Download full white paper: https://openinsuranceobs.com/reports/report-embedded-insurance-in-the-age-of-cx/
Of the enablers we surveyed, 50% believe their embedded business will grow by somewhere between 50% and 200% in the next five years; and 59% of insurers believe their embedded business will grow by between 5% and 20% in the same time period.
Current annual premiums from embedded among our enabler respondents is predominantly up to $5 million (58%), although 12% report annual premium from embedded of over $200 million.
Among the insurers, 35% report annual premium from embedded of over $100 million, with 29% of those reporting such annual premium of over $200 million.
This confirms projections that embedded insurance will continue to gain market share. And that the value of the embedded insurance marketplace will continue its impressive trajectory. But what’s next when it comes to providing an even more immersive and engaging insurance experience for the customers of tomorrow?
In the near future, we’ll see:
- An increasing shift towards customers actively seeking a mobile-first insurance purchasing experience.
- A rise in subscription-based insurance services.
- Web 3.0 developments leading to more insurance offerings created in the metaverse.
- The Internet of Things creating more opportunities for embedding insurance protection.
Each of these provides the opportunity for insurers to:
- Create unique and differentiated protection products.
- Realise business efficiencies and cost savings.
- Design memorable experiences for those interacting with their business.
- Increase the lifetime value of insurance customers.
- Develop ever more relevant insurance offerings, thanks to a multitude of additional data sources.
- Deliver opportunities to build deep and direct customer relationships.
- And, in turn, create better CX and customer loyalty. 20% predicted share of global insurance sales that will come from embedded offerings in the next 10 years
Open and Embedded Insurance Observatory
“Businesses are realizing that their first-party data is a valuable asset they need to be investing in. As businesses and insurers gather increasing amounts of data, and use it to create exceptional customer experiences – underpinned by intelligent automation and customized products – the benefits to all parties and their customers will grow in significance.” Alena Tsishchanka, Head of Business Development EMEA at SAS
Data-driven decision making and digital innovation are reshaping the insurance landscape. As such, embedded insurance solutions are leading the charge when it comes to meeting expectations in the Age of Customer Experience. Those insurers who create partnerships with companies that can help them to manage their data and make it work for them – and their customers – will be the ones who have a significant advantage.
Download full white paper: https://openinsuranceobs.com/reports/report-embedded-insurance-in-the-age-of-cx/
