Warranty Wallet

Warranty wallet:
Real-time protection using transaction data

Through Warranty Wallet we enable some of the world’s leading fintechs and largest marketplaces such as eBay, Wayfair, Flipkart and more, to make consumer protection an integrated part of their customer journey through embedded insurance. Warranty Wallet leverages the customer’s checkout experience to offer warranties that are immediately relevant, in the path of their purchase. With the ability to distribute any type of warranty to customers anywhere in the world and fast track claims using transaction-level data, we make it easy to deliver a customer experience that’s ranked at an industry-leading NPS of +65.

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Customized offers, tailored to each individual customer

Consumers are turning to online shopping more than ever for purchases big and small. When it comes to protecting those purchases, studies by PYMNTS.com show that they would rather get insurance from their primary financial institution rather than an insurer.

After all, financial institutions have the advantage of knowing what purchases they make and providing relevant offers that match in real time. That is, when financial institutions are implementing embedded insurance.

Every insurable item, in one place

As with any XCover API integration, the solution can be customized however you like. In this example, a checkout provider is selling a warranty as an auto-renewing subscription where the value can be credited to other recent purchases made using the app.
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To reduce friction caused by irrelevant offers, BrightWrite — our real time analytics platform within XCover — uses NLP to identify that the item is insurable and returns an optimal price.
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Your customer can view their Warranty Wallet at any time and add protection for recent purchases. We'll work with you to determine the lookback period.
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When adding protection, recent purchases are itemized. Via the BrightWrite service within the XCover API, the item is categorized and an optimized price is returned.
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When adding protection, your customers can top up their Warranty Wallet where required.
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Customers can modify their warranty subscriptions and switch coverage to another item from their recent transactions.

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