Embedded Insurance is a solution that helps businesses add more value to their existing products/services. They can do it by providing their customers with affordable, relevant, and personalized insurance. An embedded insurance solution allows any third-party provider or developer to seamlessly, quickly, and cost-effectively integrate innovative insurance products into their customers’ purchase journeys. This helps in increasing their business revenue by upselling & reselling insurance products by making the experience frictionless for everyone.
Who Can Sell Embedded Insurance With Oneassure?
Any online/offline business that wants to increase their revenue by upselling & reselling insurance products to their existing/new customers, especially for fintech and health-tech companies. All you need to do is to get in touch with OneAssure team & we’ll take care of the rest for you!
The embedded insurance model is all about personalizing insurance. Insurance companies have been selling standard policies to everyone for decades. The downside to such policies is that they have loopholes and do not meet the needs of every buyer and make buyers wary, as they are expensive too. Embedded insurance provides precisely what the customer needs. Because the insurance product is tailored for the buyers, they get maximum value from it at the most affordable price.
Often, customers would avoid getting insurance, since it requires too much paperwork. The insurers would wait until the customers bought the policy. Customers get embedded insurance when they buy a product or service, eliminating the long process of buying a separate policy. Embedded insurance lets insurers easily get their customers, while it allows consumers to easily get the coverage they want without wasting time on paperwork.
With embedded insurance, businesses can choose the best policy for their customers, which is not possible through traditional insurance means. Businesses can create customized policies based on their customer profiles and their customers’ needs.
Benefits of Embedded Insurance
How Business Partners, Insurers, And Insured All Can Benefit From Embedded Insurance?
A key advantage of embedded insurance is that it provides a better customer experience. Using an application programming interface (API), two independent businesses (insurer & business) can be linked to create a unique shopping experience. A direct connection between insurers and their customers allows them to offer policies and services directly to the customers while the customers get additional insurance protection at affordable rates and a hassle-free process.
Adding risk protection to a product or service generates additional income for the business partners. Besides increasing the purchase rate, insurance coverage also eliminates loss of risk for the customer. Business partners can realize cost savings by partnering with insurers with embedded insurance technology, including millisecond-fast APIs, messaging, computer vision, etc.
Insurers find the embedded insurance business model extremely appealing since distribution is handled by the partner, who has thousands or even millions of customers. The insurer can focus on their primary duties of providing coverage to their customers by creating new & innovative products every day and settling their claims digitally.
Ready to sell Embedded
Partner with OneAssure to sell embedded insurance. Get add-on revenue and upsell & resell opportunities with OneAssure embedded insurance.
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