bsurance, a leading B2B2C embedded insurance platform, and sustainable electronics refurbisher Refurbed have teamed up to bring a range of embedded insurance products to customers. As ESG reporting becomes mandatory, the question of insuring refurbished electronics, car parts, white goods and so on will become more urgent. Workshops and manufacturers/importers can only carry out the refurb to the highest standards if insurance is in place – not just for their work but for the product’s future second life.
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The partnership’s goal is to provide customers with all the additional products they are used to being offered with new electronics. Customers, who buy products such as mobiles, laptops and tablets will be offered the option to immediately gain tailored insurance quotes for breakage, glass, loss or water damage at checkout. The insurance, which is offered by bsurance partner Allianz, will provide cover for up to three years.
Refurbed, which is present in nine European markets including Germany, Austria, the Republic of Ireland and Italy, is the fastest growing marketplace for renewed products. The tie with bsurance is one of the first applications of embedded insurance in the refurbished electronics sector and marks an expansion of bsurance’s offering to Italy.
Since integration work was completed in Q1, refurbed has reported 30% month-on-month growth of consumers choosing to buy insurance cover.
Lorenz Graeff, CEO and Co-Founder of bsurance, said: “We know that many people do want to live more sustainably and demand for refurbished is growing rapidly. However, some consumers can worry that these goods might be more complicated to insure. This is why this is such a powerful application of embedded insurance. It provides near instant, hassle free tailored insurance to a sector where there is huge demand.
“Companies like refurbed are doing amazing work in trying to tackle the climate crisis. We’re delighted to be able to play our part and look forward to seeing how embedded insurance can help people have the peace of mind to live a little greener.”
Bsurance and refurbed hope to expand the partnership in the future to include cyber security, mobile virus and fraud insurance.
The partnership with refurbed follows bsurance’s recent work with Amodo to create AI-driven car insurance products, Kika/Leiner to provide omnichannel insurance cover and collaboration with Caixabank to develop embedded life insurance products.