Embedded insurance, a rapidly growing sector, projected to reach a global gross written premium of $700 billion by 2030, brings insurance directly to consumers at the point of sale. This seamless approach enables customers to purchase both their product and insurance in one transaction, offering immediate protection without additional steps. This added convenience is particularly important as bike theft remains a prevalent issue in the UK, with just 1% of cases leading to any kind of formal sanction or prosecution (BBC).
Shockingly, global data platform Statista, found that the number of bicycle thefts in England and Wales was 66,960 in 2023/24 compared with 77,170 in the previous reporting year. This increase highlights the growing risk for high-value and high-tech items, where embedded insurance can provide instant coverage and peace of mind.
The addition of embedded bike and high-end tech insurance comes at a crucial time, as the UK luxury market is forecasted to exceed £20 billion by 2028. Many luxury items, including watches and jewellery, remain uninsured at the point of sale, leaving them particularly vulnerable. Watchfinder & Co. recently revealed that a staggering £1.5 billion worth of luxury watches were stolen in the UK, underscoring the need for protection that can be seamlessly integrated into the purchase experience.
Robert McCarthy, Non-Executive Chair of Embri and former retail executive at John Lewis and Waitrose, expressed his strong support for the expansion: “Embri’s innovative approach to embedded insurance means that customers can now protect their purchases immediately, as part of their buying journey. This not only simplifies the process but also ensures that people can enjoy their valuables without worry from the moment they leave the store.”
Craig Harper-Aston, Strategic Advisor at Embri, added: “The future of insurance is embedded. By integrating insurance at the point of sale, we’re removing traditional friction points and making it easier for customers to access protection when it matters most. We’re excited to bring this capability to high-end tech and bike insurance, where we know there’s a strong demand for convenient, real-time coverage.”
Simon Ball, Director at Embri, noted: “Our goal is to redefine insurance for luxury and high-value items. With thefts and high-value claims on the rise, we’re proud to offer a solution that addresses both consumer convenience and peace of mind. By embedding insurance within the purchasing process, we’re making insurance more accessible and relevant to today’s market demands.”
