Thursday, June 20, 2024

Spott Redefines Financial Services With Timely Launch of Frictionless Liability Insurance for E-commerce Businesses

Today, Spott announced the launch of the world’s first digital insurance platform designed exclusively for e-commerce sellers. As part of a broader suite of financial services, Spott’s insurance offering enables e-commerce businesses to protect their stores against claims and comply with up-to-date insurance requirements from leading marketplaces, most notably Amazon.

The e-commerce liability insurance market, which Spott aims to address, is valued at $5 billion and is forecast to grow rapidly, spurred by the latest requirements from leading e-commerce marketplaces for sellers to hold liability insurance. However, despite the growing demand for coverage, traditional insurers have challenges accurately assessing risk and providing attractive offers to online sellers.

“We’re witnessing a widening chasm emerge between the rapidly growing e-commerce industry and the established financial services sector that has been operating according to the same principles for decades,” said Guy Salame, co-founder and CEO of Spott. “Spott bridges the gap between these industries by providing sellers with seamless access to innovative and lucrative financial products tailored to their unique needs. The technology we’ve built enables sellers to succeed and thrive in a highly competitive and dynamic environment that is filled with risks and opportunities.”

Spott provides competitive insurance quotes to e-commerce businesses and enables them to swiftly purchase policies that satisfy the requirements of marketplaces at a price that reflects the business’ risk level. Spott is currently serving hundreds of e-commerce sellers worldwide and has partnered with top-tier digital brokers and leading commercial carriers in the U.S.

Spott was founded by experienced entrepreneurs, Roma Bronstein (CTO), Amit Batzir (Chief Product and Risk Officer) and Guy Salame (CEO). Prior to founding Spott, Bronstein was a co-founder of Jeeng (acquired by PowerInbox), Batzir was Head of Data Intelligence at PayPal, and Salame was VP product for insurtech startup Planck. The co-founders joined forces with veteran fintech leader Yuval Tal, the founder of Payoneer and Borderfree, to build Spott. Tal currently serves as Spott’s Chairman and is Managing Partner at Team8. Through the combined experience of these entrepreneurs in data analysis, risk management, e-commerce, and insurtech, Spott is primed to be a leader in the field of insurance for e-commerce businesses.

Spott was founded in 2021 and grew to a staff of 20 spread across offices in Tel Aviv and New York, after completing an $8.3m seed funding round led by Team8 and Viola Ventures. The company is currently expanding its global business operations and developing additional financial services.

Spott’s solution is powered by advanced data and event-driven technologies that enable a new breed of financial products and services for the e-commerce market. In addition to its insurance offering, Spott provides real-time insights and helps sellers to proactively avoid account suspensions, supply chain issues, list hijacking, counterfeiting and others. Spott’s services also empower online sellers to boost sales volume, launch new products, expand to new markets, scale marketing activities, and broaden geographic reach.

Spott has entered the market at the perfect time,” said Yuval Tal, Chairman of Spott and Managing Partner at Team8. “Their technology will dramatically improve underwriting processes, enabling insurers to quantify risk not only on a business level, but also on a product level, and help sellers easily access insurance coverage tailored to their needs. As frontrunners in the insurance space, the table is set for Spott to build a strong global customer base and rollout a much broader suite of financial services that will help sellers accelerate growth, scale faster and manage risk more effectively.”

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