Building Oyster 2.0
Company

Building Oyster 2.0

June 20, 2024

At the core of every innovative company is the will to constantly reinvent itself. As we build towards Oyster 2.0, we’re excited to help more eCommerce and retail businesses reduce risk and grow confidently. We’ve got an ambitious roadmap ahead of us.

This week, we have officially completed the first phase of building Oyster 2.0 - the all-in-one insurance platform for commerce. This was a significant milestone as we prioritized delivering the best-in-class insurance products for businesses, particularly in the eCommerce and retail market.

Since day one, our team has been focused on simplifying insurance for our customers. Earlier this year, we unveiled Oyster Business Insurance for our merchants and it’s now the fastest growing product on our platform. Hundreds of businesses of all sizes now use Oyster to get commercial insurance tailored to their operations, across a diverse set of verticals including beauty & supplements, micromobility, home & furniture, jewelry & collectibles, electronics, fashion, food & beverage, restaurants, and more.

At the core of every innovative company is the will to constantly reinvent itself. As we build towards phase two of Oyster 2.0, we’re excited to help more eCommerce and retail businesses reduce risk and grow confidently. We’ve got an ambitious roadmap ahead of us.

Business Insurance, Simplified

Business insurance is complicated. Every business has a unique set of risks and requires different coverage in order to protect against the most relevant risks and stay compliant. To simplify this process, we’ve built a wide range of customer-centric products and tools to streamline the process of obtaining the best coverage for our customers, across General Liability, Property, Product Liability, Workers Compensation, Umbrella, and more.

As part of Oyster 2.0, we are expanding coverage options so business insurance can be made even more tailored and dynamic for our customers through a digital-first journey. The Oyster platform abstracts away the complexity of business classification, underwriting, carrier risk mapping, and multi-party communication, so our customers can enjoy a fast and simple experience.

With our growing network of top-rated carrier partners, we are building towards a future where all businesses can get coverages needed in one stop, quickly and accurately.

AI-Powered Software

Software is at the core of Oyster. We have built the full stack of our software from scratch, from external merchant-facing products and applications to our internal insurance operating systems. The upfront investment is paying dividends – our team can deliver unique, best-in-class product experiences with full control, deploy new AI-powered workflows and features within a fully-integrated ecosystem, and innovate at an incredible speed.

Just last month, we launched Oyster COI Management to empower our customers to generate, store, and share their certificates of insurance easily and digitally, powered by our custom LLM models. Oyster’s customers can now get a COI instantly, at any time, rather than the traditional way of requesting certificates from their agents through call/emails and having to wait several business days.

With Oyster 2.0, our team is deepening integrations across the entire insurance tech stack – building and deploying more intelligent products, workflows, and features that allow businesses to manage insurance, reduce risks, and grow confidently. New software and AI-powered workflows are coming soon to the Oyster platform, to further streamline the insurance journey for our customers.

Customer Insurance, Integrated

Oyster started as a way to help merchants provide tailored insurance to their customers. As the Oyster platform evolves, we’ll continue to deliver insurance and software to support our partner’s requirements. Many of our merchants offer insurance to their customers through easy integrations, which allows them to earn new revenue streams and offset their business insurance premium.

Oyster 2.0 empowers our mid-market and enterprise customers to design custom insurance with greater flexibility. We aim to continue to help our merchants elevate brand experience and grow confidently with this product.

We’re driving ahead to deliver value to our customers with innovative products. We can’t wait to share more about the new products we’re working on as part of the next phase of Oyster – Oyster 2.0.

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