If you buy a Tesla nowadays, you purchase an embedded car insurance at the same time. The same is happening with the popular VanMoof smart bikes in The Netherlands for which you can purchase an all-in worry-free subscription with insurance, anti-theft protection, access to Bike Hunters and Bike Doctors. These embedded propositions are backed by insurance companies with the use of API based B2B2C platforms and access to relevant data. Next to that, new and reinsurance-backed InsurTechs are active in this market. Lemonade and SimpleSurance are key examples of such initiatives.
Being present at the right time and moment by partnering with companies which have large customer bases is an enormous opportunity for insurance companies in the distribution of new products.
B2B2C platform strategies and market assessments
Questions around the insurance propositions, target customer base, distribution partners, data sources, and value chain positioning all have to be answered. At INNOPAY we help insurance companies to answer these questions and develop time tested strategies to execute on the embedded insurance trend.
Multiple vendors are pursuing embedded insurance opportunities at insurance companies. Choosing the right vendors is critical to realise success in execution of an embedded insurance strategy. We help insurance companies analyse requirements, asking the right questions and guide an RFI and RFP phase and select the suitable embedded insurance partners.
API design and implementation
Exposing and consuming product and data APIs are important enablers of an embedded insurance proposition. We help our insurance companies design and manage the API innovation funnel using our API Portfolio management tooling.