An Embedded Insurance Future

May 18, 2021 by Darcy Shapiro

Insurance can be a tough sell. It’s convoluted, related to a future risk that’s hard to imagine, expensive and seemingly needless. And on top of that, general public sentiment tells us consumers are increasingly distrusting of traditional carriers.

Executive Summary

With recent surveys revealing that 60 percent of consumers prefer to buy risk protection from their favorite online retailers, and 70 percent of digital bank customers saying they're very or extremely interested in receiving insurance offers from the banks based on their transactional data, embedded insurance is the way of the future for optimizing the insurance sales journey, writes Darcy Shapiro, Chief Operating Officer for the Americas for Cover Genius. Here, she discusses the benefits that Cover Genius and other future-ready InsurTechs and their partners in retail, online travel, logistics, mobility, proptech and fintech are already experiencing—among them high customer satisfaction and greater data access for product innovation and customization.
Executive SummaryWith recent surveys revealing that 60 percent of consumers prefer to buy risk protection from their favorite online retailers, and 70 percent of digital bank customers saying they’re very or extremely interested in receiving insurance offers from the banks based on their transactional data, embedded insurance is the way of the future for optimizing the insurance sales journey, writes Darcy Shapiro, Chief Operating Officer for the Americas for Cover Genius. Here, she discusses the benefits that Cover Genius and other future-ready InsurTechs and their partners in retail, online travel, logistics, mobility, proptech and fintech are already experiencing—among them high customer satisfaction and greater data access for product innovation and customization.

Needless to say, traditional approaches that rely on paperwork for claim forms and payments as well as legal jargon that alienates users have accelerated the adoption of alternative InsurTech programs to deliver seamless digital experiences in a post-COVID world.