Monthly Newsletter of the Open and Embedded Insurance Observatory
Month of May
Hi,
At the Open and Embedded Insurance Observatory, we conduct ongoing market research and intelligence on Open and Embedded Insurance. As a valuable Member of the Observatory, we are delighted to share with you our monthly selection of key facts, insights, and news that we believe are meaningful and relevant. This newsletter covers all the insights and pertinent features from March 22, 2023- April 25, 2023.
Thank you for your support, and we hope you find these resources beneficial for your business.
Market Intelligence
We have observed several new embedded insurance partnerships and funding rounds in the recent months, including:
Embedded Insurance Partnerships, New Releases, Launches and Open and Embedded Insurance Funding Rounds from March 22, 2023-April 25, 2023
We discovered some latest embedded insurance insights and news which are worth reading…
How embedded insurance can benefit both insurers and newcomers…
#Embedded insurance benefits #insurers #new entrants
According to EY, Insurers must act now to remain relevant as other industries enter the embedded insurance landscape and it continues to evolve.
There is no doubt that the time is now for insurers and other companies to try to unlock value by seamlessly embedding insurance into the purchase, use, and maintenance of assets and services. A convergence of societal trends and market forces, ranging from technological advancements and ubiquitous connectivity to shifting consumer needs and evolving growth strategies across a wide range of industries, has propelled embedded models to the strategic forefront for all types of insurers. Within the next five years, embedded channels will likely account for more than 30% of all insurance transactions. As we move into the era of ecosystems and embedded insurance, taking action now will allow insurers to future-proof their business models. Please refer to the button below for the full article, which discusses embedded insurance, its models, industries, imperatives for winning in the embedded insurance era, and so on.
The future and potential of embedded insurance…
#Future of embedded insurance
Embedded insurance is a growing trend in the insurance industry with the potential to transform how insurance products are distributed and consumed. This forward-thinking approach to insurance entails incorporating insurance products into other products and services, making them available to customers at the point of sale.
Yuri Poletto, our Founder and Director, was interviewed by Insurtech Hub Munich to discuss the benefits and challenges of embedded insurance, as well as Yuri's predictions for how this trend will evolve in the coming years. For the full article and insights shared by Yuri, click below.
Embedded Insurance opens up new horizons for business integration and customer experience…
#Embedded Insurance #customer experience #rise of embedded insurance #business integration
Due to shifting consumer behaviour and technological advancements that permit seamless integration, embedded insurance is a new frontier for business integration and customer experience. The rise of embedded insurance has significant effects on both third-party distributors, who can gain from an additional revenue stream, and insurers, who must modify their business models to stay competitive.
In order to implement an effective embedded insurance strategy, insurers must form alliances with third-party companies, overcome technical challenges and legacy system limitations, ensure the proper prerequisites are in place, and assess their strengths and innovation needs.
Embedded insurance is becoming increasingly significant. The increasing importance of digitalization in consumer behavior is one of the primary drivers of the growth of embedded insurance. Customers today expect seamless and convenient experiences, and incorporating insurance into products and services can assist in meeting these expectations. Customers no longer need to navigate complex insurance policies or purchase separate insurance plans when they buy embedded insurance, which leads to increased customer satisfaction and loyalty.
The development of embedded insurance has also been significantly influenced by technological advancements, especially application programming interfaces (APIs). Businesses can seamlessly incorporate insurance policies into their goods and services with APIs, which accelerates and lowers the cost of the process. As an illustration, an e-commerce platform can use an API to incorporate the system of an insurance provider into their checkout procedure, allowing customers to purchase insurance coverage at the same time they buy their goods.
2023 Open and Embedded Insurance White Papers
We recently published two white papers in collaboration with Generali and Wakam.
