India’s leading eyecare unicorn Lenskart embeds ‘Eyewear Insurance’ to its product mix to generate 10% incremental revenue while enriching customer experience!
About Lenskart:
Lenskart is India’s leading e-commerce platform
for eyewear products ranging from prescription
glasses, contact lenses to sunglasses. With a
network of 500+ retail stores & an
ecommerce portal, the unicorn startup has
crossed a $2.5B valuation benchmark.
Lenskart has revolutionized the eyewear industry in
India with its omni-channel approach of selling
eyewear in more than 70+ cities
Highlights:
‘Eyewear Insurance’ gives Lenskart’s customers coverage against common
damages to the product, while helping the brand drive loyalty. With Symbo’s
assurance, customers are opting to buy more expensive eyewear,
increasing AOV for Lenskart.
The Challenge:
Lenskart offers their customers a generous two year limited warranty,
which covers any defects in materials or workmanship in their products.
However, damages due to accidents, loss, and theft aren’t
covered by the warranty.
Symbo Solution & Impact:
Symbo’s ‘Eyewear Insurance’ was offered to Lenskart customers as an add-on
in the buying journey, with a simple click of a button. Symbo’s CoverGateway
API, with out of the box integrations with leading POS and ecommerce
platforms, shortened the go-live with Lenskart to just 4 weeks.
Lenskart customers could easily access their insurance account on Symbo
App for policy coverage details & also file claims online, with more than 90%
claim settlement ratio. Symbo’s OCR technology validated the purchased
product and claims, and settled the claim within 48 hours in
an automated process.
What they say about us:
Customer happiness is the core of everything we do at Lenskart. Working with
Symbo, we brought first of its kind insurance solution in eyewear industry.
Product, process and technology innovation done by Symbo and Lenskart
team has helped us improve customer experience significantly. Together we
have been able to deliver on our goals of highest attachment rate, seamless
claims journey and most importantly customer happiness.
Indranil Chakravarty
CBO- Lenskart
Stats Till Now
5
%
Overall attachment rate
0
Implementation period in weeks
0
million+
Policies sold
0
%
Incremental revenue
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