Hey, thanks for tuning in to another Partner Interview at EcomBalance. At EcomBalance, we’re all about creating win-win partnerships where we are able to grow with other companies in the eCommerce space.
In this exclusive interview, we interview Amit Batzir from Spott, the first ever digital insurance platform designed exclusively for eCommerce merchants.
Amit is CPO & Co-founder at Spott. A data science and analytics manager who previously led data science and consumer risk teams at PayPal. Always open to talking about hiking and diving, although insurance is lovely. 🙂
We hope that you enjoy the interview and that it brings value to you as an eCommerce business owner.
Connor: Hey Amit, thanks for taking the time to chat with us today. As a company, one of our goals is to highlight our partners so that our clients can benefit where it makes most sense. To get started, can you give us a high-level introduction to Spott and a little bit about how the company got started?
Amit: Owning and operating an eCommerce business is hard. One of the pain points that eCommerce business owners have is getting liability insurance – the process is lengthy and annoying, and the policies are usually expensive. Spott was started to solve exactly that problem and provide eCommerce businesses with one click insurance – a simple and affordable way to get insurance that meets all of their needs.
Connor: Thanks for sharing that! Can you dive a bit more into insurance services that you offer? Our audience is always looking for reputable companies that they can lean on for specific parts of their eCommerce businesses.
Amit: Sure. As an eCommerce business, your main touch point with the customer is the product itself, therefore – your most significant exposure to claims and lawsuits is damage that can be caused to the customer by your product. In addition, some of the platforms, including Amazon and Walmart, require you to have insurance in place if you want to sell on their platform. The reason being, they want to be covered in case a customer sues for damage caused by your product sold on their platforms.
When you receive a liability insurance policy – there are few things you want to verify:
- The policy meets all of the requirements of your selling venue
- The policy covers you well in case of a claim
- Your broker understands your business well, that you aren’t overpaying
Spott does all of that – we focus on eCommerce businesses only and make sure that each customer gets a policy that meets all of their needs, at the most attractive price. The process takes 2 minutes.
Connor: Jumping off of that…when you’re thinking about your ideal customer, who is that? Where are they selling online? Where are they located in the world? How much sales do they typically have in a year? If there’s any other qualities, please include them as well. We’re all about making introductions where it benefits both parties.
Amit: Great question. If you sell online, you need liability insurance to ensure that your business is safe, period. Therefore, an ideal customer is an eCommerce seller, be it large, small, private label, retailer etc.. Currently we are serving US, CA and IL sellers selling on all platforms in the US, and we are constantly expanding to additional countries and regions.
Connor: For our audience to truly understand what makes you stand out from other companies in the ecommerce insurance space, can you share a story of how Spott truly helped one of its customers?
Amit: There are only two things we do – insurance and eCommerce, and we know all there is to know about them. This allows us to truly create an eCommerce native experience and to make sure that our customers are covered accurately and are not overpaying – even by a cent.
In addition – some eCommerce businesses sell products that are harder to insurance (baby products for example) – we will do all it takes and work with as many carriers as needed to find insurance for them – getting them a ‘yes’, where they used to get a ‘no’.
Connor: As you and your company think about the next year ahead, what does it look like? Are there any specific initiatives that you’re working on as a team to better your product or service for your customers?
Amit: Sure. Three main focus areas that we have are; global expansion, creating an even better user experience, and the development of new insurance products for eCommerce businesses. One of these products that we are currently developing prevents suspensions and out of stock events.
Connor: How about this…everyone loves a company’s growth story. We all naturally go through ups and downs as a company. What was one of the biggest challenges that the company faced in its growing stages?
Amit: As a startup, getting large insurance carriers’ attention was challenging, but this is something that was necessary in order to get our customers the best prices and a great user experience. Luckily for us – we were able to find amazing partners that understand both the potential and the unique characteristics of eCommerce businesses, and the collaboration with them enabled us to bring real value to our customers.
Connor: Thanks! Let’s talk some eCommerce! Where do you see the industry heading in the next 1-2 years? Any big changes that you’re predicting for the industry? How can eCommerce companies prepare for it?
Amit: I think that we will see few trends taking place:
- Walmart and Shopify have started to extend their full suit of services to sellers, and are becoming a real alternative to selling on Amazon
- Supply chain will continue to be a big issue, and will drive the margins of eCommerce sellers even lower
- More and more professional sellers will enter the market. This will create a barrier to entry and will drive an even more competitive landscape in every category
Connor: Okay, here’s an open mic opportunity. If there’s one thing that you’d want the EcomBalance community to hear from you, what would it be?
Amit: Make sure that you are insured. Today. Bad things happen, and for a low effort and cost – you can ensure that the business you built is here to stay.
Connor: As we close this out, I just have one more question. Where is the best place to find and follow you and the company online? Also, if you have one, is there any special offer that you’ll be offering to the community today?