This advanced, data-powered payment approach will enable ecommerce businesses to pay insurance according to what they sell
Spott, the company fortifying eCommerce businesses with data-powered insurance, announced today the launch of its Pay-As-You-Sell liability insurance which allows ecommerce sellers to start paying insurance premiums based on how much they sell – never exceeding the original premium amount. By releasing the Pay-as-You-Sell pricing model, Spott is leveraging its deep understanding of eCommerce businesses and the need they have to correlate their expenses with revenue generated which will ultimately ease the financial burden for digital businesses and make them more resilient.
The eCommerce industry is maturing, advancements in technology and the growth of available marketplaces have made it easier than ever to buy and sell online. Recent reports suggest the industry is expected to grow by 56 percent over the next four years, reaching about 8.1 trillion dollars by 2026.
As eCommerce grows, liability insurance has become a mandatory requirement on leading marketplaces. Product liability risks are closely correlated to the number of units sold, yet longstanding traditional insurance providers base their payment approach on annual projected revenues. Recognizing that eCommerce sales are dynamic and difficult to forecast, Spott created Pay-As-You-Sell to enable eCommerce sellers to pay for insurance in relation to actual sales on an ongoing basis removing the need to pay thousands of dollars upfront and instead focus on selling without fearing losses that could cripple their razor thin margins.
The Pay-As-You-Sell offering uses Spott’s advanced data-powered technology that collects and rigorously analyzes business data in real-time, gleaning insights from observable high granularity data. When signing up through Spott’s fully digital process, insurance kicks in immediately and payments are based on how much eCommerce merchants actually sell. Spott’s new insurance pricing approach ensures that sellers never pay more than the alternative full payment model, allowing eCommerce sellers to better manage their cashflow and protect and fortify their financial stability.
“At Spott, we challenge ourselves to find technological solutions that allow us to push past existing models and create better ways to address the unique needs of digital businesses. The eCommerce risk landscape is constantly changing, and insurance solutions must adapt accordingly,” said Guy Salame, Co-Founder and CEO of Spott. “We are thrilled to unveil our new Pay-As-You-Sell offering, making insurance more affordable and accessible to online sellers. We understand ecommerce sellers are exposed to potentially frequent and crippling risks and we want to empower them, no matter their size, to build powerful businesses.” About Spott: Spott is a data-powered insurance platform built for eCommerce businesses. The company tackles risks such as lawsuits and sales disruptions with a new breed of dynamic insurance products, including liability insurance built specifically to meet the needs of digital businesses. Spott’s real-time risk data platform leverages AI to accurately assess, quantify, and price risk. By offering every merchant, everywhere, one-click coverage at the best price, Spott makes eCommerce businesses resilient. Founded in 2021 Spott is headquartered in Tel Aviv with offices in New York. For more information visit https://spottme.com/.
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