Cover Genius and Rentalcars.com have extended their existing relationship to provide instant payments for global insurance claims, across more than 90 currencies.
Under the expanded partnership, which was initially struck between the insurtech firm and the travel company in 2015, Rentalcars.com will use the new Cover Genius XClaim API, which provides global claims capabilities to travel and other online businesses that have branched out to offer customers insurance products.
The XClaim API provides an instant payment solution for insurance claims, and means that Rentalcars.com will be able to roll-out and easily sell any type of personal or commercial insurance in more than 60 countries and 40 languages.
Cover Genius co-founder and CEO Angus McDonald said: “Our XCover technology is configurable for any line of insurance making it simple, quick and accessible for global travel eCommerce businesses to push a new insurance product live.”
“One way of looking at the benefits of our technology is to compare setting up an insurance framework the traditional way, requiring dozens of staff to establish incorporated companies and associated licences and compliance activities, versus a single elegant API call.”
The key benefit of the new XClaim API is instant payments. McDonald continued: “XClaim is a key feature of all our policies, it allows customers to get a same-day bank transfer for 90+ currencies, or to receive a ‘store credit’ to spend back on the partner’s website. This has been a tough challenge for traditional travel insurers for whom the average payment time is 20 days after approval. We’re proud that our technology can be thanked for industry-high NPS averages of 70+ for claims.”