Embedded insurance, also known as integrated insurance, is a growing trend in the insurance world and represents an opportunity for companies to increase their revenues and improve their customer experience. In this article, we will talk in depth about why embedded insurance is revolutionizing the market.
What businesses can work with embedded insurance?
The truth is that any business can work with embedded insurance. Insurance companies can exploit their network of agents and expand their commercial reach, while insurance brokerages can digitize and automate the sale of insurance. In addition, non-insurance businesses can also increase their revenues by offering insurance as a cross-sale and incorporating quote calculators on their website.
What is the size of the embedded insurance market?
The embedded insurance market is constantly growing and is expected to continue to grow in the coming years. It is estimated that by 2030 the embedded insurance market will reach a value of over 722,000 million in premiums issued.
This is due to the digitization of sales processes and the automation that the insurance sector is experiencing, which makes more and more companies interested in embedded insurance as a way to improve their customer experience and increase their revenues.
Why is there interest in embedded insurance?
There are several reasons why there is a growing interest in embedded insurance. Firstly, consumers are increasingly accustomed to a fast, digital and self-manageable purchase experience, and embedded insurance offers exactly that. In addition, embedded insurance is also an effective way for companies to increase their revenues and offer added value to their customers.
How can companies start working with embedded insurance?
This will depend on the type of company in question. For insurance businesses, we recommend contacting us and telling us your specific case.
In the case of non-insurance businesses, they will need to collaborate with brokers and insurers that already work with embedded insurance and allow them to integrate their quote generators into the system or web of this collaborating business.
Examples of how companies can benefit from embedded insurance
Some examples of companies that can work with integrated insurance can be:
They can take advantage of their network of agents and digitize and automate insurance sales, which will allow them to improve efficiency and increase their revenues.
They can digitize and automate their sales processes, which will allow them to improve productivity and offer more complete solutions to their clients.
E-commerce and marketplaces
They can integrate an insurance quote generator into their platform and offer insurance that protects the item they are purchasing.
They can offer data protection insurance or liability insurance to their customers.
Banks and financial institutions
They can offer credit card protection insurance or life insurance to their customers.
Webs and travel agencies
For example, by offering the possibility of a travel assistance or cancellation insurance.
¿Are embedded insurance the future?
It is difficult to predict the future with certainty, but embedded insurance is gaining ground in the insurance industry and the growing market size indicates that yes. Digitalization and automation of processes are transforming the way consumers buy and manage their insurance, and embedded insurance fits perfectly into this trend.
In addition, embedded insurance offers a more convenient and satisfactory customer experience, which drives its growing popularity.