Open Finance Community Insurtech challenge: Zing Cover
Qorus and Capgemini announce the second awards category of Open Finance Community – NewTech Challenge: Insurtech. They aim to appraise and recognize the most innovative projects, initiatives and ideas in the Insurtech industry. One of them is presented by Zing Cover and its Founder & CEO Rob Korzinek tells us more about it.
Qorus and Capgemini announce the second awards category of Open Finance Community – NewTech Challenge: Insurtech. They aim to appraise and recognize the most innovative projects, initiatives and ideas in the Insurtech industry. One of them is presented by Zing Cover and its Founder & CEO Rob Korzinek tells us more about it.
About Zing Cover
Zing is a fast-scaling, advanced insurtech backed by leading global insurers. At its core is what matters most to its customers and partners. Embedded at the e-commerce checkout of leading retail brands, Zing takes away the hassle of insurance. Fully integrated with its partners' platforms, Zing's coverage is intuitively matched to the insurance its customers need at the point of purchase, hire or share. Zing takes the customer experience beyond the checkout, making insurance as easy as shopping.
What business problem do you solve? Why is it important to your clients?
For consumer retail brands, Zing increases customer LTV through greater sales conversion and more meaningful post-purchase interaction. For consumers, we use our embedded retail partnerships to deliver more accessible and relevant cover that is more intelligently priced.
Can you briefly describe your product or solution and in which countries do you operate?
Zing is embedded with leading retail brands to deliver dynamically priced, instantly available coverage matched to our customers' important purchases. Zing creates really meaningful retail partnerships which boost buyer confidence, elevate brand affinity, generate recurring revenue, and produce great claims experience. And by being embedded in retail environments Zing doesn't need to judge its customers on their post code, instead using our consumer behavior data set to deliver better coverage, more sustainably priced. We are currently UK-based but are already operating a small pilot in Germany.
What is your core value proposition? What are the unique features you offer to your customers?
Our customers want insurance that really resonates with their product needs. Without ever interrupting our partner retailers' sales flow, we show our customers what they would and wouldn't be covered for. Our customers want to know that we will draw upon the expertise of our partner brands to keep their insurance up-to-date during its life cycle, and to create a claims process akin to a renewed shopping experience. We enable our customers to seamlessly add to their single Zing subscription while shopping across any Zing partner retailer and product category, wherever they see the Zing logo. And unlike the vast majority of insurers, we don't judge our customer's product needs or risk profile on their post code, but instead take a qualitative view based upon their retail and brand associations. These benefits are mirrored for our retail partners, who achieve more meaningful and holistic customer engagement as well as additional revenue throughout the customer lifecycle.
Provided your solution has already been implemented in financial institutions, which companies have already adopted this solution?
Our principal partnerships are with retail brands, not financial institutions. However, while we manufacture our own insurance products and manage our own pricing and claims, we have engaged the underwriting capacity of Chubb, the world's largest listed P&C insurer.
Can you describe in a few words one of these collaborations (What was the objective? What were the main challenges? What results did your client obtain thanks to the implementation of your solution?)
One of the challenges for most new entrants to the insurance sector is securing underwriting capacity for alternative distribution, product design and pricing. By demonstrating that Zing could create clear and fair, and incredibly succinct, insurance products that also delivered contract certainty for underwriters, married with pricing that drew on alternative data sources to achieve fair outcomes for both underwriters and customers we were able to take Zing to market.
What is your business model and how easy is it to duplicate to additional geographies?
Zing's revenue is derived from insurance subscriptions (premiums) paid by its customers. From this Zing takes volume and profit commission with the remainder retained by underwriters. Zing's distribution is via partner retailers with an e-commerce focus, and as such those businesses often have an international presence. As such, Zing already has an international customer audience available to it, but as a regulated business must be mindful of the resource and, in some cases, third parties required to appropriately manage each territory.
Where do you see your fintech company in 5 years? What impact or difference are you trying to achieve for financial institutions in your portfolio?
Zing is demonstrating that, in a 'non-advised' consumer insurance market, it can deliver better products and outcomes for customers combined with more stable operating margins for underwriters. Zing will be operating across multiple territories and product categories and will have developed an advanced consumer behaviour data set which will be unique in its application to insurance product design and risk profiling. Zing is already talking with other insurance companies about the potential benefits and synergies with their operating models as well as advancing partnerships in the retail sector. This will continue and accelerate as Zing scales.
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