Why is embedded insurance needed?

In today’s dynamic landscape, traditional insurance models are often lagging behind newer digitalised solutions, leaving consumers and businesses vulnerable to gaps in coverage and cumbersome policy management. Enter embedded insurance: a forward-thinking solution seamlessly integrating insurance products into existing platforms and transactions, revolutionising the way we protect assets and mitigate risks. But why is it becoming increasingly indispensable in our modern world?

That was the exact question posed to a host of distinguished industry experts as part of the esteemed?Professional InsurTech Certificate .

Embedded insurance is seen as a potential silver bullet for many insurers’ distribution plans.

The solution has emerged as a cutting-edge strategy enabling businesses to seamlessly integrate tailored coverage into their customers’ purchasing experiences, affording them the option to incorporate or augment protection alongside their product or service acquisitions.

Rowley Douglas, Chief Revenue Officer at?Boost Insurance , highlighted the importance of embedded insurance for companies looking to keep up with the needs of their customers in this modern world.

“I suppose it’s necessary if insurance companies want to keep up with the way consumers prefer to purchase things these days, emphasising the convenience of having insurance available at the point of sale. I believe its greatest potential lies in embedding it seamlessly within the overall customer experience of a platform, provided by third-party companies offering products or services. These companies strive to retain customers within their ecosystem by catering to various needs, whether it’s for pets, health, or other domains. Thus, insurance becomes an integral part of that ecosystem, complementing the range of services offered,” he explained.

To listen to the whole presentation, enrol in the?Professional InsurTech Certificate .

About the Professional InsurTech Certificate:

The?Professional InsurTech Certificate ?course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector.

Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies.

You can enrol?here .