Cover Genius Acquires Event Refund Policy Provider
July 26, 2022
Cover Genius has acquired UK insurance technology Booking Protect, which offers refund protection policies alongside the sale of tickets to live events.
Booking Protect was founded in Leeds in 2014 and operates in Australia, where OzTix is a partner, as well as in the UK, Europe, USA and Asia.
It offers full refund protection for all elements of the booking, including tickets, travel and accommodation. All fees are offered alongside the existing reservation process, with no administration or fees from the retailer.
Cover Genius will integrate the protection into its XCover platform worldwide, enabling Booking Protect’s more than 350 partners, venues, ticketing platforms, event organizers and ticket sellers to offer it to their customers.
CEO Angus McDonald says the $72 billion ($103 billion) events and ticketing industry is a “huge addressable market”.
“Acquisitions like this allow us to push deeper into very attractive verticals like ticketing,” McDonald said.
“It is natural for us to partner with established leaders in specialist areas like ticketing who have built an excellent end-to-end service and solution.
He said Booking Protect achieved its success “at the expense of traditional insurers whose legacy systems contribute to poor customer outcomes and stunted growth for partners”.
XCover is available on Amazon, eBay, Wayfair, Descartes ShipRush and other global retailers.
Co-founded by Mr McDonald and CIO Chris Bayley, an early employee of Google’s Sydney office, Cover Genius is now licensed in over 60 countries and was recently valued by Bloomberg at $1 billion.