Company Research Report: Spot Insurance Inc.
Company Overview
Name
- Spot Insurance Inc.
Mission of the Company
- Insurance designed for life in motion.
Founding Details
- Founded in 2019.
Founders
- No information is available.
Key People
- Bob Stinchcomb, SVP, Sales at Alterra Mountain Company.
Headquarters
- 500 W 2nd St. #1900 Austin, TX 78701, USA.
Number of Employees
- No information is available.
Revenue
- No information is available.
Known For
- Spot Insurance is known for providing embedded insurance solutions for active and travel markets, offering products that seamlessly fit into operations to improve customer experience and financial resilience for businesses.
Products and Services
Products Offered
- Injury Insurance
- Covers medical expenses for injuries related to passes, tickets, or memberships where customers are at increased risk of getting hurt.
- Key Features:
- Coverage for medical costs, including deductibles, copays, and coinsurance.
- Choice of medical provider, in- or out-of-network.
- 100% digital platform for claims.
- Travel Insurance
- Covers cancellations and interruptions for travel-related expenses.
- Key Features:
- Retained revenue for businesses while offering customers flexibility.
- Pro-rated refunds if plans are interrupted.
- Emergency medical coverage and protection for lost or damaged baggage.
- 100% digital platform for claims.
- Refund Coverage
- Covers non-refundable purchases such as season passes, prepaid tickets, or event passes.
- Key Features:
- Customers receive refunds while businesses retain revenue.
- Pro-rated refunds for interrupted plans.
- 100% digital platform for claims.
- Bespoke Solutions
- Custom insurance programs tailored for specific business needs.
Recent Developments
New Products Launched
- No information is available.
New Features Added to Existing Products
- No information is available.
New Partnerships
- Proven partnerships include sports leagues and associations, mountain resorts, and destination travel companies.
- Highlighted partnership:
- Peek: Cancel for any reason refund coverage on select experiences.
- Ikon Pass: Seasonal coverage on passes.
- Camelback: Injury, refund, and travel coverage.
- USA BMX: Year-round injury coverage.
- USA Cycling: Year-round injury coverage for bicycling.
Company Strategy
- Customer Interaction:
- Spot integrates opt-in injury coverage directly within checkout flows of partner businesses.
- Provides Spot-hosted checkouts on landing pages.
- Includes blanket injury coverage in the price of products or experiences.
- Integration Methods:
- Enrollments API: Allows partners to enroll customers by sending purchase data via a REST API.
- Bulk Upload: Partners can send formatted data for bulk enrollment.
- Technical Solutions:
- API Integrations.
- Platform Integrations.
- Tailored Implementation for businesses without tech teams.
Testimonials
- Bob Stinchcomb, SVP, Sales at Alterra Mountain Company:
- "Spot’s policy offerings provide a single partner solution and allow us to adjust to changing product needs. Spot’s technical capabilities provide seamless data flows to allow for efficient claim management and customer service."
- Elle Truax, Founder of Björkstam Hat Co. and Spot Customer:
- "Spot covered so many of the bills that my insurance wouldn’t—it’s almost too good to be true."
Conclusion
Spot Insurance Inc. is establishing itself as a unique player in the insurance industry by offering targeted, embedded insurance solutions to businesses in active and travel markets. By focusing on seamless integration, digital platforms, and customer-centric solutions, Spot aims to enhance the overall customer experience and drive new revenue streams for its partners.
