The number of online shoppers in Southeast Asia is expected to reach 310 million by the end of 2020, with the ecommerce sector to be worth USD 150 billion by 2025. Attach rates for insurance and warranty products across the Cover Genius partner network of retailers, fintechs, travel companies and mobility, property and gig platforms have increased by 600% alongside online shopping as consumers deal with unprecedented risk and uncertainty. Cover Genius suggest that the expansion of the insurtech’s product insurance and warranties into Asia was aimed at providing customers a level of protection.
In addition, via this partnership, Shopee Thailand’s retail and merchant customers gain access to Cover Genius’ XCover platform, where the world’s retailers can sell regulated insurance and warranties in over 60 countries and 50 US States. Cover Genius will provide Shopee’s retail customers with protection that is tailored to the items in their carts, easy-to-understand policies, a fully digital process, and instant payment of approved claims. Shopee’s network of merchants will enjoy customised insurance products for parcel and transit.
Source: The Paypers
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