White label products are an easy way for insurance companies to expand their current offering. Read how white labeling cyber security products, also known as co‑branding, benefits both insurance companies and their customers.
Insurance companies can expand their portfolio of products and services with additional white label products, referred to as co‑branding in some contexts. White labeling means that an insurance company rebrands another company’s product and sells it to its customers under its own brand. Co‑branding is one of the most convenient ways for insurance companies to expand their product offering and stand out in a market where competition for retaining and finding new customers is fierce.
In its simplest form, white labeling in the insurance industry works like this: Company A creates a product or service that is proven to appeal to consumers and sells the concept of it to insurance Company B. Insurance Company B then offers the white label product to its consumer customers under its own brand rather than under the brand of the original production company, Company A.
White label products can range from physical hardware, such as routers and other IoT devices, to non‑tangible products, such as downloadable software and services. Thanks to white labeling, or co‑branding, consumers associate these products and services with the insurance company rather than the original manufacturer of the rebranded product.
As a reliable companion in their customers’ everyday lives, insurance companies are trusted by consumers to sell more than just insurance. And based on our consumer insights report for insurance companies, 84% of respondents actually expect home insurance to contain internet security and insurance for cyber crime. In fact, for 27% of consumers, their insurance company is the preferred provider of internet security products.
Added to that huge potential market from existing customers, it’s clear that online threats and cyber security are of real everyday importance for consumers. 75% of consumers worry about their safety on the internet, with many being suspicious of websites and other people in the online world.
Good internet security is a priority for consumers when browsing online and using their internet-connected devices, whether at home or on‑the‑go. Improving consumers’ online protection is a great concern and opportunity for insurance companies. In 2022, 6% of consumers reported losing more than 1 000€ as a result of cyber crime. For 1% of consumers, the losses exceeded 10 000€.
The concern among consumers of becoming a victim of such fraud is significantly higher still than these numbers, with over half of consumers worried about online shopping and credit card fraud on the internet. Monetary losses of this magnitude can be expensive for both consumers and their insurance companies.
And it isn’t just monetary losses. Increased stress, loss of time, and stolen data are other common consequences of cyber crime for consumers. With white label internet security products, insurance companies can prevent cyber crime, leading to fewer costly insurance claims.
Cyber security can and should be part of an insurance company’s strategy to reduce cyber risk among its consumer customers. Improved cyber security helps your customers stay safe in the online world. As a result, they are better protected from online threats, leading to fewer insurance claims due to cyber crime.
Another benefit of co‑branding with a reliable partner and expanding your insurance offering with white label internet security is standing out from the competition. Insurance is a competitive industry with companies seeking to differentiate themselves, whether by pricing, fancy branding campaigns, or unique product offerings. One effective, cost-effective, and, above all, easy way to stand out from the competition is by offering more than just insurance products to new and existing customers.
Whether or not an insurance company offers internet security as part of its product portfolio does matter. 71% of consumers say that they consider their choice of an insurance company based on whether or not they offer online protection and cyber insurance as part of home insurance.
Partnering with F‑Secure allows you to add co-branded, comprehensive white label internet security as part of your insurance offering and protect all of your customers’ digital moments. F‑Secure has succeeded together with hundreds of partners and 30 years of experience in award-winning cyber security. As our partner, together we’ll find the solution that suits you the best.
In addition to reduced cyber risk to your customers and fewer insurance claims, an insurance offering supplemented with white label cyber security products provides additional value for your customers. With white labeling, you can increase the value of individual customers, both existing and new. Consumer customers who also use online security solutions by their insurance companies are shown to be more loyal and have higher Net Promoter Scores (NPS).
Partner with us by offering F‑Secure Total, our comprehensive internet security suite, to your customers. Total isn’t limited just to our award-winning malware protection. It comes with additional tools that help your customers protect their online identity, keep their money safe from online scammers, as well as protect their online user accounts and personal details with strong and unique passwords. F‑Secure Total’s versatile VPN allows your customers to browse in private wherever they are.
Total’s Family rules make protecting the entire family easy with a single subscription, both on computer and mobile devices. Our cyber security experts are always ready to help with personal assistance.
Read more about F‑Secure’s solutions and get in touch to partner with us.
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