[[{"@type":["Article"],"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#Article","@context":{"@vocab":"http:\/\/schema.org\/","kg":"http:\/\/g.co\/kg"},"url":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/","publisher":[{"@id":"https:\/\/www.the-future-of-commerce.com\/"}],"author":[{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#Article_author_Person","image":[{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#Article_author_Person_image_ImageObject","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/uploads\/2022\/03\/Jess_Hurley_EIS-150x150.jpg"}],"sameAs":"https:\/\/www.linkedin.com\/in\/jess-hurley-621791152\/","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/jess-hurley\/","name":"https:\/\/www.the-future-of-commerce.com\/contributor\/jess-hurley\/"}],"subjectOf":[{"@type":"FAQPage","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#Article_subjectOf_FAQPage","mainEntity":[{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity0","name":"What is embedded insurance?","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity0_acceptedAnswer_Answer","text":"As a result, the customer doesn\u2019t have to go looking for coverage \u2013 and they may not even know they need it until they\u2019re offered the opportunity.<span style=\"color: #0095ff;\"><span class=\"h2\">Embedded insurance is about offering affordable, relevant, and customized insurance to customers when they need it most.<\/span><\/span>"}]},{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity1","name":"Examples of embedded insurance","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity1_acceptedAnswer_Answer","text":"As part of a larger move toward embedded finances, embedded insurance is growing in popularity. It\u2019s a familiar model in industries like the airline sector, but is catching on across a <a href=\"https:\/\/www.the-future-of-commerce.com\/2015\/03\/09\/the-pace-of-life-is-accelerating-can-the-insurance-industry-keep-up\/\">broad range of industries<\/a>.\n<li><strong>Opting for extended protections on a new cellular device<\/strong><\/li>\n<li><strong>Travel insurance when you book a flight<\/strong><\/li>\n<li><strong>Coverage for new appliances while checking out \u2013 either online or in-store<\/strong><\/li>\n<li><strong>Airbnb offering Host Protection and Host Guarantee insurance<\/strong><\/li>\n<li><strong>Car rental companies offering coverage while renting a vehicle<\/strong><\/li>\n"}]},{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity2","name":"Better coverage, smooth CX: A win-win for consumers","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity2_acceptedAnswer_Answer","text":"Consider this scenario: A customer researches a product online, compares prices, and then purchases a product. At the point of sale, they\u2019re offered coverage for their new product.It\u2019s an easy option \u2014 something they can secure with just a few clicks from their mobile device, so they opt for the coverage. There\u2019s no need to hunt elsewhere and make a separate purchase. They get immediate peace of mind.<span style=\"color: #0095ff;\"><span class=\"h2\">Flexible, fast, and convenient, embedded insurance provides the kind of customer experience consumers today expect.<\/span><\/span>"}]},{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity3","name":"New opportunities, broader reach for insurers","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#subjectOf_FAQPage_mainEntity3_acceptedAnswer_Answer","text":"<span style=\"color: #0095ff;\"><span class=\"h3\">For insurers, embedded insurance offers new ways to reach customers online. By partnering with digital brands that have a broad reach, insurers can offer protection to consumers exactly when they need it.<\/span><\/span>\n<li>The protection gap \u2013 the difference between insured losses and uninsured losses \u2014 is growing wider every year. Offering coverage at the point of sale can help narrow that gap by making it easy for customers to purchase coverage.<\/li>\n<li>An embedded insurance solution can be integrated into an existing system through an open application program interface (API). APIs can help insurers analyze data and offer the right policy at the point of sale. APIs also enable them to meet customers on the channel of their choice, whether that\u2019s a computer, laptop, mobile device, or call center.<\/li>\n<li>Online shopping produces a wealth of data, including transaction and browsing history and expenditures. Using this data to create a customized insurance policy ensures risk information is accurate and updated in real-time.<\/li>\n<li>Two separate systems are linked via an API into a <a href=\"https:\/\/www.the-future-of-commerce.com\/2022\/01\/26\/how-to-create-seamless-customer-experience\/\">single shopping experience<\/a> for the customer. With pre-built, production-ready mobile and web apps, an insurer can offer policies and services to prospective customers directly.<\/li>\nEmbedded insurance could prove a gamechanger for the insurance industry by helping insurers reach the right customers at the right time with the right coverage."}]}]}],"image":[{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#Article_image_ImageObject","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2022\/03\/embedded-insurance_1200x375x-1200x630.jpg","width":"1200","height":"630"}],"mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/","articleBody":"\n        People know they need insurance \u2014 and yet, traditionally, it\u2019s often been seen as a cumbersome afterthought or legal necessity that can feel overwhelming and confusing. However, as the customer experience becomes more important and more purchases are made digitally, the insurance industry is moving from selling insurance to helping consumers buy insurance that\u2019s best for them.