The collaboration aims to address current market pains resulting from an ‘antiquated’ method, says chief executive 

Insurtech Anansi has partnered with Arch Insurance International (Arch) to offer an embedded goods-in-transit insurance product for distribution partners and e-commerce merchants.

As part of the partnership, Arch will provide the insurance capacity and act as underwriters for the insurtech’s goods-in-transit embedded insurance platform.

According to Anansi, the goods-in-transit insurance market currently suffers from cumbersome onboarding and claims processes, ambiguous pricing and inadequate courier insurance experiences.

Its embedded insurance platform will therefore automate the insurance journey and offer customers comprehensive protection.

Shipping tracking data and parametric statistics, furthermore, will automatically trigger the filing of claims for lost and delayed goods.

Earlier this year (February 2022), Research and Markets’ Global Embedded Insurance Business and Investment Opportunities – Q1 2022 Update highlighted that the embedded insurance industry is expected to grow by 31.9% on an annual basis to reach $56,979.8m (£49,121m) in 2022.

Its compound annual growth rate (CAGR) is also predicted to see an increase of 20.7% between now and 2029.

E-commerce focus

Megan Bingham-Walker, co-founder and chief executive at Anansi, said: “We are pleased to be partnering with Arch and see this as the first step in our commitment to provide e-commerce businesses with a fair and flexible digital goods-in-transit insurance solution.

“For too long, the insurance industry has been plagued with antiquated methods and only by digitising and automating the entire process will we be able to offer adequate protection for the millions of uninsured and underinsured goods that transit each year.”

Steve O’Gorman, head of cargo and logistics at Arch Insurance International, added: “We are delighted to partner with Anansi to provide an effective goods-in-transit insurance solution to increase the speed and ease of parcel insurance purchase for e-commerce merchants.

“The parametric claims process also provides clients with reassurance that claims will be paid fairly and promptly.”

  • Insurance Times has converted dollar amounts into pounds using an exchange rate of £1 = USD 1.16, which was correct as of 1 September 2022.