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Embedded Insurance: Reigning in the New Age Insurance Ecosystem


Vivek Shah
Managing Director,
Co-Head of Investment Banking,
Haitong Securities India


Kunal Varma
Co-Founder and CEO,
Aditya Agarwal
Chief Financial Officer and Head of CorpDev, ClearTrip
Pranshu Diwan
Head of Insurance,
Sheetal Chawla
General Manager - E-commerce & Digital Transformation,
Tata Motors

Embedded insurance has emerged as a revolutionary force in the insurance industry, ushering in a game-changing potential that transcends traditional boundaries. This innovative approach is not only expanding the reach of insurance but also enhancing protection for policyholders in ways previously unimagined. The integration of insurance seamlessly into various products and services is transforming the landscape, making relevant coverage more accessible, efficient, and transparent. This shift is not only meeting customers’ diverse expectations but also aligning with evolving consumer attitudes toward consumption while fostering collaboration across multiple ecosystems for social good.

One of the key strengths of embedded insurance lies in its ability to reach previously untapped customer segments. By embedding insurance offerings into everyday experiences, such as travel, health, and delivery apps, insurance companies can connect with customers in relevant and meaningful contexts. This integration allows for a more personalized and targeted approach, catering to individuals’ specific needs and preferences. As a result, embedded insurance is not just a product; it becomes an integral part of the customer’s journey, seamlessly woven into their daily activities.

The efficiency and transparency inherent in embedded insurance offerings are pivotal factors in reshaping consumer attitudes toward insurance. The traditional perception of insurance as a complex and cumbersome process is challenged by the simplicity and accessibility of embedded solutions. Customers now have the convenience of obtaining insurance coverage directly through platforms they already use and trust, fostering a positive and frictionless experience. This alignment with consumer expectations and behaviours is a driving force behind the success of embedded insurance.

For example, travel apps may offer insurance for trip cancellations, or health apps may provide coverage for telemedicine consultations. This adaptability not only enhances the value proposition for users but also ensures that insurance becomes an integral part of their lifestyle.

The growth potential of personalized embedded insurance offers in India is significant. According to estimates, the embedded finance industry in the country is projected to grow by 46% and reach Rs 1,61,442 Crore by 2029. This forecast underscores the increasing acceptance and adoption of embedded insurance solutions in the market.

The panel discussion aimed to explore this transformative landscape by delving into real-world case studies and groundbreaking innovations. The focus is on understanding how embedded insurance is reshaping the trajectory of the insurance industry and paving the way for a future where insurance is seamlessly integrated into various aspects of daily life. The discussion covered the challenges, opportunities, and best practices associated with embedded insurance, showcasing its potential to revolutionise how individuals perceive, access, and benefit from insurance coverage. Overall, the panel provided insights into the evolving dynamics of the insurance industry in the context of embedded finance and the transformative future it promises.


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