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Embedding Insurance At The Point Of Sale

[2020.01.13, Mon 10:03] Insurance is changing with the rise of eCommerce, as well as with the support of ever-expanding data sets and other parts of the digital infrastructure - trends that bring consumers closer, in a way, to insurance offerings. The company describes itself as a digital insurance distribution platform for eCommerce companies, allowing them to offer their customers something more secure, sufficient and even on point than extended warranties. That's because 58 percent of consumers would be more likely to buy retail products or spend more with merchants if insurance was offered at the point of sale. The insurance offering "Is formulated in the background, and created to solve consumer problems," he said. Data around consumer behavior on the platform informs marketing and product selection, and can lead to customized insurance offers for consumers - because digital is an enabler of personalization, which is becoming increasingly important in the business-to-consumer relationship. The insurance platform must also be robust enough to serve different markets, if need be - so far, there is a lack of standardized APIs serving this part of the insurance technology landscape, Bayley noted. Most consumers are familiar with offers of insurance for online travel purchases.
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