Embedded Insurance is one part of the evolution of financial services: Through technological developments in recent years, non-financial enterprises are now able to integrate financial services into their product environments.
What is the definition of Embedded Insurance?
Occasionally, buzzwords have a way of failing to have a clear definition. Just remember the lack of clarity in the term 'big data'. A suitable metaphor is often a welcome shortcut. For the definition of "Embedded Insurance" we have seen one in this article at Insurance Thought Leadership. Like French fries, it is “offered as part of another transaction at a moment of need”.
Sibylle Fischer (Director Strategic Venturing - Baloise Group) kicks off the ELEMENT Talk about “Embedded Insurance” with an impulse and delivers a solid definition of “Embedded Insurance”, besides giving good examples of what these solutions will change for businesses and customers.
You will find it at minute 2:16.
You may also want to read her blog posts on the topic “Embedded Insurance”. Check out post #13: Regulation, Innovation and Insurtech” here.
What are the benefits of embedded insurance solutions?
In short and the words of Simon Torrance: “Embedded Insurance” delivers “more affordable, relevant and personalised insurance to people when and where they need it most".
Our guests have presented a few examples for “Embedded Insurance”, all of them will give you a clearer idea of the many benefits. You will also notice the connection to white label modules and insurance solutions such as our Private Cyber Insurance or our Payment Protection Insurance, and their potential as cross-selling insurance products.
The ELEMENT Talk
Once again, the ELEMENT Talk was moderated by insurance expert Fabian Nadler (Bitkom). This time in English!