redtape

Redtape

REDTAPE Symbo’s Embedded Footwear Insurance

Redtape, an european leading lifestyle brand, with a huge retail presence in India, introduces Footwear Insurance at its stores. Sees an attachment rate of 15% within the first month of launch.

About Redtape:

Redtape was conceptualised as a lifestyle brand for the aspiring and ambitious Generation Next. A brand synonymous with unparalleled comfort, international style and exceptional finesse owing to its unrelenting focus on quality, craftsmanship and in-vogue fashion

Highlights:

Symbo’s footwear insurance offers footwear care & a protection plan for Redtape customers

Challenge:

While Redtape offers a warranty for manufacturing defects, insurance cover that goes beyond the scope of a warranty was required. Footwear can get damaged due to accidents like silencer burns, chemical spills, and breakage of buckle straps among various other reasons.
Moreover, the buying process for the insurance cover had to be integrated with Redtape’s current business flow to avoid hindrance in shoe purchases. In case of a claim, the settlement process had to be simple as well as quick.

The Solution:

Symbo’s solution to the problem faced by Redtape had a two-fold objective” driving revenue and increasing customer loyalty.
Symbo’s Footwear Insurance was offered to Redtape customers as an add-on in the buying journey right from the POS terminals. Symbo’s CoverGateway API, with it’s out of the box integration with company’s POS terminal, shortened the go-live with Redtape to just 4 weeks.
Redtape customers could easily access their insurance account on Symbo App for policy coverage details & also file claims online, with more than 90% claim settlement ratio. Symbo’s OCR technology validated the purchased product and claims and settled the claim within 48 hours in an automated process.

What they say about us:

A completely novel concept of selling Footwear insurance was pitched to us by Symbo's team & we had to try it as no shoe company in the market was giving an insurance cover for their products. The insurance product was an instant hit with our customers and helped us acheive a substantial customer base with repeat walk ins.
Mr Shuja Mirza
Director - Mirza International

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