Arch Insurance International will be providing capacity to insurtech Anansi’s goods-in-transit embedded insurance platform, which is designed to serve the UK’s e-commerce sector.
“We are pleased to be partnering with Arch, and see this as the first step in our commitment to provide e-commerce businesses with a fair and flexible digital goods-in-transit insurance solution,” said Anansi co-founder and chief executive Megan Bingham-Walker (pictured).
“For too long, the insurance industry has been plagued with antiquated methods and, only by digitising and automating the entire process, will we be able to offer adequate protection for the millions of uninsured and underinsured goods that transit each year.”
Anansi’s offering, for which Arch acts as the underwriter, features parametric claims or automatic triggers based on shipping tracking data. Benefits include a paperless and ‘touchless’ experience, expedited replacement of lost goods, and reduced customer complaints.
“We are delighted to partner with Anansi to provide an effective goods-in-transit insurance solution to increase the speed and ease of parcel insurance purchase for e-commerce merchants,” commented Arch Insurance International cargo and logistics head Steve O’Gorman.
“The parametric claims process also provides clients with reassurance that claims will be paid fairly and promptly.”
Anansi’s platform is made available to distribution partners and e-commerce businesses, enabling marketplaces, retailers, and freight forwarders to offer coverage to customers from within their front-end environments.
