Embedded Insurance is the Future of User Protection
“Nothing in insurance is attractive.” That’s according to Shefi Ben-Hutta, Co-Founder of the Coverager podcast. True, but what about embedded insurance?
Deep dive into embedded insurance and protection innovation with these in-depth articles.
“Nothing in insurance is attractive.” That’s according to Shefi Ben-Hutta, Co-Founder of the Coverager podcast. True, but what about embedded insurance?
So, you’ve decided to launch an embedded insurance program. Great idea! With the right program, you can increase confidence in your offering, improve conversion rates and even create a profit center for your business.
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.
Tech platforms today face mounting challenges. Chief among them is how to make sure customers have a great experience and feel confident when trying to purchase services - even when it isn’t realistic to speak with a rep from the company. The most innovative tech platforms realized years ago that offering a custom insurance product at the point of checkout increased customer confidence and had positive impacts on the bottom line. This is especially true for marketplaces that offer vacation rental services, asset-sharing apps, and online shippers.
Today, sharing economy marketplaces miss out on opportunities to improve their risk management performance because they focus too much on user-level verifications, by just running background checks for example. While this is an important part of the equation, the total risk of a transaction is also related to entities such as the asset, the location, the context of the transaction, communications, etc. Therefore, a world-class risk assessment should go beyond just verifying users.
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.
The insurance industry has been ripe for disruption for some time now.