SYMBO has launched shoe insurance in collaboration with RedTape
SYMBO has collaborated with RedTape, one of India’s leading footwear manufacturer and leader to provide shoe insurance. Keeping in line with SYMBO’s ethos of partnering with businesses to provide byte-sized need-based insurance products whose utility can be felt in real-time.
The collaboration between SYMBO and RedTape began in May, 2021. Shoe insurance has made its way across 5 stores in just 7 days.
Seamless integration with RedTape for SYMBO’s shoe protection program
The collaboration between SYMBO and RedTape seamlessly integrates the insurance buying process with footwear purchase. Let us the understand how insurance is integrated in the footwear buying process:
- The customer walks into one of RedTape’s stores. The store executives assure the customer that they can insure their shoes against accidental damage.
- The insurance products are added to the final value of the shoe while billing and the customer checks out. Tech integration with SYMBO enables footwear insurance option in RedTape’s system.
- Shoe insurance adds value to RedTape product and ensures complete peace of mind to customers purchasing their footwear.
- RedTape and SYMBO have worked towards making the claims process hassle-free.
- The customer brings the damaged pair of shoes purchased from RedTape. The store manager then assesses if the claim is admissible.
- On determining that it is, he uploads the customer’s KYC details on the SYMBO app. The customer can then use these vouchers to get a pair of shoes as a replacement.
- The claims process is further simplified for customers by offering an online option too. Customers can upload an image or video of their damaged footwear on the SYMBO app.
- SYMBO’s team of experts assess if the claim is admissible or not and revert to the customer informing them of the claim status.
- Once it is determined that the claim is admissible the settlement amount is offered to customers as coupon codes.
- These coupon codes can be redeemed at retail outlets to get replacement shoes. Customers need to carry their invoice and a photo identity document for verification.
How can customers gain from this byte product and protect their shoes?
Let’s look at how purchasing shoe insurance along with their footwear is beneficial for customers:
- Customers can walk into a footwear retail outlet of their choices. The store’s executives assure them about gaining peace of mind by insuring their pair of shoes towards SYMBO’s fitness program and accidental damage.
- Once the customer decides to purchase shoe insurance the premium is added to the final value of his footwear purchase. The customer’s pair of shoes is protected in real-time against any damage.
- SYMBO’s byte-sized shoe insurance product helps take customer satisfaction to the level. Customers can now safeguard their pair of shoes against accidental damage.
- This insurance product is affordable and adds value to the customer’s purchase. Additional features such as ‘footbot’ and doctor on chat are useful and unique to SYMBO’s offering.
Shoe insurance helps increase AOV (Average Order Value) & Customer Loyalty
Customer loyalty and likability has increased with SYMBO’s tech integration as well as quick and hassle-free policy issuance. The claims process is also smooth and completely transparent thus inspiring customer confidence in RedTape.
The ‘footbot’ and doctor on chat feature helps customers resolve their queries in a matter of seconds. Customers, therefore, are delighted improving the bottom line for shoemakers and retailers.
We’ll look at how SYMBO helps increase RedTape’s AOV thus increasing brand loyalty:
- Retailers say that shoe insurance increased their store turnover. Shoe insurance has become an additional assurance besides manufacturer warranty.
- This has helped retailers gain the trust of customers. Customers don’t hesitate anymore when making a decision to purchase an expensive pair of shoes because they know that it is covered under insurance. This has increased the AOV for shoe retailers.
- The attachment rate for shoe insurance is expected to be around 30% in the beginning. With further product promotion, training, and sales experience, the attachment can be expected to reach 65%-70% in the coming months.
- Shoe insurance has added value for retailers by increasing their AOV and for customers by offering peace of mind with their footwear purchase.