STRATEGIZING
FOR THE FUTURE

OF EMBEDDED INSURANCE

The possibilities of embedded insurance are enormous: it can help carriers to capture new market segments, to generate new business, target underinsurance and deliver excellent customer experiences. But building an effective embedded insurance strategy is not always straightforward.

Embarking on an embedded insurance strategy can prove to be a brand reality check. Without a human agent in the loop, a carrier’s brand reputation has to do a lot more heavy lifting to bind the quote.

‘You cannot have embedded insurance unless you bridge the trust gap,’ said Nathan DauSchmidt, AVP, Strategy and Innovation at Great American Insurance Group, pointing out that only one insurer makes the top 100 brands in the US – USAA coming in at number 70 – while in global rankings only ‘Allianz shows up occasionally’.

Make sure you know your brand value because if you are in an e-commerce environment and a customer is looking to make a purchase, your brand may not be additive to that experience.

NATHAN DAUSCHMIDT

AVP, STRATEGY AND INNOVATION, GREAT AMERICAN INSURANCE GROUP

For some carriers, this will be an uncomfortable wake-up call. Brand partners – be they host platforms like QuickBooks, looking to offer work comp packages, or e-retailers, offering product protection at point of sale - will not tolerate their customers being exposed to sub-par CX.

‘Partners have very high standards on customer experience and they want to make sure you are treating their customers as well as they are,’ said Akhil Aniff, Director of Business Development at Pattern Insurance.

This matters not just in the onboarding – which needs to be as seamless as possible in the context of a regulated industry – but also post-purchase, when customers may have additional questions or need support to make a claim. This creates a challenge for insurers, who must square the expectation of a low-friction experience with the demands of regulatory compliance. Getting this right will, according to Adam Fischer, Chief Product & Innovation Officer at Clearcover, be a key differentiator.

A good embedded partner is one that can offer the emotional intelligence, the technology and the regulatory expertise to make sure the solution is both compliant and offers a good CX. You cannot get the growth unless you can eliminate some of the regulatory risks that brands get skittish about.

ADAM FISCHER

CHIEF PRODUCT & INNOVATION OFFICER,
CLEARCOVER

In addition to balancing the CX and compliance challenges, there’s also the issue of pricing. Some markets are very price sensitive, which can leave little margin for the insurance partner. This is offset, of course, by opening up a channel to a new pool of ready customers, and with that access to lots more data.

Pairing up with OEMs, for example, can yield huge volumes of data. According to Trenholm Palmer, Director of Insurance Services & Solutions at Volvo Financial Services, a Volvo truck generates six data points every second.

‘We have more data than we know what to do with, and some of it is useful and some may be useful in the future,’ he said, pointing out there are real opportunities to bring together data scientists, underwriters and actuaries to forge new value-added propositions. ‘Embedded insurance generates additional revenue streams for everyone but the real reason we are doing this is to make life easier for the customer in ways that add value.’

The possibilities for genuinely value-adding product innovation is huge, according to Akhil Aniff, Director of Business Development, Pattern Insurance:

Embedded insurance may not make insurance brands household names, but it may yet open up distribution channels and data streams that can be leveraged to create personalized value-add products, reach new markets and generate valuable new income streams.

  1. https://www.eisgroup.com/resources/embedded-insurance-a-new-route-to-growth-and-value/

Stay current with Insurance Innovators

Subscribe to our newsletter to receive news, insights and special offers.

Operations & IT highlights

We set the stage for Operations & IT leaders to tackle the biggest issues:

Operationalising AI

From getting the architecture right to scaling adoption, find out how Generali, AXA and Zurich are leading the charge.

Becoming a digital-first insurer

Discover how esure’s CEO has led a radical redesign, having now migrated 1.8 million policies to a new scalable, flexible, cloud-native platform.

Ensuring cyber resilience

Gain insights from Howden, Sompo, Markel and Marsh on designing and building truly safe and secure systems.

Legacy modernisation

Hear how the CTOs & CIOs of Generali, RSA and NFU Mutual are tackling data siloes, redesigning operations and modernising architectures.

CX highlights

We set the stage for CX leaders to tackle the biggest issues:

The potential of agentic AI

Get insights straight from the lab and track developments at the cutting edge with Allianz, Legal & General, Admiral and more.

Becoming a partner for life

Discover strategies for deepening engagement and delivering for customers at every life stage, with insights from Zurich’s Chief Customer Officer.

New data, new opportunities

Explore how evolving data ecosystems and FIDA will redefine CX excellence, with insights from HDI, Allianz and VIG.

Unlocking true personalisation

Hear from UNIQA, Markel and Assurant on latest developments in hyper-personalisation.

