CHICAGO--(BUSINESS WIRE)--Last month, Once Insurance Group made its market debut, reimagining the small valuables insurance experience by offering a single, one-time premium for comprehensive five-year protection of each valuable. Customers save approximately 35% over the policy term compared to traditional coverage options for similar valuables.
A Once Insurance policy can be purchased online at the point of sale and thereafter, with no appraisal required. The policy consists of a one-time purchase and payment, which covers the item for five years. There are no recurring monthly premiums and no annual renewals, and therefore no premium hikes.
“We created Once to be the simplest, most affordable way to insure your cherished possessions” said Dan Siegel, Director of Insurance Markets for Once Insurance Group. “We’re the only insurance product in North America offering a one-time payment for coverage of five years at a time, allowing customers to enjoy their valuables without worrying about ongoing and rising insurance costs. We’re able to offer customers affordable watch and jewelry coverage by simplifying the product and process, passing on savings to the customer.”
Once never requires a deductible and all claims are paid directly to the customer, so they can replace their valuable on their own terms.
Once is fully digital, and coverage can be quoted, purchased and fully obtained via their website: https://www.onceinsurance.com/. The whole process should take up to three minutes. Coverage is currently available for items up to $5,000 of value, with plans to increase that in the near future.
Jewelry buyers can access the Once website at the point of sale with QR codes and self-service kiosks in brick-and-mortar stores, and via embedded or non-embedded links online, as well as through many insurance brokerages. Once also aims to partner with payment processors and other point of sale channels to offer customers a seamless insurance option.
For partnership opportunities email partners@onceinsurance.com.
Once Insurance Group partners with:
AM Specialty Insurance Company (ASIC)
Once Insurance coverage is underwritten by AM Specialty Insurance Company, an Arizona domicile surplus line insurance company, with a financial strength rating of A- (Excellent) from AM Best. For more information, visit https://www.amspecialty.com/
Perr & Knight
Perr & Knight provided actuarial and policy rate study and policy development for Once Insurance Group. For more information, visit https://www.perrknight.com/
Stere
Digital infrastructure and application programming interface integration for ONCE Insurance Group is powered by Stere. Stere pioneers an insurance operating system through its trailblazing products, Stere API-as-a-Service and Stere Distribution, revolutionizing insurance distribution dynamics. Stere's robust digital infrastructure is effortlessly scalable, enabling insurance companies to trim down expense ratios while amplifying agility, speed, and growth avenues for all stakeholders. For more information about Stere and Stere services, please visit https://www.stere.io/.
ONCE INSURANCE is the product, trade and service name of the coverages. Coverage is offered and administered by Brokery, LLC (Brokery) and is underwritten by AM Specialty Insurance Company, an Arizona-domiciled surplus lines insurance company. ONCE INSURANCE™, ONCE™, and Insure it Once™ services and products are trade names and copyright of Insurance Development Group, LLC d/b/a Once Insurance Group.
