Embri, a groundbreaking insurtech platform, has officially launched today. The company offers integrated and embedded insurance solutions designed specifically for the high-end luxury retail sector.
Embri’s innovative platform aims to completely transform how luxury retailers provide insurance to their customers. By seamlessly integrating insurance offers into the purchasing process, both online and in-store, Embri ensures immediate coverage at the point of purchase. This eliminates the need for customers to leave the store or wait to secure protection for their valuable items.
Embri boasts retail veteran Robert McCarthy as its non-executive Chair. McCarthy brings a wealth of experience to the new startup, having held key positions at renowned brands like John Lewis, Direct Wines, Waitrose, and WH Smith.
“Through extensive research and development, including discussions with luxury retailers and insurers,” McCarthy states, “Embri identified a critical gap in the market. Our platform offers a seamless insurance solution precisely when customers need it most. This translates to fresh thinking, convenience, and enhanced security for the customer, while simultaneously unlocking new revenue streams for retailers.”
The luxury goods market is experiencing significant global growth. In the UK alone, investments in luxury goods are expected to exceed £15 billion in 2024. Despite this, very few luxury items are insured at the point of purchase. By 2028, consumer spending on these items is projected to surpass £20 billion. Embri aims to empower these high-end consumers by offering a convenient one-click insurance option at the point of sale, a first for the market.
Luxury item theft, particularly of high-value watches, is a growing problem. Yet, many luxury goods purchasers remain unaware of their insurance options. Embri’s embedded insurance provides a much-needed solution, offering both retailers and customers the peace of mind they deserve.
Data from a 2023 Freedom of Information Act request by Watchfinder & Co. revealed a surge in watch-related theft and loss within the UK. The value of stolen luxury watches reached a staggering £1.5 billion. Additionally, The Watch Register, the world’s largest watch database, reported 7,344 stolen watch cases to the Metropolitan Police in the same year, totaling £44 million.
“Embri was built with the customer at the forefront,” says Simon Ball, Director at Embri. “This commitment to quality and security further strengthens the loyalty consumers feel towards luxury brands. Our platform streamlines the insurance purchasing process, saving time and effort for both retailers and customers. We deliver hyper-tailored insurance that becomes active at the point of sale, offering the necessary protection for these valuable purchases.”
With rising theft rates in the luxury market, Embri’s innovative approach offers a timely solution for both retailers and consumers.
