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CONSUMER INSURANCE

DEFINITION

Where the end-user either purchases
or receives insurance (or an assimilated service)
as a benefit during a consumer experience
(buying a product or a service), usually covering
a relatively small financial commitment,
for an even smaller premium, 
but there are thousands
if not millions of users involved.

TRADITIONAL EXAMPLES

The most well-known are:

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  • Creditor/Credit Protection insurance (death,   incapacitation, unemployment coverage on loans).

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  • Extended warranty (breakdown coverage on cars   and personal electronic devices).

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  • Personal electronic device insurance (accidental   damage, theft and loss) but the above list

       is only a small glimpse of what

          can be done.

CONSUMER
INSURANCE

In contrast to personal or commercial lines insurance, Consumer Insurance is not meant to cover your risk, but that of your customers. While most people will explain that the purpose is about "monetizing your customer base" or "up-selling to your customers", this is probably a narrow view. Be wary of any "easy money" proposals and make sure it meets your objectives.

WHAT'S IN A NAME?

There are so many names used, we believe the above best describes the area, but you should also know that it can also be called:

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  • Affinity insurance

  • Loyalty insurance

  • Mass Market insurance

  • Lifestyle insurance

  • Warranty insurance

  • B2B2C / B2C insurance

  • "Add-on" insurance

  • "Pocket" insurance

  • Specialty Personal Lines insurance

RETAIL PRODUCT EXAMPLES

  • Telecoms

  • Personal Electronic Devices

  • Automotive servicing

  • Clothes

  • Reading/Sun Glasses

  • Hearing Aids

  • Furniture

  • Kitchen/White Goods

  • Home Improvement/Gardening Goods

  • Sports/Personal Exercise Equipment

  • Bicycles

  • Frozen Foods

  • Flowers

  • Wine

  • ...​

RETAIL SERVICES EXAMPLES

  • Financial Services

  • Automotive Services

  • Real Estate

  • Property Rentals

  • Driving Schools

  • Job Boards

  • Services Provided at Home

  • Equipment suppliers

  • ...

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