The Path to Embedded Insurance: How You Can Get There

Embedded insurance continues gaining traction in the United States. As more offers appear at the point of sale across retail, finance, and service industries, where do life insurance opportunities fit in?

We discuss three different paths that life insurers can take to enter or expand their embedded insurance opportunities–and the roadblocks along the way. Directions to take include:

• Offering term life policies similar to group offerings through employment–but through non-traditional partners like fitness apps.
• Harnessing the data you or another insurer gathers during the P & C process, and adding a few more questions to qualify groups of people for a life policy.
• Offering coverage as part of another product or service purchased, like a car or a baby crib as part of the purchase price–similar to a warranty.

Along the way there are also obstacles, like how to get customers to continue to pay for coverage if the customer is tied to a third-party? How do you learn about life events that could mean more coverage or change of beneficiaries is needed? And the big question remains–how do you mitigate risk?

Our panel will look at what having an embedded insurance program entails, where it is succeeding, and how to begin your strategy to connect with unexpected partners and new audiences.

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