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Cover Genius launches XCover Go for smaller retailers

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Insurtech Cover Genius, founded in Sydney in 2014, has launched a new XCover Go app for small-to-medium-sized businesses.

The app offers price-optimised warranty and shipping protection, with retailers able to earn sale commissions and marketing fees.

CEO and co-founder Angus McDonald says expansion into the $10 trillion revenue middle market was “a natural next step” after success with XCover, a global distribution platform available at Amazon, eBay, Wayfair, Descartes ShipRush and others.

“XCover Go offers merchants a simple tool that enables them to protect their customers, beyond the traditional manufacturer warranty, and provide a better experience with tailored policies, instant claim payments and 24/7, multilingual support,” Mr McDonald said.

“We are proud to offer small-to-medium merchants the opportunity to increase their average order value and customer lifetime value with the same full protection offered by leading enterprises.”

XCover Go is now available on e-commerce platforms Shopify and BigCommerce. Salesforce Commerce Cloud, Magento and others will be added soon.

Cover Genius research shows 60% of consumers would buy insurance from their e-commerce retailer if it were embedded into the online experience, yet most shoppers were not offered cover the last time they shopped online.

Founded by Mr McDonald and Chris Bayley, a first employee in Google's Sydney office where he managed the insurance team, Cover Genius is now licensed in more than 60 countries and every US state, to be recently valued by Bloomberg at $1 billion after tripling its gross written premium.