Arch Insurance and Anansi target ‘underserved’ UK e-commerce industry with digital goods-in-transit insurance

Arch Insurance International (Arch) has partnered with insurtech firm Anansi to offer an embedded goods-in-transit insurance product for distribution partners and e-commerce merchants.

Related topics:  goods-in-transit,  insurance
Tabitha Lambie | Editorial assistant, Barcadia Media
14th September 2022
"E-commerce businesses can expedite replacements for lost goods, reduce customer service complaints and provide exceptional customer experiences beyond the checkout."

Earlier this year, Arch became an insurer partner with the British Insurance Brokers’ Association (BIBA) with the aim of building “trusting, responsive, and lasting relationships,” according to Steve Bashford, Arch Insurance chief executive.

“Our brokers are front and centre of our service-led market proposition, which is underpinned by our central principle of trading the way that our brokers want to trade,” added Bashford.

Now, Arch Insurance has partnered with Anansi to provide the insurance and underwriting for the insurtech’s goods-in-transit embedded insurance platform. With only 10% of all goods-in-transit  insured in the UK, this service will provide the digital insurance experience the ‘underserved’ UK e-commerce industry needs.

Offering customers comprehensive protection, Anansi’s embedded insurance platform automates the entire insurance journey, from onboarding and policy issuance through to claims and settlements, and payouts.

Anansi’s digital platform also offers shipping tracking data and parametric claims automatically, triggering claims for lost and delayed goods to be filed. This provides customers with an exclusive ‘touchless’ experience, removing the courier from the claims experience.

Commenting on the partnership, Megan Bingham-Walker, Anansi co-founder and chief executive, has said:

“We are pleased to be partnering with Arch, and see this as the first step in our commitment to provide e-commerce businesses with a fair and flexible digital goods-in-transit insurance solution.

“For too long, the insurance industry has been plagued with antiquated methods and, only by digitising and automating the entire process, will we be able to offer adequate protection for the millions of uninsured and underinsured goods that transit each year.”

Steve O’Gorman, Arch head of cargo and logistics, added:

“We are delighted to partner with Anansi to provide an effective goods-in-transit insurance solution to increase the speed and ease of parcel insurance purchase for e-commerce merchants. The parametric claims process also provides clients with reassurance that claims will be paid fairly and promptly.”

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