From risk carrier to tech-enabled insurer
About
This case study was originally published as contribution of bsurance to the white-paper “Embedded Insurance: an overhyped niche, or the future of insurance distribution?” (28th May, 2025).
In this case study, we explore how UNIQA and bsurance partnered to launch an embedded insurance platform, and we dive into strategic implications and considerations for insurers in the fast moving landscape of embedded insurance.
Case Study: “From risk carrier to tech-enabled insurer”
1. Introduction – Embedded insurance, strategic considerations for risk carriers
It is now widely accepted that embedded insurance represents a paradigm shift in the industry, opening a vast market opportunity. However, while the conversation often focuses on the high-level benefits, such as convenience for consumers and the potential scale of the total market, an equally pressing and often overlooked question is: who will ultimately benefit from this transformation?
The question is particularly urgent for risk carriers. Traditionally, they have managed to control both risk and distribution. Embedded insurance, however, creates an entirely new playing field, where distribution access is gained by winning highly competitive contracts with consumer businesses.
This creates a totally new market dynamic, with the risk of being “locked-out”, as key partnerships are being closed rapidly and usually under long term contracts. For example, a growing number of embedded insurances MGAs, after initially relying on traditional insurers for capacity, are now establishing their own carriers or sourcing capacity from new providers, essentially cutting out traditional insurers from the value chain entirely. The challenge for insurers is clear: those who move early can shape their role in embedded insurance proactively, securing key distribution partnerships and driving innovation. Those who hesitate risk being locked out of this rapidly evolving market.
This case study explores how UNIQA, a leading insurer in Austria and Central Europe, partnered with bsurance to take control of its embedded insurance strategy. By leveraging bsurance’s technology, and through a long-term collaboration, UNIQA was able to enter the embedded insurance space quickly and effectively, demonstrating how insurers can stay competitive and agile in a rapidly shifting landscape.
2. UNIQA’s Path from Risk Carrier to Tech-Enabled Insurer
Initially, UNIQA partnered with bsurance as a risk carrier. Together, the two companies worked on multiple innovative cases spanning parametric dental insurance, extended warranties, one-day ski accident insurance or boat insurance via travel platforms.
Those partnerships provided valuable real-world experience and insights into the dynamics and success factors of embedded insurance. For example, the collaboration with Playbrush served as a testing ground for innovation, with the first fully embedded parametric dental insurance, leveraging real-time data from connected toothbrushes. Meanwhile, the partnership with the retail chain Kika/Leiner demonstrated how to effectively sell extended warranties through an omni-channel approach, successfully integrating insurance into a more traditional retail setup with physical stores.
This experience led to two major realizations. The first realization was that continuing solely as a risk carrier was insufficient. UNIQA recognized the massive opportunity that most insurers are presented with today: by leading the commercialization of embedded insurance themselves (instead of only relying on MGA to bring new business opportunities and technology) insurers can leverage their unique strengths of reputable brand and strong local presence, to significantly accelerate the adoption of embedded insurance and take a leading role as the market is forming.
The second key realization was that new technological capabilities would be required to win. It became clear that a more flexible, scalable, and agile technology solution was required to rapidly deploy new products without the constraints of existing infrastructure.
3. Overcoming Technical Limitations Through the Speed-Boat Strategy
Like most insurers, UNIQA operates on a long-standing insurance infrastructure which is primarily designed for direct sales and broker-driven distribution. These are typically not built for the specific requirements of the embedded insurance model, in terms of speed, connectivity, flexibility, and integration capabilities. In assessing their needs, business teams identified the following key requirements:
· Time-to-market: in a fast-moving market, it is essential to be able to serve the needs of partners very quickly.
· Low internal dependency: the solution must be “low on IT” because internal IT resources must remain focused on core initiatives already part of the roadmap
· Connectivity: the solution must be able to support diverse distributions channels and connect with external data sources easily
· Cost-effectiveness: the solution must be economically viable and come at costs in line with growth
· Scalability: the solution must enable to quickly roll out new products across
After screening the market for potential solutions, the preferred approach was the speed-boat strategy: using a flexible, API-first, no-code platform, which would allow UNIQA to quickly iterate, test, and launch new products without the need to overhaul the entire infrastructure and organization. As an outcome of an RFP, the bsurance platform was selected as the preferred solution.
Despite initial concerns around adopting new external technology, the key realization was that rather than adding fragmentation, this approach could actually harmonize internal initiatives by bringing them under one unified, API-driven framework serving the specific needs of embedded insurance.
Because it runs in parallel to the core systems, this model actually minimizes disruption, making it counterintuitively not just the fastest route, but also the most effective for the organization as a whole. This architecture allows for flexibility in the degree of innovation, and offers both optionality and reversibility, with minimal commitment, due to the availabiltiy and modularity of the data.
bsurance platform : an out-of-the box software platform to power embedded insurance and digital sales
4. Results: Transforming UNIQA’s Embedded Insurance Capabilities
The impact of the new platform deployment was immediate, with a quick time-to-market to mobilize the solution, a significant acceleration of new product launches, and a reduction of both fixed and marginal costs.
First, the platform could be mobilized extremely quickly, in a matter of weeks. This is largely due to built-in capabilities, which reduces the need for custom development and configuration.
From there, new products can now be launched dramatically faster than before. For example, the first embedded insurance product, a bike insurance, was launched within just two weeks. When product configuration would previously require several months, the new platform enables to configure a new product in complete autonomy in a matter of days, thanks to its no-code functionalities, and most importantly without internal IT dependencies. This not only empowers the team to better serve the needs of the business partners, it also increases the efficiency of the organization as a whole by reducing significantly the need for coordination.
Lastly, the impact on costs was also immediate. Because the platform leverages no-code capabilities, custom development or “human intervention” is no longer required. Now only does this significantly reduces overall costs - it also reduces the marginal costs of new projects/products – in essence allowing to try new projects/products with a much lower risk and viability threshold.
5. Conclusion: Takeaways and Strategic Implications for Insurers
Embedded insurance is not just a trend but a fundamental shift in how insurance is bought and sold. The industry is moving toward a model where insurance is seamlessly integrated into everyday transactions, and businesses that control these integrations will shape the future market. First movers are already securing key B2B partnerships, creating high barriers to entry for those who delay.
For insurers, the time to act is now. Developing embedded insurance capabilities is no longer optional, it is essential for staying competitive. Those who take a proactive approach will drive innovation, build strong distribution networks, and define the next era of insurance.
In our view, the adoption of a lightweight, modular embedded insurance layer is the most efficient and scalable solution. When designed well, it not only accelerates time to value but also aligns with the broader interests and operational realities of complex insurance organizations.
This case study was initially published as contribution of bsurance to the white-paper “Embedded Insurance: an overhyped niche, or the future of insurance distribution?” (28th May, 2025)