Cover Genius, the insurtech for embedded insurance, has acquired Booking Protect to expand its presence in the live event and entertainment market.
Booking Protect is an embedded ticket protection provider for ticket sellers and live events companies. It has worked with the likes of SeatGeek, Spectrix, AudienceView and Night Out in the US; Zaiko in Japan; See Tickets, Festicket and TicketSource in the UK and OzTix in Australia.
The acquisition means that Booking Protect’s partners will now be able to utilise end-to-end global distribution platform XCover and offer embedded ticket protection.
“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,” said Angus McDonald, chief executive and co-founder of Cover Genius.
“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.”
McDonald added: “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.”