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Core Insurance, Risk Management

Embedded insurance: Building customer-centric insurance distribution using APIs

November 14, 2022

We all know buying insurance is hardly a gratifying experience, especially when there are several policy options available in the market.

Widespread digital innovation has made it convenient for consumers to connect with an infinite number of insurers, in different ways. This is wonderful, but it also means the selection and buying process has been extended and is getting overly complicated.

A DIY approach of selling insurance through agents or just relying on website sales results only in spaghetti integrations. Insurers are working collaboratively with an ecosystem of partners to cater to underserved markets, gain access to new customer segments, and increase brand recognition as well as cross-selling opportunities while building a foundation for customer lifetime value.

Spotlight

Vouch Insurance

Vouch Insurance is a new kind of insurance platform for startups. Built by founders for founders, Vouch’s fully digital coverage takes minutes to activate. Vouch is trusted by the biggest names in the startup economy — such as Y Combinator and Silicon Valley Bank — who partner with Vouch because everything from onboarding to claims is designed for startups by experienced founders. Because Vouch is an insurance platform, and not a broker, it works with its clients to manage, mitigate, and avoid risks. Vouch’s founders have built and backed high-growth companies, such as FundingCircle and Root Insurance, and its team of technologists and risk experts come from SVB Capital, NerdWallet, Travelers Insurance, Nationwide Insurance, Lyft, Google, and more. The company has offices in San Francisco and Chicago, and can also be found at vouch.us and on Twitter @Vouch_Group.

OTHER WHITEPAPERS

Understanding the NAIC Insurance Data Security Model Law

whitePaper | September 10, 2022

State governments, not federal agencies, have preeminence over the insurance industry (as defined by the McCarran-Ferguson Act of 1945). Thus, it is up to each state to pass and enforce laws governing insurance companies. Each state has its own chief insurance commissioner to manage this function.

Unlocking the Power of Pay-as-you-go for Workers’ Comp

whitePaper | April 1, 2023

In a study conducted by KPMG, 96% of insurance CEOs reported the pandemic accelerated digitization initiatives. COVID-19 forced businesses of all shapes and sizes (along with consumers) to embrace digitization.

Unlock the potential of embedded insurance

whitePaper | December 5, 2022

The convenience of embedded insurance is making it one of the most desirable forms of insurance distribution for all parties involved. On the demand side, consumers’ appetite for convenience — and their willingness to conduct transactions online — are both higher than ever. The technologies involved in embedding insurance coverage into other products and services have been perfected. As a result, insurers are uniquely positioned to benefit from the rise of embedded insurance.

Doing Business with the FDIC

whitePaper | April 28, 2022

This brochure is designed to assist firms seeking to do business with the Federal Deposit Insurance Corporation (FDIC). It outlines the FDIC’s mission, organization, operational requirements, contracting policies and procedures, and information about the Minority and Women Owned Program (MWOP). It discusses the specific ways a business should go about trying to fulfill our contracting needs.

7 Questions to Ask Before Designing Your Insurance

whitePaper | January 14, 2020

After months of strategy and budget meetings, you’ve got the green light – it’s time to begin building your company’s quality assurance program. But are you prepared for the realities of the creation process? Can you address the inevitable questions and setbacks as they appear?

Reducing insurance waste & abuse

whitePaper | November 30, 2022

In June 2022, nearly two dozen people were charged with defrauding various life insurance carriers – to the tune of more than $25 million. Those involved conspired to apply for numerous bogus life insurance policies, then collect on them by intentionally deceiving carriers with the assumed identities of deceased individuals.

Core Insurance, Risk Management

Embedded insurance: Building customer-centric insurance distribution using APIs