The Digital Innovation Award - Cover Genius

1. How Cover Genius has impacted the
insurance industry with its innovation
.DIGITAL INSURER.
.AWARDS.

2. OUR JOURNEY
Beginning in 2014, we’ve built a truly global business
150+
Staff in NY, SF, London,
Sydney, Singapore,
Tokyo, Seoul & more
7 yrs
Since launch
2M
Customers in 2020
+65
Claims NPS
(highest verified
score globally)
+40
Languages covered
end-to-end by
XClaim
+90
Instant payment
currencies
available in
XClaim
5K
Claims paid per
month by XClaim
+60
No. of licensed
countries, plus 50
US states
FT’s #1 fastest growing co. in APAC Other awardsinclude

3. OUR GLOBAL PARTNERSHIPS
We work with some of the world’s top online companies & our panel includes A rated insurers
Insured by...
As seen on...

4. GLOBAL INSURANCE FRAMEWORK
Regulated insurance policies in more than 60 countries and 50 US states

5. INSURANCE THE NEW WAY
OLD NEW

6. XCOVER IS AN INSURANCE DISTRIBUTION PLATFORM
The API dynamically bundles policies for any territory, currency and language.
The XCover API generates a
warranty or insurance
product for any product sale
worldwide. For example:
1. A Millennial is shopping
online for bicycles. During the
transaction, XCover returns
tailored warranty/insurance
protection.
2. A Baby Boomer visits a
brick & mortar store. XCover
bundles jewelry insurance
and separate protection for
electronics from 2 different
insurers.

7. ● We make 5,000 claims payment per month:
○ From dozens of bank accounts
○ Into 90+ currencies
● Industry benchmarks:
○ 18-22 days for traditional insurers to issue payment once a claim is
approved.
○ Claims NPS for traditional insurers: -15 to +10
● Why are payments so hard?
- Sending bank checks
- Input errors for bank details
- Accurate bank account requirements and translations for +90
currencies/countries
- Monolithic legacy software systems
- Internal bureaucratic processes
- Banks are slow to notify if payment fails
WHY WE NEEDED INSTANT PAYMENTS

8. THE XCLAIM EXPERIENCE
Instant payments
in 90+ currencies.
24/7 assessment and
end-to-end translation
in 40+ languages
Integrated platform for
quotes, bookings and claims
Platform includes FNOL
configurator for any line plus
scientific fraud detection.

9. REDUCING CLAIM PROCESSING TIMES FOR SHIPRUSH
Claim completion times from 20 days to 24 hours
Descartes partnered with Cover Genius to
create Total Shipping Protection: a more
customer-centric solution for their ShipRush
customers.
Our focus on building automation features
into our fully configurable XClaim platform
allowed us to quickly iterate.
Our simplified carrier-agnostic approach,
coupled with our XClaim technology and
licensing in 60+ countries and 50 US states,
enables logistics partners to offer a wide
range of custom coverages like porch piracy,
general average, liability and delivery failure
to suit their customer needs.
The result: a reduction in claim processing
times from 20 days to 24 hours.

10. PARTNERSHIP DEMOS