Fintech PR

nShift meets online shopper expectations in new partnership with Cover Genius

Published

1 year ago

October 19, 2023

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.

https://nshift.com/solutions/transsmart

www.covergenius.com

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

Logo – https://mma.prnewswire.com/media/1782566/nShift_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/nshift-meets-online-shopper-expectations-in-new-partnership-with-cover-genius-301961978.html

Fintech

Fintech Pulse: A Daily Dive into Industry Innovations and Developments

Published

41 minutes ago

November 26, 2024

Peter Tolan

fintech-pulse:-a-daily-dive-into-industry-innovations-and-developments

The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.

Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.

Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.

India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.

Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.

Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.

Key Takeaways for the Fintech Ecosystem

Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.

Fintech PR

BIZCLIK MEDIA LAUNCHES DECEMBER EDITION OF FINTECH MAGAZINE

Published

2 hours ago

November 26, 2024

CISION (PR Newswire)

The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish

LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.

FinTech Magazine

This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.

“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish

The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns

You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.

About BizClik

BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.

BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.

For more information, please visit our website.

View original content:https://www.prnewswire.co.uk/news-releases/bizclik-media-launches-december-edition-of-fintech-magazine-302316768.html

Fintech PR

Hakluyt announces new partnership with Orchestras for All

Published

4 hours ago

November 26, 2024

CISION (PR Newswire)

LONDON, Nov. 26, 2024 /PRNewswire/ — Hakluyt, the global strategic advisory firm for businesses and investors, has today announced a new social impact partnership with Orchestras for All (OFA), on the eve of the charity’s Big Give Campaign launch.

Orchestras for All is a UK-based charity that works with 11-19 year-olds to widen access to music, with a particular focus on those who face challenges such as disability, deprivation or caring responsibilities.

Drawing on its connectivity and in-house expertise, Hakluyt will advise the charity on issues as it seeks to fulfil its mission to ensure that all children, regardless of background or circumstance, are able to share in the benefits of group music-making.

Hakluyt, which has been providing in-kind support to the charity since 2022, has now formalised a partnership with Orchestras for All that will see it provide advice and guidance across a range of strategic challenges in order to help the charity widen its impact and reach more young people.

Kayo Yoshida, who co-leads Hakluyt’s work with Orchestras for All, said: “Orchestras for All does invaluable work sharing the benefits of music with children who have often been shut out of creative opportunities. I am personally delighted to be working with them, and look forward to our partnership flourishing over the coming years.”

Alexandra Davison, who also co-leads Hakluyt’s work with the charity, commented: “The opportunities that Orchestras for All offers can be life-changing for young people. The myriad benefits of musical education to children’s development and educational attainment are well known, and Orchestras for All is an organisation with a proven track record of widening access to music for the children who need it most.”

Nick Thorne, Executive Director of Orchestras for All, added: “We are delighted to have formalised our partnership with Hakluyt, and are incredibly grateful for the support they provide. This relationship is one of our most significant corporate partnerships to date, offering both financial support and advisory services.

“The funding Hakluyt have provided will not only help OFA continue providing its life-changing musical programmes, but also enable our participation in the Big Give Christmas Challenge 2024. Through this campaign, OFA aims to raise vital funds to ensure that more young people can access inclusive and transformative music-making opportunities.”

Notes to Editors

Hakluyt is a strategic advisory firm that works with corporate leaders and investors around the world on their most important commercial issues. For more information on the firm, please visit www.hakluytandco.com

Orchestras for All (OFA) is an Arts Council National Portfolio Organisation that breaks down barriers to give all young people the life-changing experience of making music together, regardless of the daily challenges they might be facing. Its inclusive, non-auditioned National Orchestra for All (NOFA) brings together 100 young musicians from across the UK who would otherwise be unable to access musical opportunities – whether due to physical disability, a mental health condition, economic deprivation, or rural isolation.

View original content:https://www.prnewswire.co.uk/news-releases/hakluyt-announces-new-partnership-with-orchestras-for-all-302316677.html