Available at Amazon: How XCover uses NLP to optimize price and product recommendations
Marketplaces have become a one-stop shop for global consumers buying goods large or small, from electronics, appliances, homewares and the like to power tools, equipment, furniture and more. Consumers are increasingly demanding tailored protection that’s relevant for their item, which in turn is driving increased AOV and LTV for retailers, marketplaces and ecommerce companies who are taking advantage.
As the global leader in embedded warranties and shipping insurance, we’ve continually expanded our global licensing footprint and award-winning claims API, culminating in our announcement that XCover — the distribution platform for embedding end-to-end product warranties — is now available on the world’s largest marketplace.
As the first insurtech in the marketplace, XCover needed to integrate our standard platform advantages, including a seamless end-to-end experience, for any customer in their five key markets, with hassle-free claims and optimized pricing.
BrightWrite, our platform for dynamic price and product recommendations, is critical to how we integrate with marketplaces. Using AI, it detects and classifies insurable items from millions of incoming SKUs, ASINs, EANs, UPCs, Merchant Codes or other item descriptors. Utilizing the latest natural language processing (NLP) techniques, BrightWrite is able to sort and classify to a statistical confidence level of 95%. The remaining codes are manually categorized, leading to better sorting as the machine learning takes hold.
Thankfully, our experience honed through partnerships with some of the world’s largest marketplaces, including eBay, Wayfair, and Shopee, the largest retailer in South East Asia, meant that the vital parts of the XCover machinery — licensing, XClaim and BrightWrite — were able to stand up in only a few weeks, offering end-to-end protection that’s tailored, embedded and relevant for our partner’s audience.
As the first insurtech available at the world’s largest marketplace, we’re happy to see the “insurtech difference” translating into results. We survey all users who start a claim and we’re happy to confirm that our post-claims NPS score exceeds +70, a figure that’s been recognized as the highest global score in the insurance industry.
With offers in 4 languages, 60+ categories and 5 major markets, and with more to come, XCover’s embedded insurance and warranties continue to deliver happiness by putting customers at the forefront of the insurance experience.
Australian Resident policies are sold by Cover Genius Pty Ltd (Australian Business Number 43 159 983 598) in its capacity as an AFS Licensee, No 490058 and underwritten by Assetinsure Pty Limited (ABN 65 066 463 803, AFSL 488 403) or Pacific International Insurance Pty Limited (ABN 83 169 311 193). Cover Genius does not act as your agent: this advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire the product, please read the PDS & FSG contained in your quote. If you purchase a policy from Cover Genius, the company receives a commission which is a percentage of your premium – ask us for details. Cover Genius is bound by the General Insurance Code of Practice and Family Violence Policy.
American insurance policies are sold by Cover Genius Insurance Services, LLC, a Delaware limited liability company, 11 West 42nd Street, 2nd Floor, New York, NY 10036. Its license information is available here. Cover Genius Insurance Services, LLC receives compensation from its underwriting partners. Coverages may vary and not all coverage is available in all jurisdictions. Insurance coverages are subject to the terms, limitations and exclusions in the applicable policy.
American warranty products are sold by Cover Genius Warranty Services, LLC, a Delaware limited liability company, 11 West 42nd Street, 2nd Floor, New York, NY 10036.
Cover Genius Ltd. is authorised and regulated by the Financial Conduct Authority. Firm No. 750711, Registered Office: 4 Ravey Street, London EC2A 4QP, United Kingdom, incorporated in England & Wales. Company Registration Number: 09408621.