Embedded insurance — the integration of insurance into a digital product on a third-party platform or marketplace — is becoming more popular as a way to boost revenues and improve customer experiences.
For consumers, these products can provide faster, more convenient, and more accessible insurance options.
For insurers, embedded insurance can enable more product personalization (e.g. using payroll provider data for pay-as-you-go workers comp), improve underwriting accuracy (e.g. using connected car data to price usage-based auto insurance), and simplify the overall customer experience (e.g. reducing customer channels).
While embedded insurance initially took off with small e-commerce and warranty policies, the model has spread to nearly all insurance lines, including life & health, travel & live events, and even commercial P&C policies. As digital platforms capture an even greater share of economic activity, insurers without a clear strategy to embed their products into these platforms will fall behind.
Using CB Insights data, we identified 75 companies shaping the future of embedded insurance.
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