The Brussels-based insurtech Qover is rolling out its products and services to four new marketplaces in the Nordics, namely, Sweden, Finland, Norway, and Denmark.
Qover, which was launched in 2016 specialises in bike insurance and entered the marketplace with its new solution in 2019 when it secured US$9mn in funding to boost its European development. The insurtech already offers technology-empowered bike cover and already provides services in Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, and the UK.
Customers in the Nordics will nowl be able to buy comprehensive protection and emergency assistance insurance at the point of sale on the purchase of their bike. Qover's API enables them to add it to their cart in a frictionless process – creating a seamless user experience.
Qover offers embedded insurance technology
By integrating insurance into the purchasing process, bike manufacturers, retailers, and stores are given more opportunities to engage with customers after the initial sale. According to reports, the process is harmonised across multiple channels. Companies can also enhance the customer experience further by supporting customers who purchase bikes, accessories, or additional services digitally. The solution enables them to add insurance in-store, with the option to finish their transaction online or vice versa.
The new embedded cover solution includes
- Coverage is active 24h/7 in the case of theft, attempted theft, or theft after an assault,
- No depreciation is applied to the bike's value during the first 36 months, meaning riders will receive the bike's full value, minus a deductible,
- Material damage caused by an accident, vandalism, animals, or natural elements is covered,
- Refund of the repair costs, replacement of your bike, and fixed accessories are included in the damage protection,
- Bike towing and the rider's trip home are covered in Germany, the Netherlands, France, and Belgium. Otherwise, emergency cash is provided.
Speaking about the new product rollout, Parker Crockford, Chief Revenue Officer at Qover, explained, "By adding these four key countries to our growing list, Qover is now providing easy access to bike insurance in 12 countries, ensuring customers are covered when they need it most – so that they can live their lives to the fullest through the brands they love.”
Quentin Colmant, CEO and co-founder of Qover, said the insurtech’s first foray into bike insurance came in 2019 as Cowboy revamped the bike market with its new e-bikes. By 2020, we started our Pan-European growth, so this expansion is a logical step toward creating a sense of security for our partners' customers around the world.”
He added, "From occasional riders to daily commuters, we're proud to help create a sense of security that keeps customers returning to the brands they trust."