Introduction
Mastercard has partnered with Qover to provide credit card users in Belgium and Luxembourg with automated reimbursements for return shipping. Mastercard has formed a partnership with Qover, an insurtech firm located in Brussels, to launch a new service in Belgium and Luxembourg that automates the cost of return transportation for credit cardholders. Belgian e-commerce penetration reached 90% in early 2024, with the fashion sector recording the highest number of returns. This feature is an opportune innovation, responding to the surge in e-commerce activities within the region. In the event that online retailers do not provide free return shipping, Mastercard’s service will cover the cost. These return claims are routinely processed by Qover, which utilizes its AI-driven platform. The coverage permits refunds of up to €30 per return, with a maximum of three such claims per year, and a total of €90 for cardholders. Mastercard’s sophisticated digital infrastructure enables cardholders to submit claims in real time with ease. This integration not only streamlines procedures but also guarantees prompt updates throughout the claim’s progression, thereby improving the customer experience.
Embedded insurance has experienced rapid growth and acceptability, as it seamlessly integrates insurance services within non-financial platforms. Qover, which was established in 2016, has been at the vanguard of this industry. Initially, they concentrated on mobility insurance for gig economy platforms. However, they rapidly secured partnerships with major players such as Uber and Deliveroo by 2018. Qover’s horizon expanded into fintech and retail with the arrival of 2020, providing white-label insurance products through a variety of banking applications and ecommerce sites. This expansion was facilitated by successful funding rounds, which included a €20m Series A in 2020 and a substantial €41m Series B in 2021. Prime Ventures led these rounds, with the support of Cathay Innovation and Anthemis.
The funds have enabled Qover to expand their geographic reach and enhance their API-centric infrastructure, which now facilitates real-time policy issuance and automated claims management through machine learning. Through partnerships with insurers such as Wakam and Nationale-Nederlanden, their systems manage insurance claims in 32 European countries.
Qover provides insurance solutions that are both innovative and comprehensive, including travel and device coverage, mobility, and purchase protection. These solutions are available on a variety of platforms, including well-known brands such as Monese and Revolut. Currently, Qover serves over 2.5 million users. Furthermore, their teams in Brussels, Paris, and London, which currently consist of 160 professionals, continue to spearhead operations, engineering, and product development.
The embedded insurance sector’s recent expansions are indicative of the broader adoption trends, which InsTech London anticipates could reach a staggering €700bn by 2030. Qover, which has solidified its status as a critical infrastructure provider, is well-positioned to contribute significantly to this rapid expansion.
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Industry Comments
Henri Dewaerheijd, Country Manager for Mastercard in Belgium and Luxembourg, underscores the significance of this collaboration: “We’re excited to unveil this new solution in collaboration with the rising star of European insurtech, Qover.
“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.”
“Embedded protection is becoming a strategic tool for businesses to enhance customer value and build loyalty,” remarks Quentin Colmant, CEO and Co-founder of Qover. “We’re honoured by Mastercard’s trust and are excited to bring this innovative solution to their cardholders.”
FAQs
1. What is the new service Mastercard is offering in collaboration with Qover?
Mastercard and Qover have introduced a service for credit cardholders in Belgium and Luxembourg that automates reimbursement for return shipping costs. This feature addresses the growing e-commerce demand, especially in fashion, which sees high return rates. Cardholders can claim up to €30 per return, with a maximum of three claims annually totaling €90. Using Mastercard’s digital infrastructure and Qover’s AI-powered platform, claims are processed in real-time, offering users a seamless and efficient experience for managing return costs.
2. What makes Qover a leader in the embedded insurance sector?
Qover is a Brussels-based insurtech company known for its innovative, API-driven infrastructure. Founded in 2016, it initially focused on mobility insurance for gig economy platforms like Deliveroo and Uber. Over time, Qover expanded into retail and fintech, offering a range of insurance solutions such as travel, device coverage, and purchase protection. With over €61m in funding and partnerships spanning 32 countries, Qover supports more than 2.5 million users, showcasing its ability to integrate real-time policy issuance and automated claims processing seamlessly into diverse platforms.
3. Why is embedded insurance gaining traction in industries like retail and fintech?
Embedded insurance integrates insurance services directly into non-financial platforms, offering seamless, user-friendly solutions. It’s gaining popularity due to its ability to enhance customer experience by simplifying processes such as claims handling and policy issuance. The rise of e-commerce and digital platforms has fueled this growth, with InsTech London predicting the embedded insurance market could reach €700bn by 2030. Companies like Qover are driving this trend by providing scalable, AI-driven infrastructure to retailers and fintech platforms, making insurance an effortless add-on for customers.
Conclusion
The collaboration between Mastercard and Qover highlights the growing synergy between fintech and insurtech to address modern consumer needs. By automating return shipping reimbursements, this service enhances the shopping experience for Mastercard credit card users in Belgium and Luxembourg. Qover’s robust API-driven platform ensures seamless integration and efficient claim processing, reflecting its leadership in the embedded insurance sector. As e-commerce expands and customer expectations rise, embedded insurance solutions are set to play a crucial role. The success of this partnership underscores the broader adoption of AI-driven, customer-centric innovations in the financial ecosystem.
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