Embedded insurance platform Embri has expanded its coverage options to include bicycles and high-end technology. These additions build on its existing protection for luxury watches and high-value jewelry, enabling retailers to offer immediate, point-of-purchase insurance for valuable items.
Embedded insurance integrates coverage directly into the sales process, allowing consumers to secure protection during purchase. This model, projected to generate $700 bn in global gross written premiums by 2030, removes the need for additional steps in the customer journey.
The introduction of bike insurance is timely, given the rise in bicycle theft across the UK. In 2023/24, England and Wales reported nearly 67,000 bicycle thefts, according to Statista, with only 1% of cases leading to formal sanctions or prosecutions, as noted by the BBC. This growing risk underscores the value of embedded insurance in addressing consumer concerns.
High-end tech insurance addresses a similar demand. As premium gadgets become more prone to damage and theft, embedded protection provides an added layer of security.
This offering aligns with the growth of the UK’s luxury market, projected to exceed £20 bn by 2028. Despite market growth, many luxury products remain uninsured at the point of sale. Watchfinder & Co. reported that £1.5 bn worth of luxury watches were stolen in the UK, highlighting the need for integrated protection.
Embri’s expanded portfolio supports retailers in offering instant, embedded insurance for a broader range of high-value products, enhancing customer trust and satisfaction.
Robert McCarthy, Non-Executive Chair of Embri and former retail executive at John Lewis and Waitrose, commented on the expansion: “Embri’s approach allows customers to protect purchases as part of their buying journey. This streamlines the process and ensures people can enjoy their valuables with confidence from the moment they leave the store.”
Craig Harper-Aston, Strategic Advisor at Embri, stated:
The future of insurance is embedded. By integrating insurance at the point of sale, we’re eliminating traditional barriers and making it easier for customers to access protection when it matters most.
“Our move into high-end tech and bike insurance meets growing demand for real-time coverage.”
Simon Ball, Director at Embri, added: “Our goal is to redefine insurance for luxury and high-value items. With thefts and high-value claims on the rise, our solution addresses consumer convenience and peace of mind. By embedding insurance into the purchase process, we’re making protection more accessible and relevant for today’s market needs.”
