European embedded insurance innovators bsurance and Baloise deliver a first-class digital embedded insurance solution to Dutch rental platform BIYU as they ramp up for expansion
In the ever-evolving world of sharing economy and rental platforms, BIYU, a prominent rental service in the Netherlands, has taken a significant leap forward by partnering with bsurance and Baloise to offer fully embedded item insurance. This groundbreaking collaboration brings a range of benefits for both BIYU and its customers, simplifying the way people rent items while enhancing convenience and peace of mind.
Lorenz Graeff, CEO and co-founder of bsurance, says:
“Helping BIYU to grow by implementing fully embedded insurance for their rental items was an absolute pleasure. We see that insurance is vital for a lot of business models in the sharing economy and this is where we can help with our expertise and tech capabilities. With Baloise, we have a reliable partner who sees the potential of digital insurance in the circular economy space. We look forward to growing together with BIYU and are proud to play a part in their success story.”
Established in 2020, BIYU provides everything people occasionally need as a rental. BIYU’s promise to its customers is simple: the best products from the best brands for the best price. The fully embedded item insurance developed by bsurance and issued by Baloise caters to the specific needs of each item category, ensuring comprehensive coverage against accidental damage, theft, and other unforeseen events. This all-inclusive approach guarantees that BIYU customers can rent items with confidence, knowing that the items are protected.
Or as Frans W. Biegstraaten, CCO and co-founder of BIYU comments on the partnership:
“We are extremely excited to integrate insurance in our orders with the launch of our new BIYU Care proposition, which ensures that all rented items are covered with insurance, and we never have to bother our customers with deposit fees or stress about their rental. This embedded insurance is the lubricant in our business model, making sure that we can continue our growth journey and expand our business, offering easy rentals throughout the Netherlands and the rest of Europe.
The project was a smooth ride, we highly appreciate the expertise of both bsurance and Baloise, as they had solutions and recommendations for us along the way. This ensured that the end product fits our needs perfectly.”
By leveraging bsurance’s award-winning cloud-based modular insurance solutions, BIYU is able to automatically insure the item for the time of the rental, meaning that no deposit is needed from the customer, offering a smooth, simple and worry-free rental experience. This makes BIYU an even more attractive and trustworthy platform for individuals seeking flexible and worry-free rental experiences. The insurance, which is offered by leading European insurer Baloise, is supported with bsurance as an MGA and tech lead.
Robert Bargmann, Director of International Non-Life at Baloise Assurances Luxembourg is also thrilled about the newest project with bsurance:
“It is not the first time we work together with bsurance on delivering embedded insurance. Our combined expertise and extensive know-how in the digital insurance space ensures the perfect tailored solution for the client. Already having the processes in place and knowing the implementation partner is vital to us, as we are the ones behind the insurance product. The project with BIYU and bsurance has a huge potential and we are looking forward to seeing it grow as BIYU continues their expansion.”
The collaboration between BIYU, bsurance, and Baloise represents a major breakthrough in the rental industry, and it is the latest in a row of fully integrated embedded insurance offerings from bsurance. Some other examples from recent months are the item insurance covering all rentals of Dutch professional P2P rental platform Gearbooker, the cancellation insurance integrated in the admission for tickets at Silvretta Therme or the courses of the Austrian Alp Association.
These are all examples of fully embedded insurance offerings making life easier for end customers. With these kinds of offerings, bsurance has set a new standard for insurance integration in the sharing economy, fostering a safer and more convenient rental ecosystem.
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