Insurance – a word that often fails to captivate the imagination or stir excitement. No one ever thinks about it until something goes wrong and they need it. It’s not the topic of conversation at the dinner table. In fact, most people would rather talk about anything else because, well – insurance is boring.
But could this paradigm be changing? There’s something new and interesting happening in the world of insurance – embedded insurance.
What is Embedded Insurance?
Instead of being something we only consider when we have to, embedded insurance is all about making insurance a part of our everyday lives, seamlessly woven into our experiences of buying goods and services.
Embedded insurance, at its core, represents a shift from the traditional model of purchasing insurance as a standalone product to an integrated and holistic approach. It’s like having an invisible safety net quietly safeguarding us as we navigate through life’s transactions.
CEO and Co-Founder of INZMO Meeri Savolainen talks about the proliferation of embedded insurance across multiple industries, saying:
“In the future, we will see more industries adopting embedded insurance models as consumers become increasingly accustomed to personalized and on-demand services. This, in turn, will create opportunities for insurtechs to partner with traditional insurance providers and to further disrupt the market by offering innovative, tailored insurance solutions.”
Whether we’re buying a new phone, booking a flight, or ordering groceries online, embedded insurance ensures that protection is readily available without the need for cumbersome paperwork or separate transactions. In essence, it transforms insurance from a reactive measure taken in times of crisis to a proactive companion, offering us security in our everyday pursuits.
