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Insurance: to Embed, or not to Embed

The potential and attraction for “embedding” insurance products into the value chains and distribution capabilities of others has made embedded insurance one of the key emerging themes in insurance.

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Insurance: to Embed, or not to Embed, a new report from InsTech London, takes a detailed look at what embedded means in practice and the opportunities it offers insurtechs and incumbents.

The report, which is free to download, also includes use cases and profiles of more than 50 companies from across the globe who are making it work.

Insurance: to Embed, or not to Embed – Introduction by Robin Merttens

The team at InsTech London speaks to over 200 different companies from the insurance and innovation community in any given month. We use those conversations to obtain intelligence on who is doing what and to detect trends.

From those conversations it became clear to us from the end of last year that embedded insurance was going to be a hot topic in 2021 and it is.

What do we mean by embedded insurance? In summary it is the “embedding” of insurance products into the value chains and distribution capabilities of other industries. It is usually an add-on to a main transaction in which insurance is offered and acquired but can also be a native component of a third-party customer experience.

As a concept it is not new to the insurance industry. Many of us have bought legal expenses, travel insurance, event cancellation cover on a website as part of a separate transaction like buying tickets. We have also long understood the power of leveraging the distribution capabilities of other communities through the use of affinity schemes.

To date, this was more about designing insurance products around the particular needs of a community of customers or members and distributing it among them, not about making it easier to buy.

So, why all the fuss now? Like many of the trends that determine the future of insurance it is about responding to changing customer needs and leveraging digital technology to enable new and better insurance models.

As a business model it has a lot going for it because it benefits the entire value chain – customers, distributors and insurers.

Live Chat – Insurance: to Embed, or not to Embed

Robin discussed what embedded insurance means in practice, who is doing it well, and the findings from the new report in a Live Chat with:

  • Franck Pivert, Chief Revenue Officer, Wakam
  • Jean-Charles Velge, Co-Founder, Qover
  • Louisa Murray, Chief Operating Officer (UK & Europe), Railsbank

The event is available to watch on the InsTech London BrightTALK channel.


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