By launching these new additions, Embri aims to complement its existing Embedded Insurance offering for luxury watches and high-value jewellery, optimising how retailers introduce insurance solutions to safeguard customers’ possessions at the point of purchase.
Providing insurance directly to consumers at the point of sale, Embedded Insurance is a rapidly evolving sector, expected to reach a global gross written premium of USD 700 billion by 2030. Through this approach, customers can purchase both their product and insurance in one transaction, providing instant protection without additional steps in their purchasing process. This efficiency can potentially positively influence the current environment, where bike theft remains prevalent across the UK, with only 1% of cases leading to a formal sanction or prosecution. In addition, according to Statista, the number of bike thefts in England and Wales was 66,960 and 2023-2024 compared with 77,170 in the previous reporting year. This expansion underlines the scaling risk for high-value and high-tech items, where Embedded Insurance can deliver instant coverage and convenience.
Furthermore, the launch of Embri’s embedded bike and high-end tech insurance comes during a period of projected growth for the UK’s luxury market. However, luxury items, such as watches and jewellery, are not insured at the point of sale, in turn leaving them vulnerable to risks. When commenting on the launch, representatives from Embri mentioned that their company’s approach to Embedded Insurance focuses on enabling customers to safeguard their purchases immediately, as part of their buying path. Besides simplifying the process, the new solutions intend to ensure that individuals can enjoy their purchases without worrying about them when they leave the store.
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