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There is plenty of talk about companies having global reach which is inspiring for a business looking to expand. With the help of technology, businesses today can scale faster than ever before. Even so, scaling a business in multiple countries outside of the country of origin has a number of challenges that can often feel daunting – including when wanting to scale protection solutions for customers across countries and regions.
When consumers are accessing products and services from multiple countries at any given time, trying to find protection options that cater to each of them is difficult. Consumers in New York have different needs and expectations than those in London, Dubai or Singapore. Traditional protection models and their legacy systems make it difficult to protect global customers in the different regions they serve – and protection gaps still exist.
As such, companies can turn to an insurance partner that can embed protection solutions directly in the purchase path. These embedded options not only act as an option to create ancillary revenue streams for a scaling business, but also cater to the needs of digital-first consumers.
These solutions can be created through a single Application Programming Interface (API) call. Integrating an API with existing digital channels may appear intimidating at first glance, especially for companies with smaller tech teams or fewer resources, partnering with a specialised insurtech partner, like Cover Genius, can be the best solution to global protection. With its existing technology expertise and reach in more than 60 countries around the world and all 50 US states, integration is relatively easy and support is provided where it’s most needed.
Embedding protection solutions in the online purchase journey eliminates the inconvenient need of adding a second-step to finding a warranty, insurance, guarantee or other protection option in their specific country for the consumer and their purchases.
Consumer behaviour has drastically changed to require embedded experiences – it's no longer a case of if but of when. Today's consumers are changing the way they spend their money and looking for digital-first options that are convenient, tailored and transparent. Catering to a customer’s protection needs today and in the future are key to staying competitive in a global business environment.
Across the travel industry, for example, many airlines and online travel agents have added targeted embedded solutions to their core offerings. Cover Genius works with partners to create bespoke solutions that not only help keep their customers protected and happier, but also tie in with their core business. For example, paying out on approved claims in different parts of the world can be done in real-time, offering convenience to their customers. By providing timely compensation in the form of cash, lounge passes or flight credit due to a flight delay, it can help lead to higher customer satisfaction rates and return purchases, thus affecting their bottom line.
Today’s technology has added a new dimension to scaling globally that requires fewer resources but can yield high dividends, not only to the core business but to customer loyalty and return business. Embedded solutions across industries help companies grow their reach and become truly global as they cater to their customers around the world. Finding the right partner with the reach and capacity to support scaling business offerings is also incredibly important.
Download your free copy of the latest Financial Technologist magazine here.