\nPerhaps that\u2019s why embedded insurance is forecasted to grow more than six times larger by 2030 \u2013 to $722BN in GWP, with most of the growth in North America and China, according to InsTech London.\nWhat is embedded insurance?\nEmbedded insurance is the real-time bundling and sale of insurance coverage or protection while a consumer is purchasing a product or service, bringing the coverage directly to the consumer at the point of sale.\nAs a result, the customer doesn\u2019t have to go looking for coverage \u2013 and they may not even know they need it until they\u2019re offered the opportunity.\nEmbedded insurance is about offering affordable, relevant, and customized insurance to customers when they need it most.\n\n  \n    What is insurtech: Definition, examples, tips\n    \n      \n      Learn about insurtech, how it's transforming the industry, and how insurance companies can reap the benefits.\n    \n  \n\nExamples of embedded insurance\nAs part of a larger move toward embedded finances, embedded insurance is growing in popularity. It\u2019s a familiar model in industries like the airline sector, but is catching on across a broad range of industries.\nHere are some examples:\n\nOpting for extended protections on a new cellular device\nTravel insurance when you book a flight\nCoverage for new appliances while checking out \u2013 either online or in-store\nAirbnb offering Host Protection and Host Guarantee insurance\nCar rental companies offering coverage while renting a vehicle\n\n\n  \n    Personalized experiences: Life insurance for the digital era\n    \n      \n      To win in the digital era, insurance companies need to stand out by delivering personalized experiences. Here's how they can connect with customers and build loyalty.\n    \n  \n\nBetter coverage, smooth CX: A win-win for consumers\nWhy is embedded insurance taking off? Simply put, it puts customers in control.\nConsider this scenario: A customer researches a product online, compares prices, and then purchases a product. At the point of sale, they\u2019re offered coverage for their new product.\nIt\u2019s an easy option \u2014 something they can secure with just a few clicks from their mobile device, so they opt for the coverage. There\u2019s no need to hunt elsewhere and make a separate purchase. They get immediate peace of mind.\nFlexible, fast, and convenient, embedded insurance provides the kind of customer experience consumers today expect.\n\n  \n    Seamless customer experience: CX can make or break a brand\n    \n      \n      A seamless customer experience is a priority for brands today, with 84% of companies that improve their CX seeing increased revenue.\n    \n  \n\nNew opportunities, broader reach for insurers\nFor insurers, embedded insurance offers new ways to reach customers online. By partnering with digital brands that have a broad reach, insurers can offer protection to consumers exactly when they need it.\nOther benefits of embedded insurance include:\n\nThe protection gap \u2013 the difference between insured losses and uninsured losses \u2014 is growing wider every year. Offering coverage at the point of sale can help narrow that gap by making it easy for customers to purchase coverage.\nAn embedded insurance solution can be integrated into an existing system through an open application program interface (API). APIs can help insurers analyze data and offer the right policy at the point of sale. APIs also enable them to meet customers on the channel of their choice, whether that\u2019s a computer, laptop, mobile device, or call center.\nOnline shopping produces a wealth of data, including transaction and browsing history and expenditures. Using this data to create a customized insurance policy ensures risk information is accurate and updated in real-time.\nTwo separate systems are linked via an API into a single shopping experience for the customer. With pre-built, production-ready mobile and web apps, an insurer can offer policies and services to prospective customers directly.\n\nEmbedded insurance could prove a gamechanger for the insurance industry by helping insurers reach the right customers at the right time with the right coverage.\n  Customer needs change on a dime. Can you keep up? We can help.\nStart HERE!\n\n\n\n\t\n      ","name":"Embedded insurance: Definition, examples, benefits","dateModified":"2022-03-31T04:40:04+00:00","datePublished":"2022-03-31T05:15:00+00:00","headline":"Embedded insurance: Definition, examples, benefits","description":"What is embedded insurance? Learn about this fast-growing insurance model, and its benefits for consumers and insurers."},{"@context":"http:\/\/schema.org","@type":"Organization","logo":{"@type":"ImageObject","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","height":"96","width":"500","@id":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1"},"name":"The Future of Customer Engagement and Experience","sameAs":["https:\/\/podcasts.apple.com\/us\/podcast\/a-call-for-a-better-experience\/id1479742201","https:\/\/twitter.com\/FutureOfCEC","https:\/\/www.linkedin.com\/groups\/4844282","https:\/\/www.the-future-of-commerce.com\/feed\/"],"additionalType":"https:\/\/www.wikidata.org\/wiki\/Q1193236","url":"https:\/\/www.the-future-of-commerce.com\/","description":"Relevant, timely information & analysis on commerce trends, both consumer-facing and B2B.","@id":"https:\/\/www.the-future-of-commerce.com\/"}],{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"2022","item":"https:\/\/www.the-future-of-commerce.com\/2022\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"03","item":"https:\/\/www.the-future-of-commerce.com\/2022\/\/03\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"31","item":"https:\/\/www.the-future-of-commerce.com\/2022\/\/03\/\/31\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"Embedded insurance: Definition, examples, benefits","item":"https:\/\/www.the-future-of-commerce.com\/2022\/03\/31\/embedded-insurance-definition-examples-benefits\/#breadcrumbitem"}]}]