Dustin Lemick, a third-generation jeweler who has worked in jewelry retail for 13 years, has noticed how time-consuming and challenging it is for consumers shopping for jewelry insurance. The process often involves many phone calls, many signed documents and days of waiting – the jeweler also undergoes long guidance a process of creating a valuation for the customer by searching for diamond prices and calculating the cost of metals.
Throughout his career as a jeweler, Lemick found that these challenges “were a constant pain.” The process of claiming for customers with lost or stolen jewelry adds to these frustrations, as it can take weeks or even months before the jewelry is replaced.
“I knew there had to be a better way, especially if we could apply automated and cloud-based technology to bring the jewelry insurance industry into the 21st century,” Lemick said.
This prompted him to launch Insurtech, focused on jewelry, BriteCo, an insurance company for watches and jewelry directly to consumers. Offering technologically specialized products for insurance of jewelry and comprehensive coatings, the BriteCo platform includes an automated cloud rating system and offers customers offers in 60 seconds or less.
His position and experience have provided unique insights into both the jewelry and insurance industries and how processes affect customers.
“It gave me this window to say, ‘Wow, this is really broken,’ and it’s been like this for as long as anyone can remember,” Lemick said. “After all: the process of valuing jewelry by the jeweler and then insuring it with the client was outdated, outdated, and ripe for interruption.”
Lemick says they have developed their own system that reduces evaluation time by 90% over a six-month period. BriteCo has been offering this system for free to other jewelers since 2019, and over 3,000 partners are currently using the platform. BriteCo then launched its products directly to consumers in 2021. Customers using the simplified rating system can receive instant offers via text or email and receive instant coverage coming directly from BriteCo in minutes.
“The key to our success is to create a modern, technological jewelry insurance product that outperforms all competitors with key awards,” says Lemick. BriteCo offers worldwide coverage of fine jewelry for up to 125% of the estimated value of the piece, without deduction – customers can also add additional insurance at no extra cost.
“Keep in mind that our specialized jewelry insurance competitors have not changed their prices in 20 or 30 years, failing to pass on technological efficiency to their customers in the form of lower policy rates,” said Lemick. “With most inherited jewelry policies costing an average of 1% to 3% of the appraised value, BriteCo’s policies only cost .5% to 1.5% of the value of the item.
BriteCo’s main customers are Millennials and Gen Z, who are getting engaged. This group prefers the convenience of buying online jewelry insurance directly from their mobile phones, he argues; they also usually spend time looking for the best coverage available. The company’s customers also include a growing segment of professional women who buy jewelry for themselves.
The company also serves much older customers; those with increased insurance premiums and deductibles from homeowners seeking a separate jewelry policy are a major target for non-deductible BriteCo policies.
“This is our secret sauce – we make the whole process of insuring fine jewelry and watches faster, easier and more affordable than ever, using technology at every opportunity,” says Lemick.
With a recently secured $ 9 million Series A venture capital investment, BriteCo plans to expand its direct reach, engage with other channels, explore other related insurance products and hire more teammates to maintain high-quality customer service and experiences. .