There’s a new kid on the InsurTech block, and it’s seeking to make the insurance experience faster and more personalized with embedded insurance.
Executive SummaryEmbedded insurance is becoming a bigger buzzword in the insurance industry, and the new InsurTech Embedded Insurance is getting on top of the trend by seeking to make the insurance experience faster and more personalized. It also trademarked the term "embedded insurance"—a move Keith Moore, co-founder and president, says will help with marketing its products. He spoke with Carrier Management about the opportunities and challenges of "starting from scratch" and launching a new InsurTech with his team of co-founders, and shared what's in store for the future of the company.
Embedded insurance is an emerging area of the insurance industry in which insurance is wrapped into the purchase of a product, such as a home or a car, bringing coverage directly to consumers at the point of sale. Embedded Insurance also happens to be the name of Keith Moore’s latest venture alongside his co-founders, in which the team will seek to deliver customized insurance products to clients at the point of need, he said.
“We want to be part of that point of need when people are making a transaction or they’re increasing their risk profile by taking an action — whether it’s taking out a loan or applying for a marriage license or whatever it may be,” he said. “Anytime they’re increasing their risk profile, we want to give them the opportunity to insure against that risk to protect themselves.”