Discover how embedded insurance (EI) offers customised options beyond basic coverage, enhancing cost efficiency and improving the customer experience.
Technological advancements and changing customer expectations are driving the growth of tailored insurance products. Based on one of our NEOINSURANCE® core beliefs, we advocate for simplified and customisable insurance offerings distributed through embedded value chains.
The insurance industry is undergoing a shift towards digital and data-driven sales approaches, moving away from traditional channels. This evolution calls for products that align with new distribution models. Embedded products are gaining popularity alongside standalone offerings.
Standalone and embedded products differ in competition and ecosystem integration. Standalone insurance operates through visible online channels, while fully embedded insurance seamlessly integrates into primary consumer products or services, remaining invisible to customers.
To find success in the EI market, we have identified seven essential features of EI products:
The seven key features of EI products not only contribute to their market success, but also have a positive impact on other domains of an insurer’s operations, such as marketing and sales, underwriting, and claims management.
Ultimately, evaluating an EI product against the must-have product features and strategically defining the EI product portfolio are important for ensuring business success. The higher the fulfilment of these features, the greater the forecasted success probability.
Synpulse is your strategic EI partner. We offer consulting and technology services to insurance companies worldwide, including the EI Product and Pricing Model® with reusable templates and configuration techniques for product development. We also provide assets that complement our holistic and practice-proven EI offerings, such as the EI Target Operating Model (TOM)®, EI Capability Model®, and EI Architecture Blueprints® among others.
Reach out to us to learn how we can support your EI market proposition.