“Azki” has provided its users with the first insurance credit purchase service without prepayment (BNPL). With this service, users of this platform can receive $200 credit for purchasing third-party insurance and body insurance. Azki says that it is possible to repay the used credit in 4 installments without paying interest or fees.
According to Iran digital economy annotation, this platform introduces its added value as an aggregator, offering the possibility of comparing insurances from different companies and making a more informed choice of insurance, and says that this action has made people more familiar with insurance services and created a competitive ecosystem in this industry. Currently, Azki has been able to create a different experience for its customers by using the new “Buy Now, Pay Later” (BNPL) credit purchase model.
BNPL’s credit purchase model and an evolution in the insurance market
According to the user experience and Azki’s efforts to improve it, providing various payment models is one of the important things in this field, and in this regard, Azki has provided the BNPL credit payment solution to users by focusing on separating the decision-making and purchasing process. has given Users can receive $200 of credit from the credit purchase department in Azki to purchase third party insurance and body insurance. In this way, you don’t need to pay any fees at the moment and you can pay your insurance fee in 4 installments from next month without any fees or interest.
Advantages of using the BNPL credit purchase model
According to Azki’s product team leader, the applicability of this payment model can be evaluated by two criteria. The first thing is the conversion rate of customers who come to the site, and you can check their conversion rate to purchase with and without various payment methods.
The second criterion is NPS or Net Promoter Score, which shows the level of customer satisfaction with the system, and in this section, based on statistics and figures, the conversion rate of customers who used the four-installment model without prepayment is twice that of those who bought in cash, and the index BNPL customers’ NPS is 30% higher than cash purchase. This issue shows the high probability of introducing Azki services by them to others.
The future perspective of credit purchases in Azki
Azki aims to increase its share of BNPL sales to 25% of total sales by 2025 and believes that offering flexible and interest-free payment methods can help in this goal. Azki says that by providing various payment methods, efficient service and customer support, he tries to create a sense of belonging and more loyalty in his users, and Azki’s credit purchase service has been introduced as a more favorable service for buying insurance and not as an income method. The main goal of this company is to create a better experience for customers and increase their satisfaction.
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