Unlocking new markets through embedded insurance

 Embedded insurance has been around for years, but we are on the brink of significant growth. With the rise of digital ecosystems in telco, banking, travel and hospitality, the demand for seamless, personalised insurance experiences is skyrocketing. At SSP, we see this trend as an exciting opportunity to push the boundaries of what embedded insurance can achieve. 

SSP’s policy administration systems (PAS) play a pivotal role in facilitating the integration of embedded insurance products across various sectors. While telco and banking ecosystems are popular starting points, SSP’s flexible, scalable API-driven architecture allows us to support a broad range of industries, creating seamless collaboration between insurers and partners. 

 The role of PAS 

A well-designed policy administration system is crucial for embedding insurance into everyday services. Our platform accelerates the launch of personalised insurance products, which is a key focus in today’s market. Consumers are increasingly expecting insurance solutions tailored to their specific needs, whether they are booking a flight, purchasing a smartphone or applying for a loan. 

At SSP, our PAS helps streamline crucial processes such as customer onboarding, policy management and claims handling. By integrating seamlessly within existing systems, the platform enhances user experiences, increases cross-selling opportunities and strengthens customer engagement. 

 Low-code, no-code  

One of the standout features of SSP’s PAS is its low-code, no-code environment. This configuration enables insurers and their partners to build and deploy products quickly and efficiently. As the heart of the embedded insurance model, our API-driven architecture allows partners to integrate effortlessly into any ecosystem, reducing barriers to entry and speeding up time to market. 

Embedded insurance, by definition, can easily tap into new markets. Our PAS serves as an enabler for insurers to reach previously underserved or untapped customer segments. Embedding insurance at the right touchpoints – whether during a smartphone purchase or a travel booking – can make insurance more accessible and less intrusive. 

Additionally, our system’s real-time data exchange provides insurers with valuable insights, allowing them to offer custom-made products that align with customers’ specific needs and lifestyles. This approach increases the likelihood of adoption and helps insurers break into new markets, including microinsurance and usage-based insurance. 

Overcoming challenges with the right technology 

Implementing embedded insurance does come with its challenges, particularly around data operability, security and managing legacy systems. However, these challenges can be easily overcome with the right technology partner. At SSP, our PAS integrates seamlessly into existing systems, ensuring robust data security and compliance with regulatory requirements. 

Our platform is also built for scalability and adaptability, allowing insurers to embed insurance products without disrupting their current operations. 

Trust: the foundation of embedded insurance  

Trust is a fundamental element in the insurance industry. However, one of the benefits of embedded insurance is that it allows insurers to build trust indirectly. By partnering with trusted brands such as Amazon, insurers can offer products through established, reputable channels, boosting customer confidence and trust in their offerings.  

Successful case studies and lessons learnt 

Several embedded insurance partnerships have already proven highly successful. For example, a major global bank offers integrated travel insurance with its premium banking accounts, while a UK-based insurer has teamed up with a well-known e-commerce platform to provide small business insurance. These collaborations are not only expanding distribution channels but also enhancing customer trust and accessibility. 

One key lesson learnt from these successful partnerships is the importance of strategic timing and relevance. Embedded insurance works best when offered at critical touchpoints, such as during a transaction. By leveraging customer data to distinguish offerings, insurers can significantly drive adoption rates and improve the customer experience. 

A glimpse into the future 

Looking ahead, the future of embedded insurance is incredibly promising. According to a report by Deloitte, embedded property and casualty insurance sales are expected to reach up to $700 billion globally by 2030. The current value of the sector is $70 billion. The landscape is poised on the edge of phenomenal growth and those who act now will be well-positioned to capitalise on this massive opportunity. 

At SSP, we are committed to staying at the forefront of this journey, helping insurers expand into new markets, streamline operations and provide the bespoke products customers are demanding. 

If you’re interested in learning more about how SSP’s policy administration systems can help your business integrate embedded insurance solutions, please feel free to reach out. And don’t forget – strategic timing is everything. Now is the time to act!