Embedded insurance lets non-insurers across industries integrate insurance solutions into existing digital products. Here's how it works, why it matters, and who benefits.
Embedded insurance — the integration of insurance into a digital product on a third-party platform or marketplace — is growing, and even the longest-standing incumbents want in on the action.
Although relatively new, embedded insurance products are emerging across all lines of business, including health, life, auto, and commercial insurance.
For consumers, these products can provide faster and more convenient insurance options at the moment they are needed most. Insurers gain a new digital channel to meet customers at a lower cost. In some cases, insurers can even use unique data from the distributing partner to create more personalized insurance products.