NEW YORK, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Cover Genius, a global insurtech leader whose insurance distribution platform provides protection for customers of the world’s largest online companies, today announced that it has teamed up with Intuit and will offer QuickBooks customers a range of insurance products to protect themselves and manage their risk.
The first solution being offered, Shake Shield, is a first-of-its-kind parametric insurance solution built by Cover Genius and Swiss Re and available via Cover Genius’ XCover insurance distribution platform. Shake Shield provides quick payments to help businesses get back on their feet after a qualifying earthquake. Shake Shield will be available to QuickBooks customers in California initially.
The product is underwritten by Palomar Excess and Surplus Insurance Company and reinsured by Swiss Re.
QuickBooks will have access to a world’s-first API-based parametric insurance platform that fully automates claim assessments and payments, meaning QuickBooks customers can quickly get onto firmer ground after an earthquake hits. No physical inspections are required and no waiting for checks in the mail. Instead, US Geological Survey data is processed in real time and payments are made quickly into a designated bank account following a successful claim submission. The award-winning XCover platform is highly regarded within insurance circles for its achievements in claims and support that have meant its partners benefit from an industry-leading NPS of 65+.
“Over the past few years we have all experienced natural catastrophes like the Coronavirus pandemic, earthquakes, wildfires and floods which highlight the need for businesses to receive timely financial support from their insurance companies,” said Mitch Doust, Chief Operating Officer for the Americas for Cover Genius. “We are thrilled to team up with Intuit, a Fortune 500 company that is committed to a technology-first approach to insurance that drives better outcomes for small businesses. We are also excited to expand the collaboration into additional commercial insurance products down the line.”
“Cover Genius’ superior technology and customer-first approach align well with our overall strategy to deliver the right tools and services to help small businesses succeed and offer peace of mind to our customers,” said Mauricio Comi, Head of SMB Insurance for Intuit. “In the current climate, businesses are looking for products that can help protect them when things go wrong and Shake Shield is the first of many that we will explore with Cover Genius.”
About Cover Genius:
Cover Genius is a global insurance technology company with offices in New York, San Francisco, the United Kingdom, The Netherlands, Germany, Japan, Singapore, India, Korea, Indonesia, Malaysia, Thailand, New Zealand, and Australia. Cover Genius’ vision is to protect all the customers of the world’s largest online companies and counts some of the world’s biggest online brands including Booking Holdings (NASDAQ:BKNG), eBay, ShipStation, AXS and Automatrix among its partners. Cover Genius’ award-winning technologies include XCover, its global insurance distribution platform and XClaim, an API for instant payment of approved claims that delivers an NPS of +65, a result that has been independently recognized as the highest for any insurance company globally.
Intuit’s mission is to power prosperity around the world. We are a mission-driven, global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves more than 50 million customers worldwide. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.
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