Insurtech firm Cover Genius has purchased Booking Protect, a specialist in embedded ticket protection for ticket sellers, platforms and live event providers.
Booking Protect serves various companies including SeatGeek, Spectrix, AudienceView, and Night Out in the US as well as Zaiko in Japan and See Tickets and TicketSource in the UK, among others.
The latest deal is part of Cover Genius’ strategy to grow its footprint in the ticketing and live entertainment market.
The company will use its global distribution platform XCover to serve ticketing firms, small-to-mid-sized ticket sellers, events and venues as well as Booking Protect’s existing partners.
XCover is currently available on Amazon and other retailers cum ticketing companies such as AXS as well as Booking Holdings, Intuit, and Hopper.
It is designed to enable digital companies to entrench different types of insurance offers or warranty in any country straight into their checkout or app, using a single API call.
Cover Genius CEO and co-founder Angus McDonald said: “We’ve seen significant growth in attach rates and customer satisfaction metrics for ticketing partners like AXS, so we’re excited to apply those learnings and utilise our platform approach in order to supercharge the exceptional foundational work from the talented Booking Protect team.
“It’s a natural fit for us to team up with established leaders in specialty fields like ticketing who have built a great service and end-to-end solution at the expense of traditional insurers whose legacy systems contribute to poor customer outcomes and stunted growth for partners.
“While Cover Genius remains focused on enterprise partners like AXS, we recognise that there’s a huge addressable market out there, so acquisitions like this set us to be able to go deep within highly attractive verticals like ticketing.”
In September 2021, Cover Genius secured $72.69m (A$100m) in Series C funding round to grow its embedded insurance platform.
The round was led by Sompo Holdings with participation from G Squared and other returning investors.