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Embedded Insurance: Building Industry Collaborations Through Technology

Ruchika Dhamija Basics of Insurance October 19th, 2023
Embedded insurance is driving industry collaborations via technology.

Will embedded insurance transform the way we make our daily lifestyle choices? In the words of Warren Buffet, known as one of the world’s most renowned investing wizards, “Someone's sitting in the shade today because someone planted a tree a long time ago.” 

The time is now ripe to talk about how InsurTechs are offering unique embedded insurance solutions and thereby empowering organisations and their workforce to have a financially sustainable roadmap.

In this context, let’s take a look at how embedded insurance is becoming increasingly relevant for industry stakeholders in their consumer journeys, be it offline or online.

Embedded Insurance in India

Gone are the days when people worried about opting for an insurance plan by first having detailed discussions with brokers. In fact, today’s millennials and GenZ thrive on making informed decisions online, which is why the demand for embedded insurance in India is at an all-time high. 

Among a few notable trends pertaining to embedded insurance in India, it is essential to appreciate that technology-enabled customisation is a key ingredient. In tier 2 and tier 3 markets, the distribution of insurance plans through personalised and contextual bundling will emerge as a game-changer for the insurance industry.

Technology-enabled customisation and bundling of relevant and contextual options are set to boost the need for embedded insurance across India’s tier 2 and tier 3 cities.

So, are you now wondering what are the benefits of embedded insurance in India? Let’s find out.

Embedded Insurance in India: Benefits to Consider

Customisation, Convenience and Contextual Solutions: The most important benefits of embedded insurance include customisation and convenience at one go, besides easy digital access and contextual solutions. 

By mining spending patterns and lifestyle preferences that consumers willingly share online, insurers are able to craft the right product and channelise it to the right customer when they need it most. 

When coverage is offered at relevant points of sale, whether online or offline, it benefits insurance companies too. At Zopper, the vision is to democratise insurance and fuse it with technology to make it more efficient and fulfil the customer’s unique needs. 

Industry Collaborations, Insights and Innovations

Embedded insurance fosters an entire ecosystem of interrelated stakeholders that work with each other to nurture new relationships and strengthen existing industry stakeholders. 

Through industry collaborations, the benefits of embedded insurance trickle down to offer valuable insights to prospective corporate customers, and opportunities to engage with global experts to aid their journeys. 

Opportunities for incorporating embedded insurance exist across multiple sectors including travel, hospitality, e-commerce, logistics, and fintech. There is also growing momentum in niche segments including climate tech, sustainability, agritech, edtech, and health.  

In turn, we are able to bridge industry players to an index of next-generation startups to accelerate innovation and commercialization among our partnering organisations.

Conclusion

Quoting the wise words of Stanford Professor Scott Sagan, “Things that have never happened before happen all the time.” While the reference is related to the economy and investment markets, it is pertinent to the entire InsurTech ecosystem as well.

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