With the huge increases in online shopping over recent years, we are all experiencing multiple deliveries at our doorsteps and managing the challenges of being available to receive them at all times of the day. Often, parcels are now left at the front door with a photograph taken as proof of delivery, but what happens to that parcel before you are able to take it in? Who is responsible for its safety, and what happens if it is stolen off the porch? It probably won’t be surprising to hear that ‘porch piracy’ is a growing crime, with 43% of consumers in the US alone becoming the victims of package theft.
With the growing trend in internet-enabled doorbells and CCTV cameras, we have identified a solution to this particular problem.
Working with IoT Smart Device product manufacturers, we have developed ‘Doorbell Insurance’, a unique micro insurance offering that enables product suppliers to offer additional value and service to their customers, whilst providing additional peace of mind that they will be protected in the event of packages being stolen from their doorstep.
The process is very simple: the doorbell provides evidence that a package has been delivered, plus will also capture the details of any theft. In the event of a claim, the customer will be protected to the value of $500.
As the insurance is embedded into the cost of the IoT smart device, it becomes an immediate added-value service and a competitive advantage for product manufacturers, whilst also providing an additional revenue stream.
But why isn’t every company offering insurance with their existing product or service? Well, such insurance can be a massively complex, time-consuming project. The necessary licenses must be obtained, underwriters hired, and approval granted. Thus, many companies decide not to bother, and consequently miss out.
At Micology, we are a full stack company that takes on all that heavy work for you, making it incredibly simple to deliver an innovative embedded insurance product to your customers, without having to alter your systems or adapt your processes. We are hyper focused on the seamless integration of the added insurance product as well, to ensure it does not interrupt the flow of your customers’ checkout journey. Let us worry about solving all the complexity, removing the friction, and providing the smoothest, low-cost, and quick-to-market products possible for your customers.
How we Add Value to Your Business
By adding our policy alongside your product, you can drive additional revenue by either increasing the overall price of your product, or charging an additional monthly fee to cover the policy.
Our policies offer a value-add proposition that can make you stand apart from competitors in a crowded market. By offering your product with added protection at the same or a slightly increased price, customers are more likely to choose you. Worried others may do the same? We guarantee that we can create an innovative policy, turn it around and get it to market before your competitors think of it first. And by the time they do, your company will have already gained brand loyalty in your market.
In today’s volatile market, your customers want to feel protected. Having insurance policies embedded into the product or service you offer will mean customers are more likely to stay loyal. Not only does this benefit you, but it also encourages a two-way trusting relationship. By offering your customers embedded cover, they will feel like their best interests are at the forefront of your mind, and begin to associate your brand with feeling taken care of. Over time, your customers will feel a stronger attachment to your brand and will be more likely to choose you again in the future.