Why Jewelers Mutual Group bought Luxsurance's digital vault app

Jewelers Mutual Group recently announced its acquisition of jewelry insurtech Luxsurance's core technology, the LUX Digital Vault app. The acquisition is transformational to the point of sale and customer experience by enabling digital jewelry management, customer-jeweler communication and streamlined jewelry insurance quoting and insuring processes.

"The acquisition of the core Luxsurance technology is an exciting opportunity as Jewelers Mutual continues to drive innovation and bring new, comprehensive digital solutions to market. As we expand our insurtech offerings, it broadens our ability to meet customers where they are and actively engage with them in ways they want to interact and do business with us and their jeweler," Mike Alexander, chief operating officer at Jewelers Mutual Group, writes to Digital Insurance. "The LUX Digital Vault will be transformational in strengthening jewelers' in-store offerings while helping them stay digitally connected to their customers."

The app is designed as a convenient online platform that allows customers to manage new or previous jewelry purchases, upload photos of their jewelry, store digital receipts or appraisals, receive access to jeweler contact information and see the total value of their jewelry collection. 

"The LUX Digital Vault is an innovative app that revolutionizes the customer experience at the point of sale. The technology is seen as an added-value benefit for jewelers to extend to their customers. The digital vault puts customers in control of their jewelry and allows them to seamlessly protect each piece with the click of a button so they can wear their jewelry without worry," Alexander writes. "The customer can activate the app through their phone to view their jewelry collection anytime, day or night, as well as digitally store their receipts, appraisals and other important documents, view their collection value and have direct access to their trusted jeweler."

Once it has been downloaded and accessed, customers can also receive a jewelry insurance quote from Jewelers Mutual through the app in a simplified digital process. According to Alexander, customers may "in most cases be insured before leaving the jewelry store with their purchased item(s)."

The LUX Digital Vault app currently integrates with mainstream point-of-sale systems such as ARMS, THE EDGE and Logicmate. 

Alexander writes, "This innovative technology enhances jewelers' customer experience while also building loyalty and strengthening relationships. Jewelers Mutual continues to work with jewelers to understand their unique challenges and reimagine how to deliver an exceptional experience that helps them stay competitive and meet their customers' evolving needs and expectations, including ways to easily protect their jewelry purchases before they walk out of the jewelry store."