Source: Embri
Embri’s innovative platform aims to revolutionise the way luxury retailers provide insurance solutions to their clientele. By seamlessly integrating insurance offerings into the purchasing process, whether online or in-store, Embri ensures that customers have immediate coverage at the point of purchase, eliminating the need for them to leave the store or step outside their homes unprotected.
Retail veteran Robert McCarthy has assumed the role of non-executive Chair of Embri, bringing a wealth of experience in the retail sector to the new startup, having previously held key positions at John Lewis, Direct Wines, Waitrose and WH Smith.
Robert McCarthy, non-executive Chair of Embri, said: “The team have spent over a year in research and development talking to luxury retail brands and insurers. Embri fills a crucial gap in the luxury retail market by offering seamless insurance solutions precisely when customers need them most. Our platform offers fresh thinking, relevance, convenience and security – enhancing the customer experience while simultaneously unlocking new revenue streams for retailers.”
The luxury brand market is vast and steadily expanding across the world. In the UK alone, more than £15bn will be invested in luxury goods in 2024, yet scarcely any of these items will be insured at the moment of purchase. By 2028, consumer spending on luxury items is projected to surpass £20bn. Embri’s goal is to empower these buyers, allowing them to insure their cherished purchases with just one click at the point of sale for the first time in the market.
Craig Harper-Aston, Strategic Advisor at Embri, added: “Luxury item theft, particularly of high-value watches, is on the rise, yet many purchasers remain unaware of their insurance options. Embri’s embedded insurance provides a much-needed solution, offering both retailers and customers the peace of mind they deserve.”
A Freedom of Information Act, requested in 2023 by Watchfinder & Co, into the theft of luxury watches found that watch-related theft and loss had surged in the UK, with the value of stolen luxury watches reaching £1.5bn. Whilst The Watch Register, the world’s largest watch database, reported 7,344 reported cases of stolen watches to the Metropolitan Police, amounting to a total value of £44m in the same year.
Simon Ball, Director at Embri, said: “Embri was developed with the consumer front and centre. The loyalty consumers feel for luxury brands can be further developed with this demonstrable commitment to quality and security.Our platform streamlines the insurance purchasing process, saving time and effort for both parties, and delivering insurance that is hyper tailored to the luxury item being purchased, and active at the point of sale.
“Whilst the luxury goods market shows resilience, theft of high end watches continues to rise with it, and the increasing importance of having appropriate insurance cover in place to protect these purchases”
Read full article: https://embri.co.uk/embedded-insurance-platform-embri-launches-redefining-luxury-retail-protection/
