We have partnered with a leading financial bank by providing digital reinsurance to their local insurance partner, covering mobile phones with an innovative embedded micro insurance solution, giving owners peace of mind in the event of mobile phone damage and theft.
Problem
The financial bank partners with a local telco to offer a credit card to customers when purchasing a mobile phone through the telco. They wanted to drive acquisition of this credit product and increase customer satisfaction for those that signed up.
The bank saw an opportunity to offer opt-in extended warranty and device protection as an incentive to sign up to their credit card.
Solution
We worked with the bank to tailor our MiIncident Gadget coverage to their specific needs, covering their enrolled credit card customers when mobile phone damage occurs or a device is stolen.
Implementation
Our digital reinsurance solution is provided to the bank’s local insurance partner. The solution is embedded into the bank’s extended warranty.
When device damage occurs, customers can quickly raise a claim through their credit account and receive a repair via dedicated repair centers, reducing the time spent without their device in full working order. Or in the event of theft, customers can receive a payout to put toward replacing their stolen mobile phone.
Results
Having embedded our MiIncident embedded micro insurance solution, the financial bank is now able to rapidly provide a highly relevant insurance product that attracts new customers and increases their customer retention.
Embedded Coverage for Today’s Digital World
