Zip taps Cover Genius to provide customers with insurance

Zip customers will be able to insure their purchases during or after checkout thanks to the buy now, pay later (BNPL) company’s new partnership with insurtech Cover Genius.

The partnership integrates XCover, Cover Genius’ global insurance distribution platform, into Zip’s alternative payment platform, giving Zip’s over 11 million BNPL customers access to real-time protection that’s embedded into their purchase journey, starting first in Australia.

XCover is a distribution platform for any line of insurance or warranty, with an API for instant claims payments.

XCover’s natural language processing will be used to identify relevant items that may need to be insured. Insurance on these can be renewed on an annual, recurring basis.

“We understand our customers want flexibility and peace of mind when making major purchases, and Cover Genius’ embedded technology does exactly that in a seamless and convenient way,” says Larry Diamond, co-founder and global CEO at Zip.

“This partnership also perfectly aligns with our ethos of creating a financially fearless world. We put our customers at the centre of everything we do, so it is important to us that we can arm them with the ability to shop confidently and protect the items that they care about in a way that is affordable and tailored to their purchases.”