by providing complimentary insurance solutions to a partner’s core customer journey increases its perceived value and helps to convert sales.

For example, eWallet partners sought to promote trust in their brand. By attaching relevant purchase protection insurance in real-time, it enhances trust between the brand and its customer.

Another example of an effective partnership: The offering of real-time insurance solutions that have been dynamically rated when customers activate global roaming on their mobile devices whilst abroad. This can be a highly effective combined proposition that can see strong conversions as a result. It is a successful way to differentiate partner products and provide a value-added service beyond a simple discount strategy.

is enabled if insurance solutions are incorporated into the customer journey that provide relevant incentives increasing the overall average order value and promote faster check out. For example, Chubb’s global partnership with global payment providers offers customers travel insurance benefits as a reward for using both partners payment solutions.

this is a problem across all markets in Asia Pacific with customers abandoning purchases in their carts before payment. This also extends to customer retention rates, which are currently very low. It is vital to work with partners to improve both these situations. For example, a major telco provider offers embedded home and contents insurance to customers renewing their broadband or pay-tv subscriptions. This is an uncomplicated solution that provides additional perceived value and benefits for the customer and reduces the abandonment rate.

using effective digital channels to build new subsidiary revenue business ventures within partner organisations also provides significant benefit. This could be in the form of a joint venture or a more basic distribution partnership model. At Chubb, we have built multi-million dollar ‘assurance partnerships’ across multiple products and the distribution channels that are effective for the partner.

Affinity partnerships using creative digital solutions are a strategic way to establish business relationships that create added value. We must all strive to be proactive in how we maximise returns and customer loyalty in the present but also the future, so we can continue to remain highly competitive especially in this ever changing digital market.