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Embedded insurance has recently gained a lot of attention in the industry. This includes growing InsurTechs, insurers, and venture capital companies that see it as a possible high growth and margin revenue generator.
If you still don’t know what is embedded insurance, it is the accumulation of protections or coverage within the purchase of a third-party service or product as part of the consumer journey.
In many countries worldwide, embedded insurance is promising to grow through the development of ecosystems consisting of multiple partners.
The obvious drivers include:
Evolving customer lifestyle and demands.Improving technological capacity.The onboarding of potentially technology-savvy distribution partners.
So what will be the future of embedded insurance, and why should you care? Find out everything in this article.
Meeting the Consumer Demands
In the past few years (especially after the pandemic), customers have largely shifted to online purchases. Moreover, they appreciate the convenience and ease of purchasing insurance without stepping out of the comfort of their homes.
By embedding insurance at various contact points during the customer journey, you can provide appropriate coverage precisely when consumers need it the most.
The customer’s lifestyle has also changed, which has led to the rise in the sharing economy. People do not look to own a car these days because of the operating expenses involved, particularly in the big cities.
They would rather use short-term hire companies such as Zipcar or hiyacar, including insurance as part of the rental. In the same way, short-term rentals of e-scooters have gained popularity. They include embedded insurance, es… Read More
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