Embedded Insurance

Embedded Insurance

What is embedded insurance and why should you consider it?

In a nutshell, embedded insurance is the bundling of coverage within the purchase of a third-party product or service as part of the customer journey.  It’s a way for companies to embed an offer of insurance at the point of sale, which then catches the consumer at the precise moment they are thinking about their finances.

Business owners can offer insurance to their customers when they purchase a product or service as part of a single and seamless journey.  Insurance coverage as an option at the point of sale can also increase the purchase rate, since the customer no longer has a loss risk.

Give Customers A Better E-Commerce Journey

A study conducted by Momentive.ai shares that, “Over two-thirds (67%) of Canadian digital bank customers reported being highly interested in receiving embedded insurance offers based on their transaction data, as would 57% of traditional bank customers, according to a recent survey of 504 Canadian bank customers.”  People want convenience, and they want the convenience of being offered insurance as they buy things that are meaningful to them.

Small business employee theft insurance is specifically designed to reimburse organizations for the loss of money, securities, or inventory resulting from criminal activities. Unfortunately, advancements in technology coupled with a constantly changing economic environment, make the threat of crime-related losses to a small business even more devastating.