Digital embedding makes insurance relevant
It should come as no surprise that the pandemic has opened up new opportunities for consumers to consider insurance. The unforeseen, after all, might seem like it’s more a possibility than ever before — disrupting travel, health, and even shopping.
With the slew of electronics and furniture that consumers have had delivered to their doorsteps over the past several months and a global increase in the desire to protect purchases in a time of heightened risk, it’s only logical that new and innovative insurance distributors would come to the fore. In a recent interview with Karen Webster, PYMNTS.com Co-Founder and CEO – our Chief Operating Officer for the Americas, Darcy Shapiro, talked about how distributing insurance at the point of sale (POS) can boost top lines for various players in the commerce ecosystem, including merchants their insurance backers.
Key highlights:
- 0:32 Identify where innovation can improve consumer’s experience as they contemplate how to manage their risk when making purchases
- 1:17 Access to product and the price of insurance
- 2:30 Cover Genius is able to build out insurance program embedded onto merchant’s website
- 3:14 First Impressions Matter – How the insurance is enabled and delivered is important
- 5:35 Insurance policies for a wider range of categories
- 7:19 Millennials are spending their money digitally
- 8:26 Offering Relevant Insurance protection
- 8:55 Dynamic Bundling – What is it?
- 11:15 Understanding Customer Behavior and Customer Demographics
- 13:50 Are there products where it doesn’t make sense to pay for insurance?
- 15:05 Has COVID-19 had any impact on the insurance bundles and customer’s engagement with purchasing insurance?
- 18:15 Are consumers more dialled in to managing risk because of the pandemic?
