Cover Genius has partnered with AudienceView to offer embedded refund protection to venues and event businesses.
The insurtech for embedded protection has experienced a period of significant growth, with a 251% increase in global live entertainment sales since June 2022.
Cover Genius has been brought in as the refund protection partner for a number of ticketing platforms, events, venues and resellers including AXS, FreshTix, Tessitura, SeatGeek, Outbox, Spektrix and more.
The insurtech’s distribution platform XCover offers users a number of capabilities such as AI-backed, optimised pricing in real-time, and insurance and non-insurance solutions adapted for different markets.
AudienceView’s partners will now offer refund protection powered by XCover.
Angus McDonald, chief executive and co-founder of Cover Genius, said: “Data shows that adding protection within the checkout experience increases purchase conversion rates by 8%. This increase in core conversion, or what’s called the ‘Protection Effect’, drives the conversion rate for AudienceView’s venue partners, leading to more ticket sales and increased loyalty.”
He added: “As consumers return to live events after years of uncertainty, data shows that they want relevant protection that offers them a sense of security and, more or less, differs from the ‘one-size-fits-all’ approach that has traditionally been offered in the space.
“By adding relevant protection, such as CFAR, to the checkout experience, customers and brands benefit.”