SAN FRANCISCO, Jan. 19, 2022 –– Extend, a leader in technology-driven product protection plans, announced today it has become a licensed service contract provider (also known as an “obligor”), allowing it to design and underwrite its own plans.
The move makes Extend the first company to own every step of the product protection or extended warranty process in all 50 states, and enables it to offer innovative, consumer-friendly plans customized to meet the unique needs of its merchants and their customers.
“Today marks a major turning point for Extend,” said Woodrow Levin, CEO and co-founder of Extend. “Acting as our own service contract provider makes Extend a full-service company, allowing us to offer merchants and their customers a completely seamless experience and is essential to our vision of becoming the ‘AppleCare for everything.’”
With the addition of its service contract provider capabilities, Extend completes its vertically integrated, proprietary insurance stack. The result offers multiple benefits for both merchants and their customers, including:
- Innovative coverage, offering industry-specific, customizable protection plans instead of off-the-shelf options offered by legacy providers.
- Faster speed to market with merchants’ programs that launch in days, thanks to Extend’s ownership of coverage and rates.
- Improved customer experiences such as easy-to-understand terms and conditions and AI-powered claims processing for fast resolution.
The launch of Extend’s obligor operations follows the company’s 2019 acquisition of Aon’s U.S. warranty business, fusing Extend’s leading-edge technology with deep industry experience and administration infrastructure. That combination has disrupted the industry. Only three years since its founding, Extend has become the go-to provider for Sur La Table, Z Gallerie and Brilliant Earth, among more than 600 other merchants that have selected Extend over legacy providers for its fresh approach.
“Fueled by industry-leading online visualization and customization tools, Brilliant Earth offers personalization throughout the purchasing process, offering customers the option to create meaningful designs all their own,” said Kathryn Money, SVP of Merchandising and Retail Expansion at Brilliant Earth, an innovative, digital-first jewelry company and a global leader in ethically sourced fine jewelry. “Extend’s comprehensive protection plans aim to enhance customer assurance while building long-term brand loyalty in the process.”
Extend’s commitment to enabling every merchant to take control of the post-purchase experience is what appealed to Cart.com, the first end-to-end ecommerce solutions provider. With more than 2,500 merchants, Cart.com chose Extend as its exclusive product protection partner because its tech-enabled insurance stack offers merchants new ways to increase customer satisfaction.
“Extend’s full-service approach to product protection dovetails perfectly with Cart.com’s focus on delivering streamlined, end-to-end operational support for the world’s top ecommerce brands,” said Omair Tariq, Cart.com co-founder and CEO. “Extend is rewriting the rules for post-purchase peace of mind while Cart.com takes care of everything from the factory floor to the customer door. Extend’s new capabilities will provide the efficiencies and speed-to-market that our ecommerce merchants demand. Brands come to Cart.com because they want a unified stack for all their operational needs, and Extend is now closing the loop for all things post-purchase.”
With hundreds of leading manufacturers and retailers across a range of industries and millions of protection plans sold, Extend continues to unlock opportunities for merchants to increase brand loyalty, open new revenue channels, and create lasting customer relationships. The company’s innovative solutions empower merchants to engage customers long after check-out, transforming what has been a forgotten post-purchase experience.
About Extend:
Extend is the leading provider of modern product protection. The company’s API-first solution allows merchants to easily offer protection plans, while delivering an elegant support experience to end customers. Through its AI-driven technology and proprietary insurance stack, Extend handles everything from offer merchandising and optimization, to claims adjudication to seamless end-to-end customer experiences. Launched in 2019, Extend has reinvented the antiquated extended warranty industry by eliminating many of the issues customers face with legacy providers, boosting customer confidence and retention. Extend works with over 600 leading manufacturers and retailers across multiple industries such as electronics, furniture, jewelry, auto parts, sports and fitness and more.
In 2021, Extend cemented its unicorn status at a $1.6B+ valuation after a $260M Series C financing led by SoftBank Vision Fund 2, which was joined by Amex Ventures, Meritech Capital Partners, PayPal Ventures and GreatPoint Ventures, Nationwide, Tomales Bay Capital, Launchpad Capital, 10X Capital, and 40 North.
The company was founded in 2019 and is headquartered in San Francisco, CA.
For more information about Extend, please visit https://www.extend.com.
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