Maximizing Coverage: Understanding Different Embedded Fintech Insurance Plans

Are still reading this?

In that case, you’re on the brink of uncovering a gold mine of information about the value of your Fintech offerings through protection covers.

We know you have questions

So let us tell you a secret.

You might be wondering

1) Will my customer even add insurance alongside the product?

2) Do I have to pay for integration and implementation?

Answer: With our Fintech customers, we are witnessing a whopping 35% attachment rate. And no, the integration process is free, easy, and seamless – both online and/or offline.

You will read more about this in Chapter 4.

The 1st type of protection plan that we will cover is the plan for your merchants & partners. These protection plans are designed to meet their specific needs, whether they are small retail shops or large e-commerce businesses. With these protection plans in place, merchants can rest assured that their business is protected against unexpected events and that they can continue to operate seamlessly. Some of the plans within this category include:

Coverage for the loss or damage of goods and stock due to fire, theft, and other unexpected events. It also covers loss of income and additional expenses due to business interruption.

designed to supplement existing insurance policies, providing extra coverage for high-value goods or inventory.

Provides coverage for losses or damage to two-wheelers used for business or private purposes.

Coverage for losses or damages to point of sale terminals, including repair or replacement costs.

This plan guarantees the price of a product, providing coverage for price differences if the customer finds a lower price for the same product within a certain time frame.

The 2nd type of protection plan that we will cover is the plan for lending. These protection plans are designed to meet the specific needs of lending institutions, such as banks and financial institutions. They aim to provide coverage for borrowers in case of unexpected life events, like death, unemployment or critical illness. This ensures that the loan is paid off and the borrower’s family is not burdened with debt. With these protection plans in place, lending institutions can ensure that their borrowers are protected, and that they can continue to provide loans and financial services seamlessly.

Coverage in case of death, unemployment, or critical illness of the borrower

Coverage for the borrower in case of permanent total disability.

The 3rd type of protection plan that we will cover is the plan for POS customers who purchase goods through Point of Sale terminals. These plans provide coverage for specific types of assets, such as delivery vehicles, mobile phones, laptops, appliances, and so on. This ensures that customers are protected against unexpected events, such as theft, damage, or malfunction.

Coverage for specific types of assets, such as mobile phones, laptops, appliances, and so on, depending on the category chosen by the customer.

Coverage for loss or damage of mobile phones, including repair or replacement costs.

Coverage for repairs or replacements beyond the manufacturer’s warranty.

Coverage for all risks associated with the assets, including accidental damage, theft, fire and so on.

Coverage for loss or damage of eyewear, including sunglasses and spectacles.

Coverage for loss or damage of footwear

Coverage for loss or damage of cycles

The 4th type of protection plan that we will cover is the plan for Greenfield Projects designed to meet the specific needs of new and innovative projects such as start-ups, new business ventures, or digital projects. These plans provide coverage for specific types of risks associated with new and innovative projects such as cyber-attacks, data breaches, and other digital risks.

Coverage for losses resulting from cyber-attacks, data breaches, and other digital risks.

Coverage for basic health needs, including hospitalization, doctor visits, and prescription drugs.

Coverage for accidental death or permanent total disability.

Coverage for hospice care expenses.

Tailored . plans
for your Fintech business

We’ve covered various plans for merchants, lending, POS customers, and greenfield projects that can be customized for your Fintech business needs. By understanding the coverage options available and determining which plan or plans would best suit your customers’ needs, you can offer your customers peace of mind and build trust in your brand.

Offering insurance options can help differentiate your offerings from competitors and create additional revenue streams through insurance commissions.

In Chapter 4, we will dive deeper into how to integrate and implement these protection plans in your Fintech offering, and how to make the buying process simple for your customers.

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