- Qover, an insurtech based in Brussels, Belgium, has partnered with Mastercard to provide return shipping cost protection when retailers do not offer free returns.
- The service is available to Mastercard credit cardholders in Belgium and Luxembourg; Qover plans to expand the service to additional European countries.
- Qover made its Finovate debut at FinovateEurope 2018 in London.
Belgium-based insurtech Qover, which made its Finovate debut at FinovateEurope 2018, has teamed up with fellow Finovate alum Mastercard to enhance the online shopping experience for Mastercard credit cardholders in Belgium and Luxembourg. Via the partnership, Mastercard will leverage Qover’s technology to provide return shipping cost protection to refund shipping fees when retailers do not offer free returns.
Qover’s platform makes return protection both easy and accessible. A combination of automation and advanced data extraction, driven by AI, enables users to find coverage details or submit a claim with just a few clicks and get instant updates on the status of their claim. Mastercard’s return protection reimburses shipping costs for returns, covering up to $31 (€30) per return, with a maximum of three claims or up to $95 (€90) per cardholder per year.
“Embedded protection is becoming a strategic tool for businesses to enhance customer value and build loyalty,” Qover Co-founder and CEO Quentin Colmant said. “We’re honored by Mastercard’s trust and are excited to bring this innovative solution to their cardholders.”
Qover provides an embedded insurance orchestration platform that empowers companies to embed insurance into their core offering. The company’s modular platform can accommodate any product or distribution channel and leverages automation and both GenAI and OCR technology to provide advanced data extraction that streamlines key components of the claims process.
Available in more than 32 countries in Europe, Qover offers a wide range of insurance solutions including accident, mobility, travel, property, and purchase insurance. The company is planning to add trip cancellation and motor third party liability (MTPL), as well as coverage for accidental damage, breakage, or theft of high-value belongings such as mobile devices and appliances, in the near future. The newly announced service is available to Mastercard credit cardholders in Belgium and Luxembourg; Qover plans to expand the service to additional European countries.
“We’re excited to unveil this new solution in collaboration with the rising star of European insurtech, Qover,” Mastercard Belgium and Luxembourg Country Manager Henri Dewaerheijd said. “This unique protection reinforces the value of Mastercard credit cards for online purchases and enhances the online shopping experience for our Belgian and Luxembourg cardholders.”
Founded in 2016 and headquartered in Brussels, Qover made its Finovate debut at FinovateEurope 2018. More recently, Qover was featured in CNBC and Statista’s roster of the world’s top 150 insurtechs. This summer, the company announced its entry into the motor insurance market in Ireland. Qover has raised more than $71 million in funding, according to Crunchbase. The firm includes Zurich Global Ventures and BlackRock among its investors.
Photo by Fuad Udemans
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