Once Insurance Group has ventured into the watch and jewellery insurance market, with an aim to simplify the process of insuring small valuables.
The company offers a one-time premium for a comprehensive five-year protection plan, which is estimated to save customers around 35% over the term compared with traditional insurance options.
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Once Insurance highlighted that its policy can be purchased online, either at the point of sale or subsequently, without the need for an appraisal.
The policy is designed as a one-off purchase with a single payment, providing five years of coverage without the hassle of monthly premiums or annual renewals, which further helps in eliminating the potential for premium increases.
Once Insurance offers a deductible-free policy, ensuring that all claims are credited directly to the customer, allowing them the freedom to replace their item as they see fit.
The company said it operates entirely digitally, enabling customers to get quotes, purchase, as well as obtain coverage entirely through its website in as little as three minutes.
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By GlobalDataCurrently, the coverage is available for items valued up to $5,000, with plans to extend this limit soon.
To facilitate easy access to insurance at the time of purchase, Once Insurance has made its services available through QR codes and via self-service kiosks in physical stores, as well as online through various links and insurance brokerages.
The company is also looking to collaborate with payment processors and other sales channels to integrate insurance offerings seamlessly.
Once Insurance Group insurance markets director Dan Siegel said: “We are the only insurance product in North America offering a one-time payment for coverage of five years at a time, allowing customers to enjoy their valuables without worrying about ongoing and rising insurance costs.
“We are able to offer customers affordable watch and jewellery coverage by simplifying the product and process, passing on savings to customers.”
The insurance coverage provided by Once Insurance is underwritten by AM Specialty Insurance Company, a surplus line insurance company.
Actuarial services, policy rate studies and policy development for Once Insurance Group are carried out by Perr & Knight.
Digital infrastructure and application programming interface (API) integration for Once Insurance Group is facilitated by Stere, which offers an insurance operating system that includes Stere API-as-a-Service and Stere Distribution.
