#Embeddedfinanceseries is back with a new use case – embedded insurance – a recent addition to the embedded finance segment.
Embedded insurance is a matchless tool that helps consumers meet their insurance requirements without needing third parties. Thus, it is tapping an untapped market in India, particularly in rural and underserved areas.
What does embedded insurance offer customers?
1) A non-intrusive securing coverage
2) No extensive documentation
3) No hard selling involved
4) In most cases, you can get coverage with just a few clicks
5) Faster claims processing
For insurers –
1) Putting their products on the market faster than the traditional way.
2) They don’t have to worry about who is approving the cover because they already know the service provider they are dealing with.
3) As a result, acquiring new customers becomes significantly faster and less expensive.
4) By using authenticated data at onboarding, embedded insurance can simplify the process for everyone involved.
Tesla‘s embedded insurance program is well known. Every driver who purchases a Tesla vehicle is insured, eliminating the need to look for additional providers or redundant efforts.
Curious to learn your findings on #embeddedinsurance.