Apart from being a global retailer, today’s IKEA is a provider of energy, modern meeting places, financial solutions, and is also engaged in green material development, amongst many other things. In addition, IKEA store formats are changing as well, as we now see new stores in prestigious city locations in London, San Fransico, Paris, and Toronto. The aim to be closer to the customer means more stores and meeting places in the central parts of major cities.
The digitalisation of the IKEA shopping experience also leads to new ways to store and distribute the goods to the customers. Existing IKEA stores are partly being transformed to accommodate the e-commerce business with automated order fulfilment.
All these changes in how IKEA interacts with customers also impact the global insurance programs – a store in the centre of Paris has a different risk profile than a traditional “blue box”. This shift impacts the risks and creates new challenges when it comes to insurance.
The high focus on sustainable business is also reflected in the insurance solutions we arrange. We have worked with insurers to cover for more sustainable buildings when there has been a major loss, like a fire, and an IKEA store needs to be rebuilt. This means additional funds to invest in green technology, and to handle the fire debris in a sustainable way.
Supporting and protecting IKEA’s business is what we are all about – and with all the exciting developments going on, we are continuously challenged to think in new ways fulfil the rapidly changing needs.
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How insurance plays a part in the IKEA business transition
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