By Simon Torrance, Founder, Embedded Finance & Super App Strategies, and Chris McMahon, Senior Marketing Manager, EIS —
The rapid emergence of new digital technologies, consumers’ heightened expectations for more personalized service, and a new and growing wave of more complex risks have put pressure on insurance companies to enhance their products and find new ways to stay compelling and relevant in a fast-evolving insurance market.
With the potential to generate more than $3 trillion in new market value for those who enable it, embedded insurance is one of the most interesting developments carriers are exploring to adjust to hose market conditions.
The aim of embedded insurance is to allow any developer or product manager at any brand in any sector to quickly and easily test and integrate innovative digital risk solutions into their own propositions, either to generate new revenue or to make their products more attractive with the added value of insurance. Leveraging a technology platform that features APIs and low-code tooling is at the heart of achieving those goals.
Both insurers and brands are recognizing the potential of digital technologies to converge their offerings, products, or propositions to jointly provide more personalized, timely, and relevant offerings to a wider set of customers and reach a much wider consumer base.
This whitepaper explores:
- Industry trends that are giving rise to embedded insurance;
- What it means for the carrier;
- What it means for non-insurance brands;
- What it means for the customer;
- Key challenges;
- How to stay ahead of change.
Learn what Simon Torrance, founder, Embedded Finance & Super App Strategies, has to say about this emerging insurance technology trend.
About The Authors
Simon Torrance is the founder of Embedded Finance & Super App Strategies. He is an entrepreneur and senior independent advisor to Boards and Leadership Teams on business model transformation, platform and ecosystem strategy, corporate innovation and venture building. He works with companies around the world to create and execute impactful Embedded Finance and Super App strategies. Simon is a regular keynote speaker, a member of the World Economic Forum’s ‘Accelerating Digital Transformation’ executive working group, a guest lecturer at Singularity University, author and presenter of the New Growth Playbook and co-author of Fightback: How to win in the digital economy with platforms, ventures and entrepreneurs.
Chris McMahon is Senior Marketing Manager at EIS Group. He is an experienced content strategist with demonstrated success in the insurance technology industry. Skilled in analyst relations, content development, and building customer case studies, he’s a strong media and communications professional with a master’s degree in business reporting and editing from Northwestern University’s Medill School of Journalism. Browse his EIS Group blogs.
About EIS Group
EIS Group is an insurance software company that enables leading insurers to innovate and operate like a tech company: fast, simple, agile. Founded in 2008, EIS Group provides a platform for high-velocity insurance. This open, flexible platform of core and digital solutions liberates insurers to accelerate innovation, launch products faster, deliver new revenue channels and create insurance experiences the world will love. And with thousands of APIs, the platform gives insurers the freedom to connect to a vast ecosystem of insurtech and emerging technologies. Headquartered in San Francisco, EIS Group powers premium growth for P&C and Life insurance companies worldwide. For more information on how EIS Group helps insurers become unbeatably fast at everything they do, visit www.eisgroup.com.
SOURCE: EIS Group