2. The opportunity
- FNB recently launched their Virtual Card – a Digital card with a changing CVV number to ensure safe online
shopping
- With the acceleration of the eCommerce sector due to COVID-19, the cohort of customers performing large,
insurable purchases online grew
- FNB Insurance thus decided to launch Purchase Protect
- This was launched on both Apple and Android Pay
3. The benefits
Encourage the use of the FNB Virtual Card
Generate an additional leads source for our new
property and casualty insurance products
Protect our customers’ purchase made with their Virtual
Card online with 30-day complimentary insurance
4. How it works
A customer purchases a new laptop online with their FNB
Virtual Card
FNB Insurance mines data via an automated algorithmic
decision engine and determine this customer qualifies for
Purchase Protect
An App Notification is sent
to the customer
Scenario: the laptop is
stolen 2 weeks later
Customer submits a claim which is approved
and they can purchase another laptop
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5. Customer impact
2 073 sales made after Purchase Protect expires with an
average conversion of 13%
Over 34 000 App notifications sent
Over 38 000 qualifying transactions made
Over R32 000 (excl. VAT) in claims paid to date
6 claims paid to date
Over R200 million in total value of qualifying
transactions insured
6. What’s to come
Purchase Protect on App
Customers able to capture claims and upload relevant
documentation via the FNB App.
Real-time messages
Enhance the data mining process so that customers
receive notifications in real-time.
End-to-end upsell
Enable customers to purchase comprehensive insurance
cover via the FNB App once Purchase Protect expires