Zing Cover ^Companies

Zing is a fast-scaling, advanced insurtech backed by leading global insurers. At our core is what matters most to our customers and partners. Embedded at the e-commerce checkout of leading retail brands that our customers already know, use and trust, Zing takes away the hassle of insurance. Fully integrated with our partners platforms, Zings coverage is intuitively matched to the insurance our customers need at the point of purchase, hire or share. Zing takes the customer experience beyond the checkout, making insurance as easy as shopping.More consumers are shopping online and making related financial decisions at the ecommerce checkout. In the UK alone, direct to consumer sales online totalled 197bn in 2019. And as well as consumers clear appetite to shop online, it is equally clear that shoppers are motivated to make financial decisions as part of the checkout experience. Some 5m people in the UK, thats 11% of UK consumers, used a BNPL (Buy Now Pay Later) product in 2020. This hasnt gone unnoticed by ecommerce retailers, who have realised that embedding BNPL products from companies such as Klarna can drive up customer commitment and frequency and value of purchase.Yet this is an opportunity to broaden accessibility and inclusivity that has been largely missed by the insurance industry. Whilst the majority of consumer insurance cover is purchased online, the online insurance market is confusing, dominated by generic products, confusing applications, mystifying policy documents and an overwhelming reliance on margin eroding price comparison. It is also generally wholly disconnected from the retail environments favoured by its actual or potential customers. Despite all this, UK household insurance spend (excluding motor) totalled 5.1bn in 2021.Zing is filling this void. Zing has created a complete consumer insurance platform, acquiring customers with just one click at the e-commerce checkout of leading retail brands.Zing has created insurance thats accessible. Our branded cover is embedded on our partner retailers ecommerce sites at the product review page, alongside or prior to finance and BNPL offers. Our API seamlessly matches products and retail prices to truly relevant insurance, and our customers can add insurance cover to their purchase with a single click. This is an end to endless questions and forms.Zing has created insurance thats relevant. Our intuitive modular product design means our customers receive insurance that truly resonates with their purchase. We do not simply match customers with an off the shelf product from a traditional insurer. We create our own products that are tailored to the products and activities people buy and hire online. And our customers can easily add to their cover when shopping with any Zing partner retailer, adding their cover to their existing Zing account with one single monthly subscription. Our intuitive Zing customer portal empowers our customers to manage, grow and customise their cover, and make claims, all in one place.Zing has created insurance thats transparent. We dont believe in small print, product summaries or mystifying terms and conditions. Our terms and conditions are set out to inform our customers clearly and succinctly whats covered, whats not and anything else that must or must not be done. And furthermore, our partner retailers are also our claims partners, so if our customers need to claim they get a renewed shopping experience rather than the all too familiar insurance claims agony.For our retail partners, Zing is about more than just an additional revenue stream. Our insurance is proven to increase buyer commitment and to improve frequency and value of purchase. Zing is also a tool for increased post-purchase interaction, delivering tailored messages and information about the products we know our customers still own, use and value. And if theres a claim, our retailers know that their customer will come back to them for repair or replacement, rather than being sent to a competitor who happens to be on an insurers central purchase panel. Of course, theres additional revenue as well, and Zings partner retailer profit share is multi-year and cumulative creating a powerful new subscription revenue for all our partner retailers.And Zing has solutions for both usage and ownership economies, tailored to modern consumer behaviour. As well as embedding relevant for cover for one-off purchases, Zing provides the means of hire and share companies to offer their customers pay as go insurance, available on demand from within their website and app. We believe that a customer that hires a bike rather than owns one should have access to just the same insurance protection, and as hire, share and subscribe models expand to include fashion, jewellery and technology, Zing is already here to support the growing usage economy.Last, but certainly not least. Zing is creating consumer insurance thats data rich. Zing is building an entirely new, GDPR compliant insurance data set. We dont think a customers post code tells insurers who they really are. By looking at what our customers buy, from whom, when and how much, we can get a far better view of our customers to enable us to tailor cover, respond to needs and price our subscriptions fairly and sustainably.Thats Zing, taking embedded insurance beyond the checkout.