Embedded insurance is the real-time bundling and sale of insurance when a consumer purchases a product or service at the point of sale
It is changing the way people buy insurance by expanding opportunities and building strong customer journeys, making it easier for customers to access insurance or warranty products
The inherent convenience and personalisation have ensured that India’s embedded finance industry will grow by 46% to INR 1,61,442 Cr by 2029
It took a pandemic to force multiple sectors to accelerate their digital agendas and insurance is no different. As per a recent global survey, 96% of insurance CEOs felt that COVID-19 served as the digital catalyst that fast-tracked digitisation of operations and led to the creation of next-generation operating models.
A growing spate of insurance companies and ecommerce firms are now integrating artificial intelligence (AI), internet of things (IoT), big data analytics, machine learning, open application programming interfaces (API), and other technologies to deliver a hassle-free customer experience and transform the Indian insurance industry. Embedded insurance is only getting started, but it has the potential to become a trillion-dollar business.