Having the option to purchase a product or service on a flexible basis with the cost spread over a period of time is never a bad option to have. Some may use this to save paying out an amount of money in one go, some may not bother but either way having the option has to be a positive.
With the current economic situation, the more choices consumers have when it comes to payment the better and this certainly opens up doors to some who perhaps would not have been able to purchase certain items due to the one time cost associated with those products or services. Maybe now there is an answer…
But… being able to pay for your Motor and/or Home Insurance without having to make the full payment up front, with no interest and no additional charges. Surely not? When something sounds too good to be true, they say it normally is… and that’s exactly why there is nothing normal about this partnership between Insurancemarket.ae and Spotii as it is most certainly not too good to be true.
So, how is it possible?
I talked with Spotii CEO Anuscha Iqbal and COO Ziyaad Ahmed to hear more about their story, how this fantastic platform works and why this new partnership makes so much sense. No interest, no cost and no catch, a fantastic opportunity for customers looking to purchase their insurance.
Lee: “It would be good to hear a little on the background of Spotii So, Where did it all start?”
Anuscha: “We’re basically trying to offer users flexibility of payment and initially it started as an online business, hence the partnership with insurancemarket.ae who are also taking traditional business online and advance new ways of accessing what is very traditional product so in that sense the ethos and partnership makes sense as we are doing something very similar. I think in the current environment where there is a lot of uncertainty and in this situation, anything you can offer the user that eases the burden is something that is welcomed and this is why we are very excited about what we are trying to do”
Ziyaad: “I think the key here when we talk about Spotii and what is different here than when we talk about say us VS a credit card, a traditional form of financing is really the ease of use. For a customer to be able to use our platform with one of our nearly 100 online and offline merchants, it’s a super simple sign up process and you get a real time decision within minutes. We asked for feedback from our customers to see what is driving them to use us over and over again as we are building a strong and loyal customer base, and it’s because it really is that simple to use. I can’t reiterate this enough but there are no fees for the customer, there is no interest, there is no extra charge and there is no catch. What is the catch? Is a question we do keep getting asked and there is really no other way for us to emphasise the fact that there really isn’t any catch. It works very simply, the more you use us, in a respectful manner, the more your spend limit increases, we observe your spending habits and simply you trust us and we’ll trust you”
Lee: “If we talk about the insurance industry specifically, do you believe that it has almost been crying out for a product or option like this?”
Ziyaad: “When you think about what the product does, at the end of the day we are a budgeting tool. We want to be able to match a consumers cash inflow with a consumers cash outflow. When you look at insurance, typically you pay for insurance that carries through a year to get that protection for a year but you have to pay for it up front so there is a mismatch on the cash inflow and cash outflow, this is just a way of trying to smooth that process over.
Lee: “So there has been a recent announcement on the partnership between Spotii and Insurncemarket.ae, a fantastic partnership no doubt but Why insurancemarket.ae and how does that week so well for you?”
Ziyaad: “The fact is insurancemarket.ae is the best, is the biggest, there are similarities with the way they treat their customers, that sort of customer centricity. When we look for merchant partners were looking for those partners that share the same customer values and they want to help their customers get the best deal, they want to help their customer budget and live their life to the fullest”
With the two brands having some serious synergy, this seems like a partnership that is going to add incredible value and choice to customers at an ideal time. With nothing else like this available in the insurance space, it is a timely proposition for those customers who need and want to purchase their motor/home insurance.
Having heard of this new option initially, I was impressed and did wonder if it was really true but if it was, what a great idea and solution for customers. Following my chat with Anuscha and Ziyaad, it is clear that they are set on helping consumers across many different markets and if this can work in the insurance industry, as I’m sure it will, then there is no doubt they will have success in many other industries too.
Proving that not all everything which sounds “too good to be true” is indeed that and in fact YES you really can “Insure Now Pay later”