VTEX Insurance offers insurance for products purchased on e-commerce in a single journey for the consumer and at zero cost for retailers
The new product guarantees an increase in revenue for retailers in Brazil
Nearly half of retail customers (48%) would buy more if they were offered insurance at checkout, according to data from Cover Genius July 2021. Aiming to generate revenue opportunity with implementation at zero cost for Brazilian retailers, VTEX, a global digital commerce platform for large companies, in partnership with Assurant Seguradora — a leader in business products and services that support, protect and connects consumer purchases, announce the launch of VTEX Insurance, an insurance solution for products purchased on e-commerce using technology plug and play, enabling implementation within one month after subscribing to the service.
Acer, the third largest manufacturer of PCs of the planet, reached monthly revenue of R＄ 60 thousand with insurance in Brazil, using the new solution resulting from the partnership between VTEX and Assurant. With insurance options such as extended warranty, electronics insurance with protection against accidental breakage, oxidation, theft and qualified theft, protected purse insurance, loss of income, residential and assistance, VTEX Insurance serves several product segments such as electronics, appliances, furniture, mattresses, tires and bicycles.
The solution aims to create new sources of revenue from insurance offerings by retailers, through simple implementation and no development costs. With VTEX, product and service revenue streams are also integrated, simplifying ecommerce finance.
“VTEX offers the entire structure for companies to carry out the implementation and integration process for offering insurance in a simple way, guaranteeing an efficient operation at no additional cost to the retailer”, comments Leonardo Santos, Business Development leader at VTEX. “The final consumer also benefits from the opportunity to protect his goods in a fluid and integrated purchase journey, with clear and objective information about the insurance that will be contracted”, he adds.
The president of Assurant for Brazil and Latin America, Ricardo Fiuza, emphasizes the importance of the partnership with VTEX, “VTEX's complete commerce platform, combined with our expertise and broad insurance portfolio, should provide many benefits both for retailers and for the end consumer.
Another barrier that VTEX Insurance overcomes is that, in most cases, a large investment is required by retailers to implement a system for offering insurance, and this generally limits the access of some retailers to offering this type of service. VTEX Insurance democratizes access to the insurance offer, enabling smaller retailers to also offer protection to their customers.
Without expert development, implementing this type of service can take more than 9 months. With VTEX Insurance this is done in less than a month, without compromising the e-commerce operation. The simplicity of the solution also allows the insurance offer to be easily managed directly on the VTEX platform.
Acer had been trying to implement the sale of services, such as extended warranty insurance, since 2020, however, the difficulty of integrating and developing the sales flow, added to the high cost of developing the operation, caused the company to postpone its plans. But in 2022, with the implementation of VTEX Insurance, Acer reached an additional monthly revenue of up to R＄ 60 thousand with insurance in Brazil, in an organic way, made possible by the usability of ecommerce, without involving marketing actions. Currently, the company manages the insurance offers available on its e-commerce with just one click. In addition, the company also has the support of the internal VTEX team to increase its performance and insurance revenue.
“VTEX Insurance becomes a competitive advantage for our customers, offering quality insurance that is practical and easy to adhere to”, adds Leonardo Santos. “For any type of business, this solution is an opportunity for ecommerces to have a new source of revenue while adding value and convenience to the end consumer in a practical and agile way”, he concludes.
With more than 130 years of tradition in the global insurance market and with coverage throughout Brazil, Assurant conducts constant studies to offer competitive prices, sometimes below the market. Thus, the consumer has the advantage of being able to purchase insurance for his product at an affordable price in a single purchase journey.
The solution is now available for VTEX customers throughout Brazil. For more information, visit the product website.
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