growth, reaching $1.1m in daily Gross Written Premium (GWP), nearly tripling its year-over-year revenue, and doubling its partnership base with new logos including leading American travel app, Hopper, two of the world’s largest airlines, Ryanair and Turkish Airlines, buy-now, pay later leader, Zip; and Indian gig economy platforms, Ola and Betterplace.
The insurtech has also deepened its global capabilities by investing in India-based insurtech, ensuredIT, and broadened its reach in key verticals by acquiring a leading specialist in ticket refund protection, Booking Protect – which brings market leaders like SeatGeek, Seetickets, Tessitura, Secutix, Audienceview, Zaiko and more onto the XCover platform.
“We’ve always been strategic about our approach to fundraising, and closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model,” said Angus McDonald, CEO and co-founder of Cover Genius. “Customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS) scores. Our tech-forward solution focuses on a seamless and transparent customer journey and, in contrast to traditional insurers, delivers a post-claim NPS of +65‡.”
Cover Genius offers embedded protection to multiple industries including airlines, travel and rental companies, retail, financial services, real estate, logistics, ticketing, gig economy and benefit companies and more. Its roster of partners includes the world’s largest digital companies, including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair, Zip and SeatGeek. XCover, Cover Genius’ award-winning global distribution platform, is also available at Amazon, eBay, Wayfair, Flipkart, and SE Asia’s largest company, Shopee.
The platform is licensed or authorized in more than 60 countries and all 50 US states and delivers personalized insurance and warranty products in any country, language and currency alongside available instant claim payments around the world.
“Cover Genius is rethinking insurance distribution with a tech-forward platform that enables partners and end-customers to provide and access protection at the point of need, ” said Dan Chaplin, Principal at Dawn Capital. “Embedded insurance is a rapidly growing segment of the market, and Cover Genius has built a leading platform that is globally enabled, multi-line and end-to-end. They’re working with some of the world’s largest platforms in multiple industries, and have combined exponential growth this year with an exceptionally strong business model. We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses.”
‡ The score includes any type of claim and claim outcome across our partner network except for those partners with less than 30 claims and those not assessed by Cover Genius. Inquiry statistics are derived from an internal analysis of 1,355 random XCover support inquiries from December 2022, of which 1,258 (93%) had not activated their XCover account and 97 (7%) had.