Do your customers ever express concerns over whether their order can be protected from damage or theft? Including embedded insurance with your website or online store can give customers a sense of ease in knowing that their purchases are covered.
Embedded insurance refers to the integration of insurance products and services into non-insurance platforms or products, such as e-commerce websites or mobile apps. It involves offering insurance coverage as a seamless part of the user experience within these platforms, often at the point of sale or during a specific transaction.
Traditionally, insurance has been purchased separately from other products or services, requiring customers to seek out insurance providers, compare options, and make separate purchases. However, with embedded insurance, the insurance offering is seamlessly integrated into the existing customer journey or transaction, making it more convenient and accessible.
Some examples of embedded insurance include device protection, travel insurance, ticket insurance for live events, and more. For example, Ticketmaster offers the option to add ticket insurance to your purchase to insure you’re covered in case you can no longer attend the event or if the event is cancelled.
Here are some of the top embedded insurance providers for ecommerce brands to provide their customers:
Cover Genius offers XCover, an embedded insurance product that delivers customized insurance products that meet the specific needs of the platform and its users. They often utilize application programming interfaces (APIs) to facilitate the seamless integration of insurance into the platform's user experience. They work with various platform providers, such as e-commerce platforms, travel websites, rental marketplaces, and ride-sharing apps, to seamlessly integrate insurance products and services into their platforms. By integrating insurance into these platforms, Cover Genius helps platform providers offer additional value to their customers and generate new revenue streams.
Companies like Amazon, eBay, and Wayfair use XCover.
Here are two public reviews:
“XCover kept in touch with me almost every day to help me with my canceled flight. I’ve already recommended this company to several of my friends that travel frequently. I had issues with the airline and XCover showed that they would be very supportive! I will definitely use them again!” - Donna, TrustPilot
"I have had two occurrences where I’ve needed coverage for event tickets. One I had Covid and another I got summoned for jury duty - I’ll always choose XCover! They have been helpful, communicate well and efficiently and answered all my questions with excellence!” - Jordan, TrustPilot
Oyster specifically offers embedded insurance for bikes and e-bikes, phones and other devices, jewelry and collectibles. They can be integrated with Shopify, WiX, and WooCommerce. They also allow you to earn revenue with every policy you review. By integrating insurance into your platform, Oyster helps companies offer protection to their customers and generate new revenue streams for themselves.
Brands that use Oyster include Alexis Jae, Zooz, and Bike List.
Here are two public reviews:
“It is sad these days we need to have insurance for most everything but when you do, it is nice to have a company where the process is smooth with clear and succinct information readily available for your decision process.” - John, TrustPilot
“So far so good. My policy was taken care of very quickly and seems to cover all of the things I need it to. Their customer service team was able to answer all of my questions and get me all set up. Now I feel way more secure riding my custom bike.” - Levi, TrustPilot
Tigerlab provides technology solutions and support to facilitate the seamless integration of insurance functionality, enabling businesses to offer insurance coverage as a value-added feature to their customers. They offer insurance specifically for jewelry and watches, tickets for live events, and hearing aids. Their platform is designed to assist businesses in incorporating insurance capabilities into their existing products or services
Some of their company partners include DWF 360 and Xero.
Here are two testimonials:
“Our goal was to collaborate with the most flexible and rapid go to market insurance platform provider. Tigerlab has exceeded our expectations; our technology partnership has enabled a seamless integration of our EvoClaim automated claim processing solution and has provided our customers with the most comprehensive, overall combined Insurance Technology solution out there on the market today. We are thrilled to see our technology partnership growing on a global level.” - Ashley Moss, CEO of DWF 360
”Having Tigerlab as our partner is a great experience. Our partnership accelerates the digital transformation of the insurance industry in Thailand. Tigerlab offers a complete end-to-end solution that covers all aspects of policy issuance, claims processing and reinsurance transactions while enabling full regulatory compliance. Together we create a seamless and personalised experience for customers and insurance partners in Thailand. We are very pleased and proud of this collaboration!“ - Itthipol Phumsorn, CEO Innova Insurtech
Qover offers embedded insurance solutions that can be tailored to various industries, including travel, mobility, e-commerce, gig economy, and more. While specific details about their embedded insurance solutions may vary depending on the industry or platform they serve, their offerings typically include features such as real-time quoting, policy issuance, claims management, and customer support. Qover's technology and APIs facilitate the smooth integration of insurance functionality, making it easier for businesses to implement and manage insurance services within their existing platforms.
Some brands that use Qover include Canyon and Deliveroo.
Here are two reviews:
“I haved used Qover ebike insurance through Radpower. Really friendly and straightforward.” - Ahmed, TrustPilot
“Very good overall experience with Qover! When I got my e-bike stolen, qover took quick actions & I got almost fully repaid, worth taking the insurance & ride your bike with a peace of mind :)” - Anna, TrustPilot
Bsurance offers embedded insurance that aims to enhance the value proposition of partner companies by enabling them to offer insurance coverage convienently. They work with a range of industries such as e-commerce, mobility, travel, and more to integrate insurance solutions into their existing platforms or customer touchpoints. By partnering with them, companies can provide their customers with insurance options seamlessly integrated into their user experience. Whether it's offering travel insurance during the booking process, device insurance during an e-commerce purchase, or additional coverage for mobility services, they enable businesses to enhance customer satisfaction, generate additional revenue streams, and differentiate themselves in the market.
Some of their partners include Playbrush and Cashpresso.
Here are two testimonials:
“Embedding the insurance products into our customer journey was quite straightforward. It took us two weeks to develop and another week to test end-to-end. The APIs of bsurance are quite well documented, so that helped us a lot!” - Paul Varga, CEO & Co-Founder of Playbrush
“We see Embedded Insurance as one of the major trends in the insurance industry. In order to realize such B2B2C models, a flexible and digital IT platform is required. Bsurance was able to provide this for UNIQA within a few weeks.” - Andreas Nemeth, CEO Uniqa Ventures
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