Leading insurtech for embedded insurance, Cover Genius has partnered with global Buy Now Pay Later (BNPL) provider, Zip Co, to offer tailored protection embedded into the payment process and Zip’s wallet experience.

The partnership expands Zip’s BNPL offering by not only protecting purchases in the moment, but also allowing customers to add protection to their recent purchases.

“With the global BNPL market expected to reach $680 billion by 2025, we’re thrilled to partner with Zip to protect the growing number of worldwide BNPL customers,” Cover Genius co-founder and CEO, Angus McDonald (pictured below) said.

“Zip is a popular payment option and is uniquely positioned to protect their customers at point of sale but it also has a tremendously loyal and engaged customer base, meaning they’re able to further develop the relationship with embedded protection in their popular wallet, while also doing away with arcane multi-year products backed by traditional insurers who produce poor customer outcomes.”

The partnership integrates XCover, Cover Genius’ global insurance distribution platform, into Zip’s alternative payment platform. The feature will give Zip Pay and Zip Money customers the ability to add protection to their Zip purchase, either during checkout or after checkout on select purchases.

In an initial launch, customers will be offered transaction monitoring, where they can protect their recent purchases —with a first-of-its-kind solution that leverages transaction data to offer protection that is tailored for relevance and renewed on an annual, recurring basis. Insurance options will also be available for Zip customers at checkout.

“We’re excited to collaborate with Cover Genius to offer Zip’s customers real time, relevant offers for their online purchases. We know that our customers want flexibility and peace of mind when making major purchases, and Cover Genius’ embedded technology does exactly that in a seamless and convenient way,” Zip co-founder and global CEO, Larry Diamond (feature image) said.

“This partnership also perfectly aligns with our ethos of creating a financially fearless world. We put our customers at the centre of everything we do, so it’s important to us that we can arm them with the ability to shop confidently and protect the items that they care about in a way that is affordable and tailored to their purchases.”