Marketing & distribution highlights

We set the stage for marketing and distribution leaders to
tackle the biggest issues:

Reaching new markets

Hear from Mark Bailie, Group CEO, BGL Group & CEO, Compare the Market as well the CEOs of tech-enabled MGAs, Mosaic and ZERO Insurance, on identifying and reaching new, niche and profitable customer segments.

Embedded insurance

From established players like Covéa and HDI to insurtechs like BreezeAI and ZERO, hear from pioneers finding true success with embedded insurance.

Unlocking true personalisation

Hear from Zurich’s Chief Customer Officer on opportunities for life-stage marketing, and from UNIQA, Markel and Assurant on latest developments in hyper-personalisation.

The Open Data opportunity

Explore how evolving data ecosystems and the implementation of FIDA will open the door to fresh cross-selling and up-selling possibilities with insights from HDI, Allianz and VIG.

Digital, data & analytics highlights

We set the stage for digital, data and analytics leaders to tackle the
biggest issues, including:

The digital insurer

Hear from David McMillan, CEO, esure following its migration to a new scalable, flexible, cloud-native platform and from the CEO of NN Group on the future of insurance in a digital age.

Realising the potential of agentic AI

Get insights straight from the lab and track developments at the cutting edge with Allianz, Legal & General, Admiral and more.

True data maturity

Senior leaders from Generali, AXA, Zurich and Baloise share insights on  unlocking the value of unstructured data and optimal implementation of a Customer Data Management platform.  

Ethical & explainable AI

AXA and the ABI will be discussing bias prevention, model transparency, ethics and a shifting regulatory landscape.

Fraud highlights

We set the stage for fraud teams to tackle the biggest issues:

Emerging fraud trends

Stay abreast of changing typologies and trends in organised and opportunistic fraud, from synthetic IDs to fraud in the supply chain, with insights from Heads of Fraud from Allianz, RSA and Zurich.

Unlocking the power of AI

Learn how AI leaders are addressing challenges in AI implementation, from the data backbone to model risk management and explainability, with insights from Chief Digital and Data Officers from esure, Markerstudy and Mosaic Insurance.

Data maturity

Discover how to achieve data maturity required for AI mastery with CIOs from Generali and Baloise, Head of Data Science, AXA and Head of Data Strategy, Zurich.

Distribution & channel change

Assess fraud risks arising from distribution and channel change, including embedded insurance and agentic AI, with insights from Zurich, Covea, Hiscox, Legal & General and Allianz.

Claims highlights

We set the stage for Claims leaders to tackle the biggest issues:

Plugging claims leakage

Get concrete insights from Sompo, Arch, Markerstudy and Howden on how they are optimising efficiency in claims.

Operationalising AI in claims

Learn how to build a truly AI-powered claims function with senior AI leaders from
AXA and Trygg-Hansa.

Evolutions in counter-fraud

Stay abreast of changing trends, typologies and counter-fraud tactics, with insights from leaders from Hiscox, Zurich, RSA and more.

Reducing motor claims costs

Gain actionable insights on practical cost control strategies from the Managing Director, Claims at Direct Line.

PLUS a dedicated claims meet up during the event

Product & proposition highlights

We set the stage for product & proposition leaders to tackle the biggest issues:

Data-driven propositions

From life-stage products to risk prevention, keep track of data-driven innovation with AXA’s Global Head of Product and Proposition and Vienna Insurance’s Head of Product Management.

New risks, new growth opportunities

Keep tabs on new risks, from autonomous vehicles to the energy transition, and hear from Aviva, AXA and more on how products will need to pivot.

Open data and the opportunities

Allianz, HDI, and VIG will be exploring how FIDA and a world of financial data ecosystems could unlock new product opportunities.

Value-added services

Find out where the opportunities lie and track the latest developments with insights from the CEOs from Markel and esure.

PLUS a dedicated pricing, product and underwriting meet up during the event

Pricing & underwriting highlights

We set the stage for pricing & underwriting leaders to tackle the biggest issues:

The new risk outlook

Hear from CEOs, from Zurich to Swiss Re, as they share insights on the prognosis for profitability in different lines and the impact on business and underwriting strategy. 

Adapting to climate risk

The CEO for Climate Risk & Resilience at Howden will share his insights on how data will transform climate forecasting and risk modelling.

Leveraging advanced AI

Hear concrete insights from the CDO of Zurich and the AI Analytics & Technology Manager of AXA on the work they’re doing with AI and advanced analytics.

The affordability challenge

Get the latest developments, including the ABI’s and pricing leaders’ views on what needs to change.

PLUS a dedicated pricing, product and underwriting meet up during the event