The new “SGS Protect” insurance product is available online through the company’s e-commerce platform.
This embedded insurance offering aims to address the growing concern of tool theft among trades professionals. Recent data indicates significant tool theft rates across the UK, with substantial losses reported in London and West Yorkshire. A survey also revealed that a large majority of trades professionals worry about tool theft, with many experiencing daily concerns.
SGS Engineering, in collaboration with its digital retail partner, Remarkable Commerce, has integrated the insurance option seamlessly into its online checkout process via API connectivity. This allows customers to add protection for their tool purchases in a single transaction. The embedded insurance also incorporates fraud prevention technology.
SGS Engineering has established a dedicated team to manage claims, providing support to customers and facilitating rapid replacement of stolen tools to minimize disruption to their work.
Robert McCarthy, Non-Executive Chair of Embri and former retail executive at John Lewis and Waitrose, welcomed the partnership: “Embri’s innovative approach to embedded insurance means that customers can now protect their purchases immediately, as part of their buying journey. This not only simplifies the process but also ensures that people can enjoy their valuables without worry from the moment they checkout online. Our partnership with SGS Engineering is a testament to how embedded insurance can deliver real value to customers while driving new revenue opportunities for retailers.”
Neil Samson, CEO, SGS Engineering also commented, saying: “This pioneering embedded insurance offering reflects SGS Engineering’s commitment to providing not only the best tools, but also the best customer experience. By offering protection at the point of purchase, SGS Engineering is empowering trades professionals to focus on their work with the confidence that their essential equipment is covered.
“We recognised there was a significant gap in the market for appropriate, quality insurance offerings tailored to the high-end tools professionals rely on daily. Trades professionals need coverage that is as robust and reliable as the tools they use, ensuring their livelihoods are protected against unforeseen setbacks. This initiative strengthens their resilience by providing seamless, hassle-free protection, reinforcing our dedication to supporting customers with solutions that truly meet their needs.”
Mark West, CEO of Remarkable Commerce, added: “We’re delighted to support SGS Engineering in delivering this cutting-edge embedded insurance proposition. At Remarkable Commerce, we know that today’s consumers expect a seamless, secure, and convenient shopping experience. By integrating Embri’s API into the Remarkable Commerce eCommerce platform, we’ve enabled an effortless process for SGS’s customers to protect their high-end tools. The integration was smooth and efficient, and we’re excited about how this innovation enhances customer satisfaction while opening new revenue streams.”
