Embedded insurance is the seamless service for a customer’s digital lifestyle, delivering an omnichannel strategy through an invisible and hassle-free distribution method. Products will not be oversold but promoted at the right time or point of purchase. Embedding insurance in 3rd party services is not news in insurance. What’s new is the breadth of options to partner, the digitization of the experience, and how products are tailored to micro-segments of clients and needs. Insurance is embedded in the customer’s journey, making it relevant at point of need or purchase, or even as an invisible function. This additional service layer provides opportunities for insurance to serve customers and gain new monetization channels. Embedded insurance opens an opportunity to untap the potential of a market worth over $700 Billion in Gross Written Premiums by 2030, or 25% of the total market worldwide. In this discussion, we’ll learn how key stakeholders of the insurance industry are reconfiguring themselves as they reshape the way insurance is sold.
The commercial fleet market is a special and complex niche for insurance companies. The business model on which it’s based hasn’t changed in decades, and its complexities make it difficult to control the moving assets. In this context, a series of issues along the business model could provide an opportunity for those involved in the commercial fleet insurance space. Companies adopted and adapted early to mobile technologies and smartphone-based sensors, and these innovations have multiplied as data, AI, cloud, smarter sensors, and enterprise integrations have expanded over time. In just the last few years, OEMs, TSPs, captives, MGAs, and even insurers are making direct connections with customers, drivers, vehicles, and operational systems. Uses beyond risk assessment and risk-based pricing now extend the value of connected data and analytic insights to operating effectiveness and efficiencies developed with continuously streaming observational data. Join us in this fireside chat for a first-hand view on how technology is helping move forward the commercial fleet space.