Insurance Industry Blog

Shopping, banking and booking vacations online are popular with consumers largely for three reasons. The first is convenience. The second is security. The third is choice. Embedded insurance platforms recognize that these user preferences are driving a warp-speed increase in digital transactions that is unlikely to slow down. Using that insight to drive new and meaningful opportunities for digital interactions between users and the companies/services they interact with online helps cement the place of embedded insurance in the future.

Out of all the different types of insurance for tech companies that are flooding the market right now, how do you determine which ones you need? Well, the answer actually depends on who you’re looking to protect. Insurance for tech companies can be broken down into two broad categories: insurance that’s meant to protect the tech platform as a business entity and insurance meant to protect the platform’s end-users/customers. 

Insuretech. These days you’re seeing a lot more of this portmanteau – a fancy way of saying a made-up word, created by combining two other words. In fact, if you searched the term insuretech just six years ago, you’d hardly get any hits. In 2022, you’ll get about 3 million.

Having choices is a good thing. That is, unless you don’t really understand the differences between options A, B and C. Then it’s tempting to simply put off making the choice. If you’ve decided to offer your users an embedded insurance plan, are you now a bit stuck wondering which one is right for them? And also right for your platform?

For tech platforms, the choice between building an embedded insurance program in-house and working with an embedded insurance platform can be a difficult one. On the surface, developing your own program and building it yourself feels like a natural fit. What better way to create exactly what you want for your users than to build it yourself? But, even if you have a clear vision of what an ideal program for your customers would look like, the complexity of the product and program design in a heavily regulated industry changes the scope of the project. Making the prospect of building the offer internally less appealing for most tech platforms.

“Nothing in insurance is attractive.” That’s according to Shefi Ben-Hutta, Co-Founder of the Coverager podcast. True, but what about embedded insurance?

Building and growing a tech platform is challenging - offering a custom insurance product to your users is even more daunting. 

Understanding the role that insurance and protection products play for tech companies looking to enhance user experience and increase confidence is becoming more and more critical. 

Last month we traveled to Tunisia for the fourth Tint Retreat, the largest and the best so far! As a distributed team, we get together every 2–3 months to discuss major topics of the company, to plan the months ahead, and to have fun together.