" class="no-js "lang="en-US"> Anansi partners with Arch Insurance International to launch their digitised goods-in-transit insurance across the underserved ecommerce industry - Fintech Finance
Friday, April 19, 2024

Anansi partners with Arch Insurance International to launch their digitised goods-in-transit insurance across the underserved ecommerce industry

Anansi, the insurtech, has partnered with Arch Insurance International (Arch) to offer an embedded goods-in-transit insurance product for distribution partners and e-commerce merchants. The partnership will see Arch provide the insurance capacity and act as underwriters for Anansi’s goods-in-transit embedded insurance platform, providing a digital insurance experience to the underserved e-commerce industry across the UK.

Anansi’s platform is part of a wider insurtech revolution that is transforming traditional insurance products and processes into an automated, hassle-free experience. Only 10% of all goods-in-transit are insured in the UK, and the industry has cumbersome onboarding and claims processes, ambiguous pricing, and inadequate courier insurance experiences.

Embedded insurance is changing how insurance is distributed and proving to be a powerful way to reach new audiences and to bridge protection gaps. With insurance integrating directly into the online customer experience, it becomes a feature of a product or service rather than something that is purchased separately.

Historically, resources and money were spent trying to bring the customer to where insurance is sold, embedded insurance reverses that.

Anansi’s embedded insurance platform offers customers comprehensive protection and automates the insurance journey. The entire experience is paperless, from onboarding and policy issuance through to claims and settlements, and payouts are parametrically triggered when a parcel is lost or delayed in transit. This new partnership with Arch will enable Anansi to serve millions of underserved e- commerce businesses, allowing those who are currently shipping goods without goods-in-transit insurance to better protect both their own businesses and the experience of their customers.

Shipping tracking data and parametric claims automatically trigger the filing of claims for lost and delayed goods, providing a ‘touchless’ experience, and removing the courier from the claims experience. E- commerce businesses can expedite replacements for lost goods, reduce customer service complaints and provide exceptional customer experiences beyond the checkout.

Commenting on the partnership, Megan Bingham-Walker, Co-Founder & CEO of Anansi, said “We are pleased to be partnering with Arch, and see this as the first step in our commitment to provide e-commerce businesses with a fair and flexible digital goods-in-transit insurance solution. For too long, the insurance industry has been plagued with antiquated methods and, only by digitising and automating the entire process, will we be able to offer adequate protection for the millions of uninsured and underinsured goods that transit each year.”

Steve O’Gorman, Head of Cargo and Logistics at Arch Insurance International adds “We are delighted to partner with Anansi to provide an effective goods-in-transit insurance solution to increase the speed and ease of parcel insurance purchase for e-commerce merchants. The parametric claims process also provides clients with reassurance that claims will be paid fairly and promptly”.

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