KoverNow Provides Insurance at Point of Sale for Singapore’s Luxury Retailers

Retailers of high end watches, jewellery, designer handbags, cameras and laptops are being invited to offer customers insurance to protect their luxury items at the moment of purchase, as part of a program launched by KoverNow, the mobile insurance app company.

The program was kick-started with a partnership with WatchBox, the specialist pre-owned luxury watch retailer, last year. Following its success, it has now been expanded with incentives to attract other brands and retailers, and their customers.

The partner program is open to retailers and brand outlets across multiple categories, and includes repair shops that specialise in watches, bags, cameras, jewellery and laptops. It will give retailers an opportunity to add value to sales and complement the provision of warranties, by insuring against loss and theft in addition to accidental damage. It can also be offered as an extra purchase when the luxury item is being bought as a gift. Customers will be incentivised through the program with discounts available when they use a partner’s unique QR code to initiate insurance.

“The purchase of a luxury item, whether it’s a Patek Philippe watch or a Gucci handbag, is an emotional transaction that matters to the buyer,” said Stephan Kaiser, CEO at KoverNow. “The retailer is influential in that transaction and has an essential part to play in encouraging the buyer to think about protecting their investment. The point of sale is the perfect moment to recommend insurance, but securing a policy needs to be seamless and effective, which is where KoverNow’s digital mobile app service comes in.”

Retailers can easily show the customer how to scan the QR code, download and open the KoverNow app on their smartphone in the store. They can then receive an accurate valuation and insure their purchase in seconds.

KoverNow has designed its app with luxury goods in mind, allowing customers to insure single items as and when they need cover with the minimum term being just one month. Valuations are based on reputable market-tested data, or on the cost of the item in the store, to ensure that premiums are in line with value.

“The Partner Program has the potential to enhance sales by maximising customer loyalty,” said Stephan Kaiser. “Offering insurance at the point of purchase is a unique selling point which will further improve the customer experience and demonstrate engagement with the customer for future transactions.”