Market Disruption Through Rapid Innovation
SterlingRisk is a leading provider of risk management services and a top 40 national insurance broker. They approached us to create a solution that would help expand their business and disrupt the slow-moving jewelry insurance space.
Through our co-design process, our team was able to uncover a strategic opportunity to link jewelers into the insurance process and create a value proposition for every party involved in the transaction.
GemSafe helps jewelers around the country provide industry-leading jewelry protection and provides a world-class customer experience for both retailers and their customers.
Seizing an Opportunity
Jewelers were missing out on a huge opportunity to extend their relationship with each customer. With the right system in place, insurance could allow jewelers to connect with customers after the sale. But no company had properly bridged the gap and jewelry stores had no real incentive to offer insurance on their products.
Selling the service was exceedingly manual and no firm offered a seamless, automated, ROI-driven product for jewelers.
We saw an opportunity and set out to change things.
Attacking the Problems
GemSafe is a product that solves many existing problems on all sides of the insurance industry.
We created a seamless system for SterlingRisk to collect, process, and manage customer applications without an entire processing and underwriting staff. Customers can view and manage their policies independently through the online platform, which saves them the headache of phone calls and insurance forms. Together, SterlingRisk can focus entirely on sales and marketing rather than administration.
We addressed the specific needs of the jewelry industry by building the product as a way for jewelers to maintain engagement with customers after the sale. This created an opportunity for jewelers to grow their customer relationships while also creating an incentive for them to grow the GemSafe business through their new and existing customer base.
For more than 5 years, we’ve been helping drive innovation throughout the insurance sector.
In this case, we were able to build the GemSafe product on top of our existing insurance platform. This saved hundreds of hours in planning and development time, allowing us to quickly develop and deploy a full product within just a matter of weeks and focus on the specifics of the user experience for jewelers and their customers.
In the end, the final product was precision-built for the jewelry industry, without the overhead of developing a full-blown insurance platform from scratch.
“Partnering with Croscon exceeded what we thought was possible. We saw an opportunity to capitalize on a market and they led the way allowing us to generate revenue through our online product immediately.”
-David Sterling, CEO, SterlingRisk
Throughout the process, our focus was on speed to market and rapid scalability. We knew that this opportunity wouldn’t be available forever and we needed to move quickly to capture this key market.
Once we launched GemSafe, our engineers and strategists worked side by side with SterlingRisk to develop key marketing and go-to-market strategies.
GemSafe revenues have grown by 20% month over month in the first 8 months.
We were able to craft an elegant solution that not only met the needs of our client and their business, but created value throughout the product lifecycle.