Do you currently offer insurance as an add-on to your customers? It might not be something you’ve ever considered before. However, insurance provides a reliable additional revenue stream for your B2B business, while also maximizing value for your existing customer base. It may also differentiate you from competitors.
Not only can you drive up revenue through premiums being paid every month, but your customer also wins with cheap cover* for unfortunate eventualities. You can even get creative: a refund for rain whilst in Barbados, compensation for a taxi driver getting lost (causing a delay), or cover offered with the sale of a smart doorbell device for when parcels get stolen off the front porch.
So why isn’t every company offering insurance with their existing product or service? Well, such insurance can be a massively complex, time-consuming project. The necessary licenses must be obtained, underwriters hired, and approval granted. Thus, many companies decide not to bother, and consequently miss out.
At MIC Global, we are a full stack company that takes on all that heavy work for you, making it incredibly simple to deliver an innovative embedded insurance product to your customers, without having to alter your systems or adapt your processes. We are hyper focused on the seamless integration of the added insurance product as well, to ensure it does not interrupt the flow of your customers’ checkout journey. Let us worry about solving all the complexity, removing the friction, and providing the smoothest, low-cost, and quick-to-market products possible for your customers.
Here is how we add value to your B2B business:
- Additional revenue – By adding our policy alongside your product, you can drive additional revenue by either increasing the overall price of your product, or charging an additional monthly fee to cover the policy.
- Competitive advantage – Our policies offer a value-add proposition that can make you stand apart from competitors in a crowded market. By offering your product with added protection at the same or a slightly increased price, customers are more likely to choose you. Worried others may do the same? We guarantee that we can create an innovative policy, turn it around and get it to market before your competitors think of it first. And by the time they do, your company will have already gained brand loyalty in your market.
- Brand loyalty – In today’s volatile market, your customers want to feel protected. Having insurance policies embedded into the product or service you offer will mean customers are more likely to stay loyal. Not only does this benefit you, but it also encourages a two-way trusting relationship. By offering your customers embedded cover, they will feel like their best interests are at the forefront of your mind, and begin to associate your brand with feeling taken care of. Over time, your customers will feel a stronger attachment to your brand and will be more likely to choose you again in the future.
Could you do this yourself? The short answer is technically you could. However, take our word for it, you don’t want to. We have spent a decade perfecting this process, and building the technology and team needed in order to cut out the time and complexities for our B2B partners. We combine cutting edge technology with precise customization to tailor the right kind of embedded solution for each company we partner with.
To run an insurance company, you must set up legal structures, licenses, technology, and a team with the ability to develop price and service products. This requires time, people, skills and lots of capital and money. Typically, capabilities are run by different businesses in the value chain, which is what makes it so difficult to pull them all together.
In insurance, speed is a serious advantage. While you could create your own insurance product, in order to gain a true advantage you would need to do so before your competitors. Fortunately, we are known for our pioneering speed, and can put new products in place fast enough to ensure a competitive advantage.
As such, MIC Global brings all of the complexities of insurance together under one offering. This is what we mean by “full stack”. Our agile and quick-to-market underwriting capacity, product development, technology and end-to-end administration enables seamless insurance integrations.
Put simply, leave it up to us to bring added value, additional revenue, and increased customer loyalty through embedded insurance products and services for B2B partners. Get in touch with us and let’s start innovating today!
*2023 average monthly premium US$7.69, MIC Global s5183 policies
