Embri, a trailblazer in embedded insurance, has announced an exciting expansion to its portfolio with the inclusion of embedded bikes and high-end tech insurance.
This new offering builds on Embri’s established expertise in insuring luxury watches and high-value jewellary, further streamlining the process for retailers to offer protection for customers’ prized possessions directly at the point of sale, according to FF News.
Embedded insurance integrates protection directly into the purchase experience, enabling customers to secure coverage for their items instantly.
This approach is part of a booming sector predicted to reach $700bn in global gross written premiums by 2030.
The convenience of bundled insurance, eliminating the need for additional steps post-purchase, is particularly timely as the prevalence of theft and the demand for real-time coverage increase.
In the UK, bicycle theft remains a significant concern, with statistics from Statista showing 66,960 reported thefts in 2023/24, underscoring the growing risks to valuable possessions.
Embri’s solution ensures buyers can leave the store with immediate coverage, addressing the needs of today’s convenience-driven consumers.
The decision to expand into bike and high-end tech insurance aligns with emerging trends in the UK luxury market, which is projected to surpass £20bn by 2028.
Despite this growth, a significant proportion of high-value items remain uninsured at the point of sale. The demand for integrated insurance solutions is clear, particularly in response to staggering statistics such as the £1.5 billion worth of luxury watches stolen annually in the UK.
Robert McCarthy, Embri’s Non-Executive Chair and former retail executive, emphasised the benefits of this seamless approach, “Embri’s innovative embedded insurance allows customers to protect their purchases effortlessly as part of the buying journey. This means greater peace of mind from the moment they leave the store.”
Craig Harper-Aston, Strategic Advisor at Embri, highlighted the market evolution,
“The future of insurance is embedded. By eliminating friction points, we’re meeting customer needs at a pivotal moment. The introduction of bike and high-end tech insurance further solidifies our commitment to convenience and relevance.”
Simon Ball, Director at Embri, concluded with a vision for the company’s impact, “We aim to redefine insurance for high-value items. With theft and claims on the rise, embedding insurance into the purchase experience addresses a critical consumer need for protection and peace of mind.”
With these enhancements, Embri is poised to lead the charge in making insurance accessible, relevant, and seamlessly integrated into the customer journey.
By expanding into high-demand categories like bikes and high-end technology, the company continues to address the evolving needs of consumers and retailers alike.
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