KoverNow has rolled out the KARAT program, an initiative designed to broaden its network of partners and strengthen its technology for insuring luxury items.
The program connects the digital insurance provider with data specialists, retailers, and brand representatives to refine asset valuation and offer tailored coverage.
The company said it will integrate market intelligence from partners to track current and historical values for high-end goods, enabling it to adjust coverage in real time.
This valuation capability will also be licensed to financial services firms and asset managers.
Retail partners – such as jewellery shops, watch sellers, and camera retailers – will be able to offer immediate coverage at the point of sale.
KoverNow aims to deepen customer relationships by integrating insurance directly into the purchase process.
The KARAT program includes collaborations with online publishers and platforms to promote KoverNow and its partners.
The firm has named specialists in photography, luxury handbags, and whisky as ambassadors, with a watches representative to be introduced shortly.
According to KoverNow, the initiative is part of a broader strategy to create a connected ecosystem that informs its insurance platform and benefits both customers and stakeholders.
“We have always based our insurance services and premiums, on market intelligence and up-to-the-minute valuation data,” said John Trotter (pictured), CSO and managing director at KoverNow Hong Kong. “We have expanded this by working with new partners, including retailers and ambassadors who have specific market expertise honed through experience. This adds a string to our bow, allowing us to leverage their knowledge and talent in the luxury and lifestyle space to enhance our offer to customers.”
The announcement follows KoverNow’s recent authorisation as an insurance agency by the Hong Kong Insurance Authority (IA).
The company has launched a mobile app for iOS and Android, allowing users to insure watches, handbags, and jewellery through a fully digital process.
Features include instant quotes, flexible policy adjustments, worldwide coverage for theft, loss, and damage, and the ability to file claims at any time.
“We have been quietly building our network of partners and establishing a presence in Hong Kong while we’ve been waiting for the license, so we’re now ready to hit the ground running,” Trotter said. “We are a fully licensed agency with the backing of expert insurance companies, so our customers can be sure that our policies will be suitable for their needs.”
KoverNow plans to add wine, spirits, and art to its Hong Kong product portfolio, extending coverage to a broader range of high-value items.
The company’s entry into the Hong Kong market is supported by its participation in Cyberport, a technology incubator that provides access to resources, talent, and collaboration opportunities.
Through its Partner Programme, KoverNow offers luxury retailers the option to present insurance services during the sales process without added costs or system integration.
The company said this model allows retailers to provide additional protection for purchases while fostering ongoing customer engagement.
With regulatory approval secured, KoverNow plans to activate more retail partnerships across Asia to expand its footprint in the luxury goods insurance sector.
