Embedded Insurance – The new way of insuring
Is an embedded insurance really something new? Embedding insurances to other products or services is nothing new but has never been branded or positioned respectively.
An embedded system is usually an electronic computer that is embedded in a technical context. The computer takes over either monitoring, control functions or is responsible for some form of data or signal processing. Embedded systems perform the service in a wide variety of applications and devices – largely invisible to the user.
And of course we know the term embedded journalism from the war in Iraq. An embedded journalist is accompanying the troop during war and stands under the military command.
What does all of this have to do with insurance?
The insurance behavior of consumers has changed dramatically:
Insurances are “low involvement” products for consumers, are rarely offered at the point of sale and are therefore perceived as complicated and incomprehensible. At the same time, the “need for protection” is greater than ever, not only for one’s own person but also for one’s own things. This is a rising challenge for insurance companies, which cannot attract all segments of customers and whose customer acquisition costs are constantly growing. But also for the consumers themselves, who do not get the right insurance at the POS at the ideal time. At the same those challenges are a huge chance and potential as well.
And this is the stage for bsurance:
We connect customers with fair and relevant insurance products: at the right time and moment, partnering with companies having large customer bases. The bsurance platform enables a perfect meeting of customers, partners and products in the interests of the customers. Fairness in all directions plays a decisive role for us through simple, fair and transparent products. And all at the right moment, both on the digital and the analogue counter.
And thus there is also a huge chance or a huge potential:
- Insurance companies gain access to new target groups and markets.
- Companies with a high number of end customers or transactions are given the opportunity to enrich their products or services with insurance solutions and thus to do more business with their core products and services.
- Consumers get the appropriate insurance cover.
There are numerous areas of application that affect both property insurances as well as personal insurance:
- The frequent caller is insuring his smartphone, which has just been purchased online, against theft and breakage.
- The hobby biker is insuring his bike just bought.
- The tourist is insuring his journey just booked.
- The skier is insuring against the consequences of an accident by purchasing a lift ticket.
A win-win situation for all parties involved:
- Consumers are insured.
- Insurance companies are easily selling insurance products to a target group difficult to reach otherwise.
- Partner companies have the opportunity to enrich or expand their products.
- We as bsurance are providing insurance services and the IT infrastructure.
There are countless application examples for embedded insurance, so we as bsurance are convinced that this concept will definitely prevail.