Mastercard taps Qover to cut E-Commerce Return Costs
Mastercard has partnered with Qover, the Brussels-based embedded insurance platform, to automate return shipping reimbursements for credit card holders in Belgium and Luxembourg.
The service responds to regional e-commerce growth, with Belgian online shopping reaching 90% penetration in early 2024. Fashion remains the dominant category for returns. The protection covers shipping costs when retailers do not offer free returns.
Qover's artificial intelligence platform processes claims automatically, offering coverage up to €30 (US$31.72) per return. Cardholders can submit three claims annually, with a maximum reimbursement of €90 (US$95.18).
Platform Integration
The technology enables real-time claim submissions through Mastercard's digital infrastructure.
“Embedded protection is becoming a strategic tool for businesses to enhance customer value and build loyalty,” says 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.”
Technical Infrastructure
The platform uses artificial intelligence and optical character recognition to convert documents into machine-readable data for automated processing. Users receive instant updates throughout the claims journey.
The solution targets digital-first consumers through Mastercard's existing web platforms in both markets.
Henri Dewaerheijd, Country Manager for Mastercard Belgium and Luxembourg, says: “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.”
Qover: The rise of embedded insurance
Founded in 2016, Qover emerged during the early stages of embedded insurance and embedded finance – the integration of financial services into non-financial platforms.
Qover's initial product focused on mobility coverage for gig economy platforms, securing partnerships with Deliveroo and Uber in 2018.
By 2020, Qover had expanded into retail and fintech verticals, providing white-label insurance products through banking applications and e-commerce websites. The company raised €20m (US$21.1m) in Series A funding that year to develop its insurance-as-a-service platform.
In 2021, Qover secured €41m (US$43m) in Series B funding led by Prime Ventures, with participation from Cathay Innovation and Anthemis.
The investment supported expansion into new European markets and development of its API-driven infrastructure.
The company's platform processes claims across 32 European countries through partnerships with insurers including Wakam, NN and Nationale-Nederlanden.
Its technology enables real-time policy issuance and automated claims handling through machine learning algorithms.
Current clients include Revolut, Monese, Deliveroo, Decathlon and Mastercard. Qover's solutions span travel, device, mobility and purchase protection insurance, reaching over 2.5 million users through partner platforms.
The company maintains offices in Brussels, Paris and London, employing 160 staff across product development, engineering and insurance operations. Qover holds insurance distribution licenses in all European markets where it operates.
Recent growth mirrors the wider adoption of embedded insurance, with the global market projected to reach €700bn (US$740bn) by 2030 according to InsTech London. Qover positions itself as an infrastructure provider enabling this transition through its API-first approach to insurance distribution.
**************
Make sure you check out the latest edition of InsurTech Digital and also sign up to our global conference series for our sister site – FinTech LIVE 2024.
**************
InsurTech Digital is a BizClik brand.
