If there is a problem with the product, Extend will handle the claim, in most cases through a customer service chatbot, said Levin.
Nagraj Kashyap, managing partner at SoftBank Investment Advisers, said extended warranties and product protection services were ripe for change.
Extend, launched in 2019, sold over 300,000 protection plans last year and is on track this year to sell over 3 million plans, Levin said.
Merchants that add the Extend button to their online markets also get a cut of the fees, Levin said.
Extend estimates that adding the Extend warranty service increases overall product sales by 11%.
Woodrow Levin, Levin, Nagraj Kashyap
SoftBank Group, SoftBank Investment, Thomson