Page 36 - Insurance Times December 2023

Embedded Insurance:

Unleashing Innovation

and Transforming the

Customer Experience

Rohit Boda
Group Managing Director
J. B. Boda Group

In an ever evolving digital landscape the emergence of embedded insurance has become a pivotal
force driving innovation and reshaping the customer experience. This transformative approach
integrates insurance seamlessly into the purchase process of goods or services, offering a myriad
of benefits for both consumers and insurers alike.

I n an ever evolving digital landscape the emergence Driving Innovation through Embedded
of embedded insurance has become a pivotal force
Insurance
driving innovation and reshaping the customer
experience. This transformative approach integrates
of embedded insurance lies in its facilitation of new product
insurance seamlessly into the purchase process of goods or New Product Development- One of the foremost advantages
services, offering a myriad of benefits for both consumers development. By partnering with various industries, insurers can
and insurers alike. It is not just a trend but a transformation offer tailored and on-demand coverage that resonates with
that has already begun to reshape the insurance landscape. customers’ specific needs. For instance, the automotive industry
has embraced embedded insurance by providing instant
Embedded insurance refers to the seamless integration of coverage options at the point of car purchase, streamlining the
insurance products or services into non-insurance platforms process and enhancing convenience for buyers.
or products. It intertwines insurance offerings within various
consumer-centric services, eliminating the need for Personalized Pricing- It has catalysed the evolution of
standalone insurance purchases. personalized pricing models. Leveraging vast datasets and
advance analytics, insurers can now assess risk factors in real
At its core, embedded insurance represents a departure time, enabling the customization of premiums based on
from traditional models by embedding insurance products individual behaviour, usage patterns, and other pertinent
or services within the customer journey. This integration variables. This shift from traditional risk assessment models
occurs at the point of sale or within the context of specific to personalised pricing not only fosters a fairer system but
transactions, making insurance a natural and convenient also encourages better risk management, benefiting both
addition rather than a separate, cumbersome process. insurers and policy holders.

The Insurance Times December 2023 33