The Generali white paper investigates and analyzes emerging models in the field of digitally embedded health services and health insurance. Embedded health ecosystems offer insurers an unprecedented opportunity to expand their offering while also contributing shared value to all stakeholders. This paper evaluates the current market for Embedded Health Insurance and Services, examines some of the market leaders, and reveals how insurers can remain competitive in an evolving landscape. You can download it below.
Wakam white paper is a playbook that provides an introduction to embedded insurance for non-insurance brands. The playbook scrutinizes the copious benefits of embedding an insurance proposition, provides insights into the various embedded insurance models, and explains how embedded insurance has a real impact on societal trends and consumer needs. It also explains how to easily set up an embedded insurance offering, details real-world use cases, and defines a strategy to ensure your insurance solution's successful implementation. You can download it from the button below.
We are working on a white paper in collaboration with Sapiens that will be published soon. This white paper explores how automation is reducing complexities in insurance products and processes - and improving insurer-retailer relationships. It explains how embedded insurance is key to simplifying insurance across the entire value chain and shows how - with the right technology partners - insurers and retailers are empowered to meet consumers' protection needs quickly, efficiently, and affordably. More information on this will be released in the coming weeks.
Upcoming Webinars
We have an upcoming webinar with Insurely. The agenda and specifics are provided below.
Title: Open Insurance is Coming: The Key Steps to Embrace It.
Date and Time: 2023, May 11th from 15:00 to 16:00.
Agenda:
15:00 Introduction | Yuri Poletto, Founder & Director of the Open & Embedded Insurance Observatory
15:05 Business and regulatory overview | Frank Kody, Regulatory Affairs Lead & Head of Data & Analytics at Insurely
15:15 How to approach Open Insurance with API Governance | Federico Soncini Sessa, CEO & Co-founder at Mia-Platform
15:25 Round table moderated by Luigi Alicante, Co-founder of the Open & Embedded Insurance Observatory (panelists to be confirmed)
15:55 Conclusion
Abstract: Open insurance is now a reality. At a European level, a dedicated commission is defining the actual steps and timeline for a shared regulation with the financial services industry. As a result, it becomes essential to rely on the right technology to comply with this new set of rules. APIs are the driving force of digital business and play a pivotal role in effectively embracing this innovative paradigm. Join us in this webinar to get the point of view of two emerging players in this landscape and follow a dedicated roundtable discussion with industry experts to dive deep into these significant topics. Attending this 1-hour debate will give you an overview of the current Open Finance framework with a detailed perspective on the regulatory environment, the key enabling technologies and some relevant use cases from the market.
Register through the link below.
Upcoming Events at which we will speak…
Save the date!
May 16-17, Cologne, Germany
One of our team members, Christian Gengler, will be speaking at Insurtech Symposium on May 17th. Please refer to this link for more details.
Save the date!
June 27, Barcelona, Spain
We are excited to announce that we have partnered with ITC and DIA to organize an Embedded Insurance Summit in conjunction with their European event in Barcelona. Please refer to this link for details.
Our Embedded Insurance Summit will be held in Barcelona on June 27th in the afternoon (1:30pm to 5:30 pm).
This summit is free to attend for all our members and the attendees of the ITC-DIA event.
More information will be released in the coming weeks.
The Open & Embedded Insurance Observatory is supported by: Admiral Group, Ageas, Assicurazioni Generali, Baoba, Beesafe, Bolttech, Boost, Cober, Codat, Companjon, Compensa, Element, Fit2You, Gallagher, Hiscox, Insurely, Intesa SanPaolo Vita, Kayna, LAMIE, Meiji Yasuda, Mia Platform, Munich Re, Octamile, Open, Otonomi, Pattern, Qover, Reale Mutua, Sapiens, SAS, Sollers, Stripe, Superscript, Swiss Re, Techpoint Servis, The Carevoice, Wakam, Wolt, Yolo, Zhong An Tech.
For any information or request, feel free to reach out to us at info@openinsuranceobs.com.
This newsletter is curated by Aashima Malik Research Analyst at the Observatory.