How Zip uses Protection Pocket to offer tailored protection to their customers
Buy Now, Pay Later offers customers flexibility and convenience when they make purchases, so it’s only natural that they’re offered flexible protection for their items as well.
75% of fintech app users are highly interested in transaction-based protection offers from their financial institutions, according to the Global Embedded Insurance Report for Banks, Neobanks and Fintechs commissioned by Cover Genius and conducted by Momentive.ai. Consumers universally nominated “convenience” as the primary driver of their interest in protection offers via transaction monitoring. This presents an opportunity for Buy Now, Pay Later companies such as Zip to protect their customers and increase brand loyalty while growing their profile as a payment alternative.
Zip partnered with us to offer real-time, embedded protection at checkout and via transaction monitoring, powered by our technology – Protection Pocket, a first-of-its-kind solution. Underpinned by XCover, our award-winning global distribution platform, protection is embedded into Zip’s checkout for a seamless customer experience, plus Zip customers can protect their items post-purchase. They’re presented with offers in real time through XCover’s Natural Language Processing capabilities, utilized to identify relevant items in their cart and return optimized policies to the customer.
Through the integration, Zip has paired flexible payments with flexible protection, enabling their customers to shop with even more peace of mind.