In an era where more consumers than ever are searching for personalised experiences, the rise of embedded insurance seems inevitable.
In a sector as commonplace and prevalent as insurance, the need to make it more easily accessible is one of the industry’s key pain points. In a recent post by InsurTech Dacadoo, the company outlined the benefits of embedded insurance and how it can solve this key issue.
Embedded insurance enables businesses to partner with other companies to offer services at the point of sale. This has been found in the past in small cases – such as the ability to purchase an insurance policy at the airport before flying.
However, as Dacadoo notes, due to the demands of today’s society, the most obvious partnership for health insurance firms is to work with employers to provide coverage for their staff.
The firm said, “When customers are made aware of your relevant insurance products exactly when they need them, they are much more likely to buy. You can also tap into new markets that wouldn’t necessarily reach out to an insurer directly.”
What are the benefits of companies expanding their reach with embedded insurance? Dacadoo noted, “As an insurer, you have already maximized the value of your existing audience. Partnering with others allows you to expand your reach to potential customers exactly when they are ready to hear about an add-on that would improve their lives.”
Such a strategy, the firm claims, has many benefits. First of all, it enables insurers to tap into new markets and grow their customer base in a different way than before. It also helps to build new relationships with other businesses in the healthcare industry and helps to reduce costs by spreading the risk on insuring new customers across multiple partners.
Dacadoo added that to know if such customers are ideal for your coverage, users can use digital tools to do quick risk analysis with the information provided to you.
The firm concluded, “Insurance companies have a unique opportunity to grow their influence by partnering with other businesses that can help access an ideal audience in a way that hasn’t been done before. By using embedded insurance, you can access more markets at exactly the time they’re interested in your offers.”
Read the full post here.
dacadoo recently unveiled its upcoming version 5.0 of its Digital Health Engagement Platform (DHEP) to revolutionise digital health engagement.
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