Introduction of “nShift Insurance” supports the 57% of online shoppers who expect full refunds on damaged goods
LONDON, Oct. 19, 2023 /PRNewswire/ — Some 57% of online shoppers expect a full refund if their package arrives damaged.[1] With over half of consumers receiving damaged goods each year, online retailers risk significant revenue loss to replace and reship those items if accidents happen during the delivery process. [2]
nShift, the global leader in parcel and delivery management software, and Cover Genius, the insurtech for embedded protection, today introduced nShift Insurance, which can provide shipping insurance for one billion shipments from European merchants.
The embedded protection solution, enabled by Cover Genius’ global distribution platform, XCover, allows nShift’s online retailers, brands and webshops to replace items that are lost, stolen, or damaged in delivery. This will help them deliver better service to their customers, build loyalty, and encourage repeat purchasing.
Online retailers and carrier companies typically take great care to ensure that customers receive their items in great condition. But accidents happen.
nShift Insurance addresses this problem and is available starting with nShift Transsmart as of today. Through XCover, the insurance offers vendors and shippers:
- Simplified, carrier-agnostic, global protection covering available carriers
- Greater customer loyalty through a seamless claims process that has proven to reduce end-to-end claims finalization
- Cost and time reductions – Cover Genius’ streamlined approach to protection is up to 20% cheaper and up to 20 days faster than insurance from logistics carriers
- No minimum wait times – XCover has reduced claim times making it possible to start investigations without having to wait for carriers marking parcels as lost or damaged
- Instant payouts – XCover aims to complete 95% of claims within three days of claim filing
- Reimbursements equal to the full retail value of lost, stolen, or damaged goods
- Tailored protection options that can be attached in-path or at an account level
- Convenience – fully embedded into the merchant’s working processes (such as booking and label printing)
Maarten Tops, Transsmart Product Director at nShift, said, “nShift Insurance will help our customers improve the experience they give their customers, build loyalty with shoppers, and grow their revenue.
“Partnering with Cover Genius enables us to offer efficient, end-to-end and scalable protection solutions in new markets around the world. It will help retailers and webshops protect themselves from inevitable accidents. It gives shoppers confidence in the delivery process and strengthens trust between vendor and consumer.
“In today’s online shopping environment, giving both retailer and shopper confidence in the delivery process is essential to delivering ecommerce success.”
Justin Turner, Vice President, Global Partnerships – Shipping, at Cover Genius, said, “We are proud to become nShift’s exclusive global insurtech partner and look forward to serving their ecommerce companies across Europe. We have co-created protection solutions that will help their merchants reduce claims processing times and fees leading to a better shipping experience for them and their customers. The AI-backed solution makes it easier to offer total shipping protection customised to each merchant, each purchase and reduces shipping barriers for millions of shipments, wherever they want to go.”
nShift is the global leader in parcel and delivery management software. Its range of solutions enables online retailers and webshops to build an end-to-end delivery experience from checkout to returns. nShift connects its customers to the world’s largest carrier library, featuring over 1,000 ready-made carrier connections. nShift Insurance will be available on other nShift platforms in the coming months.
Cover Genius partners with the world’s largest digital companies to distribute protection via its XCover platform, which enables companies to embed and offer any line of insurance or other type of protection solution directly to their global customers with a single API call.
Cost savings referenced in this press release are based on a comparison of all Cover Genius shipping protection versus published carrier rates for Fedex, UPS, DHL, USPs, UPS, Old Dominion, DHL, XPO Logistics, Estes Express Lines, YRC and TForce Freight as at June 27, 2022. Time savings are based on average resolution times (i.e. the duration from initial filing to completed payment) for all XCover shipping protection claims as at May 31, 2022 (sample size = 868) compared with the industry average time including payment settlement (min. 6 days) and period to acknowledge a filed claim.
About nShift
nShift is the global leading provider of cloud delivery management solutions enabling frictionless shipment and return of almost one billion shipments across 190 countries annually. nShift’s software is used globally by e-commerce, retail, manufacturing and 3PL shippers. The company is headquartered in London and Oslo. It has over 500 employees across offices in Sweden, Finland, Norway, Denmark, United Kingdom, Poland, the Netherlands, Belgium and Romania.
About Cover Genius
Cover Genius is the insurtech for embedded protection. Through XCover, our global distribution platform for any insurance or other type of protection, we protect the global customers of the world’s largest digital companies, including Booking Holdings, Ryanair, Icelandair, Turkish Airlines, Ola, and SeatGeek. We’re also available at Amazon, Flipkart, eBay, Wayfair, and SE Asia’s largest company, Shopee.
Together with our partners, we co-create solutions to embed tailored, optimised protection that’s licensed or authorised in over 60 countries and all 50 US States.
In addition, we provide customers with a seamless, end-to-end experience via XCover.com. XCover.com handles customers’ needs – from the initial sale through to administration and claims, resulting in an industry-leading post-claims NPS of +65. Its award-winning service design has shown to reduce support tickets by 7x.‡
‡ The score includes any type of claim and claim outcome across our partner network except for those partners with less than 30 claims and those not assessed by Cover Genius. Inquiry statistics are derived from an internal analysis of 1,355 random XCover support inquiries from December 2022, of which 1,258 (93%) had not activated their XCover account and 97 (7%) had.
[1] https://www.amcor.com/insights/blogs/how-much-a-damaged-pack-can-really-cost-your-business
[2] https://nshift.com/blog/parcel-damage-what-it-means-and-how-to-prevent-it
SOURCE nShift