Spott unveils pay-as-you-sell insurance for online merchants

Israeli insurtech Spott has launched 'pay-as-you-sell' insurance for growing ecommerce merchants, who would otherwise have to pay thousands up front

Israeli insurtech Spott, which provides business insurance for ecommerce merchants, has launched a new 'pay-as-you-sell' insurance product that charges users based on their revenue.

It will allow online merchants to gradually increase the amount they pay in premiums in line with their sales, meaning they no longer have to fork out for crippling upfront fees.

Spott has committed to capping fees at the same rate as its traditional ecommerce insurance, so businesses will not be punished for becoming successful. With the ecommerce market predicted to grow by 56% over the next four years, the need for flexible insurance propositions – particularly among new and emerging merchants – is plain to see.

Spott will back up its new model with advanced, data-powered technology that collects and analyses data on an insured business in real time. Meanwhile, businesses will only pay according to how much merchandise they sell, allowing them to better manage their cashflow and protect the financial stability of their scaling business.

'Insurance solutions must adapt to risk landscape'

In particular, the pay-as-you-sell approach will prevent online startups from becoming underinsured - a huge problem in business insurance. When a company is scaling rapidly, their business often outgrows the insurance policy they took out at the beginning of the year, which is based on a static snapshot of information.

Guy Salame, Co-Founder and CEO of Spott, says: "At Spott, we challenge ourselves to find technological solutions that allow us to  push past existing models and create better ways to address the unique needs of digital businesses. The ecommerce risk landscape is constantly changing, and insurance solutions must adapt accordingly.

"We are thrilled to unveil our new pay-as-you-sell offering, making insurance more affordable and accessible to online sellers. We understand ecommerce sellers are exposed to potentially frequent and crippling risks and we want to empower them, no matter their size, to build powerful businesses."

Share

Featured Articles

Allstate: BCG Partner Harnesses Gen AI to Transform CX

Allstate and BCG are harnessing Gen AI via a new model to better understand customer needs and improve overall experiences within the insurance sector

Comarch Diagnostic Point: Next Gen European Health Insurance

Healthtech provider Comarch introduces Comarch Diagnostic Point, set to improve health insurance across European markets

MoneyLIVE Summit 2024: Qover Talks Embedded Insurance

In attendance at MoneyLIVE Summit 2024, we spoke to Qover’s Chief Revenue Officer, Parker Crockford, on the rise of embedded insurance

Ansel raises US$20m to combat financial healthcare barriers

Partner Ecosystems

Hastings Direct: Levelling up with Snowflake

Insurtech

The life and career of Defaqto CEO John Milliken

Customer Experience (CX)