Embedded insurance has traditionally been used in industries where the product or service being sold is associated with a certain level of risk. Here are 5 innovative ways that embedded insurance is being used in new and creative ways.
Embedded insurance is a type of insurance that is included as a part of another product or service. It has traditionally been used in industries where the product or service being sold is associated with a certain level of risk. More common examples would be would be the warranty-style program in telecommunications and onsumer electronics along with travel insurance sold alongside or within travel packages.
However, in recent years, there has been an increase in the use of embedded insurance in novel and innovative ways. Here are 4 examples of how embedded insurance is being used in new and creative ways:
Embedded insurance will continue to evolve and integrated in a variety of novel and innovative ways. It is no longer limited to traditional industries, and is being integrated into a wide range of products and services to provide added convenience and financial protection for customers.
When done right it provides protection without the friction traditionally associated with insurance. Distribution partners with data, including financial institutions, reward programs, retailers, and large consumer brands will have a plethora of opportunities to help their customers get the protectoin they need and in many cases are already purchasing - it's just a question of where and from who.