Cover Genius acquires warranty provider

Cover Genius acquires warranty provider

20 March 2023

Cover Genius has announced the purchase of US-based warranty provider Clyde Technologies in a move it says will provide consumers with “end-to-end” protection on their purchases.

Founded in 2017, Clyde provides users with access to warranty, registration and issue resolution information, all in a single platform dashboard.

Cover Genius CEO Angus McDonald says the deal will boon the insurtech’s ability to offer solutions that traditional insurers notably ignore.

“Data shows that adding protection within the checkout experience increases purchase conversion rates by 8%, but 58% of customers were not offered warranties for their most recent purchase, a gap caused by traditional insurers who – beset by legacy systems – have been unable to meet the demands of small and medium-sized retailers,” Mr McDonald said.

Cover Genius says the deal, as well as its recent acquisition of live entertainment refunder, Booking Protect, validate “the company’s mission to protect all the customers of the world’s largest digital companies.”