Embedded Insurance - The Future of Insurance

Embedded insurance refers to the integration of insurance coverage into a non-insurance product or service, making it a seamless part of the customer experience. The insurance is typically provided as part of the product or service being offered.

An example of embedded insurance could be an airline booking company offering travel insurance as part of the purchase of a new airline ticket. Another example could be a car rental company offering rental car insurance as part of the rental agreement. In both cases, the insurance coverage is seamlessly integrated into the product or service being offered, making it more convenient for the consumer to access and use.

The traditional insurance model has its limitations - it is often sold as a standalone product, leading to low customer engagement and a lack of understanding of the product's value. This is where embedded insurance comes into the picture. It is designed to address the challenges faced by traditional insurance by delivering insurance protection in a more convenient, accessible, and affordable manner.

Enablers of Embedded Insurance

• Insurtech companies such as EnsurTek has revolutionised the insurance industry. With the help of advanced technology, EnsurTek can enable embedded insurance providers to offer a better customer experience, streamline the underwriting process, and reduce operational costs.

• Embedded insurance APIs allow insurers to integrate their insurance functions into other applications or platforms, offering insurance products and services through digital channels for easier customer access. This will allow a customer to purchase insurance coverage, manage their policy, and file claims directly from within the product application.

• Embedded insurance APIs offer insurers new opportunities to reach customers and expand distribution channels while improving the customer experience with seamless convenience.

Conclusion

Embedded insurance is a rapidly growing trend in the insurance industry, offering a number of benefits to both customers and insurers. Evolving technology, increasing customer demand, and the use of data and analytics are all key enablers of embedded insurance and are helping to drive its growth.

Delivering insurance protection in a convenient, accessible, and affordable manner, it has the potential to increase customer engagement, improve customer experience, and drive growth in the insurance industry.

If you are exploring the possibility of offering embedded insurance solutions and seeking an advanced technology solution, we invite you to get in touch with us. Our team would be happy to engage in a conversation with you or to demonstrate our product firsthand.

Intelligence Automation

Are you repeatedly keying in the same data in multiple systems, spending too much time on mundane accounting functions or renewals processes ? Can you automate manual mundane, repetitive, time consuming, laborious work, prone to errors, using intelligence Automation? The short answer is YES

According to Garter's 2022 CIO and Technology Executive Agenda: An Insurance Perspective, Insurance Industry will be invest 25% in Hyper Automation.

According to another McKinsey study, insurers may automate 50 - 60% of the back-office process by 2025 with 66% time saving in manual process

Intelligence Automation uses RPA, AI & NLP to do some of the following use cases:

Generate Multiple quotes from multiple agency systems

• Get customer and risk information from CRM & Web Forms

• Login to multiple agency systems & generate multiple quotes

• Present the premium values

• Notify by e-mail with premium details

Tame high email volumes

• Monitor and resolve incoming emails ​

• Classify, index, and prioritize

• Identify intent and key content ​

• Log data into the right systems and the right places and link to policies and claims​

• Alert people to discrepancies or issues

Transform Unstructured Data

• Ingest PDFs, handwritten docs, scans & images

• Extract information at high speed and with high accuracy​

• Bring data into your systems

End-to-end Claims Management

• AI chatbots carry on conversations with customers

• iDA carry on data look-ups, fraud checks, and eligibility confirmations in the background.

EnsurTek have been providing intelligent automation to insurance customers. We can provide consulting, process designing , building & delivering solutions for Intelligence Automation for business processes.

To find out more, check out our NEWS .

Build or Buy InsurTech Platform

In the post pandemic world, with the trend towards digitalization, there is significant pressure on organizations to adapt this digital trend. This is certainly not an exception when it comes to the insurance industry. Digital innovation offers numerous competitive advantages. Advancements in AI, analytics, process improvement, rating system and reporting can enable efficient allocation of staff resources to tasks that generate value.

While there are advantages to incorporating digitalization, insurers and agents have a choice to make: build or buy digital innovation. As with many things in life, there are pros and cons to both which will be identified here.

Build Pros:

• The software could be developed and fine-tuned to meet specific niches of the entity

• Have a sense of control since the development team directly reports to the organization

Build Cons:

• Significant cost imperatives; especially considering software developers demand premium salary

• Resources to develop a schedule and coordinate the efforts to develop a working system

• Need staff to maintain, upgrade and optimize the system after the build phase

• Potentially need technical support outside of working hours in case system goes down

Buy Pros:

• Costs will typically be lower than developing it in-house

• Software will be standardized, therefore, compliance issues will be minimized

• Software is already developed resulting in shorter implementation period (1-2 weeks)

• Dedicated team to maintain, upgrade and optimize the system on a regular basis

Buy Cons:

• System might not be easily configurable to suit the specific needs of a business

• Communication with an external team to make adjustments to the system

• A contract is necessary to establish expectations and obligations

These are important consideration and EnsurTek offers solutions to remediate some of the disadvantages. For instance, EnsurTek is a fully configurable and a no-code solution; meaning, specific niches can be programmed into the solution and features deemed unnecessary can be removed from the software package. Communication is also seamless with dedicated knowledgeable staff to support the system.

EnsurTek partnered with industry leaders to develop a product that addresses many issues experienced by insurers, underwriting agencies, MGAs, brokers and agents. While addressing the issues on a broader sense, the solution is also tailored to meet the specific needs of each organization. The right mix of standardization and flexibility is a standout sure to bring value to any organization.