The insurance solution, which is backed by QBE and distributed through YAS, utilises technology from Assureful, an insurtech company, to offer a product developed to meet the needs, demands, and preferences of merchants selling on online marketplaces such as Amazon, eBay, and Shopify. The newly launched service focuses on providing flexible and reliable insurance policy coverage to Hong Kong enterprises requiring risk management assistance for their ecommerce business models in the US market. In addition, the policy covers a range of liabilities, including bodily injury and property damage, personal injury, and medical payments.
By launching the Pay-As-You-Sell product liability insurance, YAS and QBE intend to equip ecommerce sellers with fair and dynamic monthly premium pricing linked directly to their online sales activity. This is achieved through the on-demand insurance model integrating with all major ecommerce platforms and leveraging live sales projections and data, as well as incorporating product liability insurance coverage customised to the US market needs. This works towards delivering a simplified and cost-effective approach, utilising AI to analyse risk profiles and needs and offering merchants appropriate levels of coverage.
Furthermore, YAS representatives commented on the announcement, mentioning that forging this strategic collaboration with QBE Hong Kong and Assureful is set to support merchants in expanding their operations and launching their services to the global market. At the same time, QBE underlined that considering the vast market opportunity in ecommerce, Hong Kong-based merchants require a worldwide insurance provider who can support them in their cross-border trading endeavours. The automated liability insurance solution covers product liability for all of an ecommerce merchant’s online transactions, safeguards against intellectual property claims and product recalls, and includes imported products made in China. Additionally, through this newly launched service, YAS and QBE aim to meet the needs of private label companies, retail arbitrage firms, resellers, wholesalers, and drop shippers, among others.
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