7 Definitions of Embedded Insurance
Yesterday at Insurtech Insights Europe a lot was said about technology reinventing the consumer insurance experience. The days of calling up an insurance broker to buy or claim on a policy are largely gone. The insurtech space leverages technology to make the entire process much more automated, removing the need for hundreds of forms and repeated information.
The hot topic of Day 1 was undoubtedly embedded insurance. We have heard no less than 7 different definitions from 3 sessions of experts.
The google one: Put simply, embedded insurance is the bundling of coverage or protections within the purchase of a third-party product or service as part of the customer journey.
Today’s variations:
One-size-fits-all insurance no longer works business can beat the flaw of averages with embedded insurance,
Embedded insurance is bought not sold, relevant and personalized insurance is offered at scale to customers when and where they need it the most.
Embedded insurance is a flexible model in which insurance coverage is offered alongside a product or service purchase.
Embedded personalized insurance delivered in real time is closing the protection gap by increasing coverage.
Embedded insurance is the natural next step for the industry if we want to reflect the fact insurance is becoming more about real-time experiences than just being about assets.
Embedded insurance is the future of the insurance stack and distribution.
Whatever definition you associate to embedded insurance Pattern believes it is a win-win-win scenario: for the consumer, the insured, business partner and insurer.
Insured: The customer is protected without any hassle. It makes more sense for customers to be seamlessly protected in seconds without resharing data like name, address and payment details. The convenience of relevant personalized insurance at one click.
Business partner: Partners generate additional income when selling risk protection with their product or service. The insurance coverage option can increase the purchase rate, since the customer is no longer worried by concerns. Embedded insurance technology millisecond-fast APIs, messaging, computer vision, etc. improve the customer experience and enable cost efficient operations.
Insurer: The embedded insurance business model is very attractive for tech-savvy insurers. It is a low cost way of distribution to customers in the thousands or even millions. Through EI technology the insurer has the ability to control the insurance which is offered almost in real time.
Great insights from: @Wakam @Battleface and @axa partners.
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