Retail gains ground in insurance distribution with Ikea and Carrefour alliances
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Entrances to a Carrefour center and an Ikea center. Own elaboration. The retail sector is gaining prominence in insurance distribution through alliances that allow policies to be contracted at the same moment and in the same environment where the customer acquires other products. Ikea and Carrefour are two examples of this trend. The Swedish chain has started offering home insurance in the United Kingdom along with furniture purchases, while the French distribution group already markets Mapfre policies in Spain through its tied insurance agency. The strategy responds to the advance of so-called integrated insurance (embedded insurance), a model that integrates protection within the main purchase experience. Ikea has taken the first step in marketing home insurance in the United Kingdom through an alliance with Urban Jungle, an insurtech specializing in digital insurance products. The chain's customers will be able to contract a policy at the point of sale, coinciding with the acquisition of furniture and other products to furnish the home. The operation will allow consumers to insure their assets digitally within the same purchase process. In this way, Ikea incorporates home protection into an experience where the customer is already identifying and acquiring the assets they will subsequently need to insure. The potential of the alliance is reflected in GlobalData's data...
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