Sure launches embedded insurance technology
Insurtech developer Sure has announced the launch of its new embedded insurance solution, called Retrace
Sure stated that the solution will ‘enable online merchants to offer customers embedded one-click insurance and protection’. It added that Retrace comes with a ‘suite of application programming interfaces (API)’ for a ‘variety of cases, such as e-commerce returns, travel insurance and product warranty protection’.
Retrace will initially launch with the Return Shipping Protection API, however the company confirmed that additional support for travel insurance and warranty protection were ‘coming soon’.
“We're starting with the first of its kind one-click return shipping protection but the sky's the limit,” said Wayne Slavin, co-founder and CEO of Sure. “We have set our sights on a variety of other products spanning travel insurance to warranty protection and beyond.”
Demand for embedded insurance technology has been growing rapidly in recent years, in particular with airlines who wish to offer travel protection as part of their ticket booking process. Indian budget airline AIX Connect recently announced that it would offer embedded travel insurance via its platform. Meanwhile, embedded insurance specialist Pattern Insurance joined the US Tour Operators’ Association (USTOA) in January.