SYMBO helps India’s biggest eyewear retailer & unicorn club member Lenskart to insure over 1M spectacles

With the rise in Insurtech solutions, SYMBO emerged as an undisputed forerunner

The insurance landscape has changed more than ever. Traditional insurance products such as life and health insurance cover future risks and they are not felt in real-time. The advent of the gig economy and millennials looking for instant gratification rather than long term investments has led to insurers rethinking their product mix. This spawned the growth of InsurTech, an amalgamation of technology and insurance. 

Insurance intermediaries have embraced technology and have come up with innovative products. These products do not cost a lot and serve one particular need. Insurance for your cab ride, or against injury when you book a turf to play have come about through InsurTech. Insurance intermediaries use technology to integrate with existing product and service offerings from companies to add value to their purchase mix. This forms a symbiotic relationship between both companies and ultimately provides customer satisfaction and loyalty.

How did SYMBO find synergy with India’s biggest eyewear brand in late 2019

SYMBO, an insurtech company has been at the forefront of developing need-based byte size insurance products for customers. These products are developed in collaboration with affinity groups and aim to add value to their existing offerings. One such collaboration began in August 2019 with one of India’s largest eyewear retailers, Lenskart. Vision insurance, the product developed with Lenskart covers your eyewear purchased from Lenskart against accidental breakage, damage, and theft.

SYMBO’s vision insurance offers peace of mind if something goes wrong with the eyewear you purchased from Lenskart. Spectacles can be expensive, and it is refreshing to know that your purchase is insured. The claims process is simple and hassle-free with exceptional service being the top-most priority.

SYMBO’s suite of tools offer flexibility and policies can be purchased online, offline, or through Lenksart’s app with each pair of spectacles you purchase. Additionally, customers are offered their own dashboard which they can access to view their policies and file claims. Automation from the beginning i.e., right from purchase to claims reduces the possibility of errors and ensures that your experience is seamless. With customer satisfaction comes customer loyalty and Symbo’s integration with Lenskart keeps customers coming back for more.

SYMBO’s Vision insurance – VISYM is embedded in Lenskart’s purchase journey

This insurance covers your spectacle frames against accidental damage or breakage. The onsite widget for vision insurance lets customers and salespersons add protection to their purchase easily. This can be done once the product is added to the cart without interrupting purchase flow. This unique offering with seamless integration helps build customer loyalty and goodwill.

The claims process for vision insurance is completely automated. Customers can upload images of their damaged eyewear on the dashboard and validation with Lenskart’s database is carried out through OCR technology. Claims are approved either in real-time or they take a maximum of one working day. When customers make a claim, it is the only time they can actually experience the benefits of an insurance product. Symbo’s exceptional claims service offers customer delight when it counts. With an average claim settlement ratio of more than 90%, customer loyalty and brand building is ensured.

Eyewear is delicate and therefore prone to damage or breakage easily. An insurance product that offers peace of mind when you purchase a pair of spectacles is beneficial for customers and offers product stability to retailers. Becoming the quintessential win-win scenario for all stakeholders. The integration that Symbo provides is fully automated making it seamless and robust throughout a customer’s journey.

Boost in average basket value & Lenskart’s customer Stickyness

Unicorn Lenskart has become India’s leading eyewear provider within the span of a decade. The company has been able to increase customer trust and incrementally boost their AOV(average basket value) in over 500 stores across the country. Over 1 million vision insurance policies have been sold through Lenskart till date.

Symbo’s vision insurance offers coverage for eyewear through a seamless purchase journey and robust claims settlement structure. The premium payments are integrated, and policies are issued in an instant. The average attachment rate of Symbo vision insurance policy is 45% and the policy caters to over 1 million customers.

To know more about SYMBO’s – VISYMeye care solutions, please visit our website

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