Source: Insurance Business by Jen Frost
Tapping into embedded insurance could have big benefits for agents but stragglers risk being left behind if they do not get on board, Applied Systems SVP of commercial lines Raghav Tanna (pictured) has cautioned.
Applied Systems’ Tarmika Insured went live with its commercial embedded insurance proposition earlier this year. The software house hopes that its US agents will use the embedded insurance technology to make the most of untapped routes to customers, according to Tanna, who joined the insurance software giant last year on its acquisition of Tarmika.
Carriers have looked at bringing direct to consumer commercial lines propositions to fruition, including big names such as Liberty Mutual and Progressive.
The risk is that if agents do not get on board, this effectively “shuts out agencies”, according to Tanna.
Applied Systems’ embedded commercial insurance launch intended to give D2C tools “back to agencies”
“Our goal with this product launch was to say, if carriers can do it and carriers go direct to consumer, why can’t agencies go direct to consumer?” Tanna said. “We’re essentially giving all of the direct-to-consumer tools that carriers have back to agencies so they can put it on their point-of-sale systems, they can put it on the websites, they can put in their affinity partnerships, and they can get business from places where you typically wouldn’t see people buying insurance.”
The embedded quoting application can be included on a company’s website or on a custom-built landing page, ideally at a stage when a customer would be buying another product for which insurance would be relevant.