InsurTech pioneer Qover unveils embedded insurance orchestration technology
This new tech category removes complexity and fragmentation from the insurance industry.
Embedded insurance orchestration provides a modular infrastructure that allows businesses to add insurance at any point of the user journey.
BRUSSELS, BELGIUM, November 17, 2022 /EINPresswire.com/ -- ? With this ground-breaking new tech category, businesses can quickly and easily integrate tailored insurance products into digital experiences
? Known as an ‘InsurTech fabric’ the technology means companies can add any insurance program to any new or existing program free from legacy infrastructure
? Removes complexity and fragmentation from the insurance industry – delivering better outcomes for businesses, employees and customers
Tens of thousands of companies that would benefit from being able to offer their customers insurance will be able to do so from today.
For too long, insurance products have been complicated and hard to understand, with small print that leaves you confused about what’s covered and claims processes that are hard to navigate. Trying to cover the entire insurance value chain at once has not been easy for businesses – there are simply too many complex components – and businesses struggle to sell policies.
That has now changed. Today sees the unveiling of a new InsurTech category at Slush, the world’s leading startup event. Embedded insurance orchestration promises to allow any business where customers or employees would or should adopt insurance to do so, bringing the industry up to speed with the digital age.
The technology provides a modular infrastructure that allows businesses to add insurance at any point of the user journey, whether that be at the point of sale or myriad other occasions such as email or phone follow-ups. Without the need for a lengthy migration process, this plug-and-play solution promises to be transformative for clients who previously relied on disparate business partners to work on each different element of the insurance process.
Integral to this new category is the InsurTech start-up Qover’s solution that, via a single API, can add brand-new, completely tailored cover to any company’s digital products and services, meaning organisations across 32 European nations – including the UK – can quickly add insurance to any line of business regardless of industry, from motoring to banking to retail.
Qover’s clients have access to a flexible, full-stack insurance platform, meaning that any business can offer simple, personalised insurance via a range of policies including accident, mobility, pet, property, purchase and travel. This is achievable thanks to Qover’s fully modular insurance fabric, which enables businesses to ‘pick and choose’ which insurance component works for them, ranging from claims to user portals.
For brands looking to increase acquisition, facilitate greater engagement or differentiate themselves from competition, this tailored insurance offering is an effective driver of customer and employee behaviour.
For retailers, embedded insurance add-ons attract prospective buyers by offering a greater level of personalised service than the competition. Meanwhile, for FinTechs, purchase insurance can help convert users to paid plans, as well as encouraging broader card usage and boosting brand loyalty. Brands also stand to benefit from boosting their employee offering: Qover works hand-in-hand with gig platforms, allowing market leaders to offer tailored insurance to all their employees, helping to retain talent in crowded job markets.
For customers and employees themselves, the benefits are self-evident. Simple, customisable on-demand insurance gives them the peace of mind that purchases are sound, services are reliable and they are covered to have confidence in their everyday lives.
Quentin Colmant, CEO & Co-founder of Qover said: “For a long time we’ve held the belief that the insurance industry has to change. It has remained too disconnected, too fragmented, in order to serve its purpose of protecting customers from unfortunate events.”
“Embedded insurance orchestration changes that by enabling any business to orchestrate the insurance experiences they need on a global scale – no matter their operating market, or industry. In reality, what this means is that our product can protect your customers and employees – providing a better, stronger experience that drives the behaviours your business needs for success.”
ENDS
About Qover
Qover is an InsurTech that adds completely tailored cover to a company’s digital experience, increasing its opportunities to grow and decreasing the cost of insurance as the business scales.
Since it was founded in 2016, Qover’s co-founders had a clear vision of the future of insurance: it must be simple, transparent and accessible across borders – a global safety net.
Qover’s pan-European embedded insurance orchestration platform provides seamless digital insurance experiences to over 2.5 million users across 32 different countries, and works with longstanding partners like Revolut, Deliveroo, Glovo, Canyon, Monese, Cowboy and many others.
For all press enquiries:
Cathy Farmer - Third City
cathy@thirdcity.co.uk
07805 754 904
Matt Hubbard - Third City
matt@thirdcity.co.uk
07403 479 432
Alex Vickery - Qover
press@qover.com
Alex Vickery
Qover
press@qover.com
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November 17, 2022, 08:00 GMT
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