Embedded insurance offerings represent the innovation fueling the evolution of insurance distribution globally – one where insurance coverage is offered to customers at the point of sale itself. The global embedded insurance industry is estimated to grow at a CAGR of 21% and reach $700bn in premium by 2030, according to analysis by Simon Torrance referenced in Fintech Futures. Insurers can leverage this channel by embedding insurance into products offered by banks, airlines, automobile manufacturers, logistics, e-commerce platforms, and others. This presents an opportunity for insurers to increase penetration and grow revenue. Retailers benefit by delivering insurance coverage at the point of sale and earn loyal customers by helping customers protect purchases with a hassle-free experience.
Duck Creek enables insurers and distribution partners to address this market with its embedded insurance solution. Duck Creek offers comprehensive line of business content to support a wide variety of products. These include personal lines, commercial lines, and specialty lines, such as Cyber, Medical Professional Liability and others. Leveraging the low-code configuration capabilities of the Duck Creek platform, Duck Creek Policy can be configured to support dynamic product selection, coverage recommendation, and dynamic pricing support enabled by AI/ML capabilities. An ecosystem of partner solution integrations is also available to deliver cutting edge data and analytics that insurers need to stay ahead of competition, achieve operational efficiency and grow market share.
Increase revenue and profitability
Increase sales, lower acquisition and distribution costs for expanded reach by embedding insurance coverage at the point of sale.
Improve customer experience
Deliver an end-to-end low friction policy shopping experience by combining the sales journeys of retail and insurance products through one system with a single combined invoice.
Utilise pre-configured line of business content to speed up the launch of embedded insurance products.
End-to-End Embedded Insurance Lifecycle
Rapid Product Launch
Streamlined Policy Management
Efficient Claims Processing
Unify Customer Data
Deliver embedded insurance that gives owners the protection right at the point of sale.
Embedded insurance solution and low code configuration tools to quickly configure pre-underwritten products. The solution is currently optimised for vehicle and travel Insurance, and can be quickly extended for other lines of business
Dynamic product selection and personalised coverage recommendation
Cloud ecosystem utilising AI and ML based modeling to mitigate underwriting risk and optimise pricing
Implement and deploy new embedded products in weeks, not years
Offer personalised products and coverages based on individual risk profile and retail product attributes.
Deliver insurance coverage through a distribution channel of choice
Pre-built APIs to embed insurance coverage into the purchase journey of the product itself enabling use of a single system for distribution partners such as motor dealers, airlines, wearables, electrical goods, banks, logistics companies, and others
Improve customer and partner satisfaction by integrating journeys within the original equipment manufacturer (OEM)/motor dealer system, or airline ticketing system to improve experience
Lower customer acquisition and distribution cost
Convenient payment options for insurance aligned to the purchase of the product
Define billing and installment plans, that meet the unique insurance needs of retail shoppers and distribution partners. Reports to accelerate reconciliation of premium receipt and commissions for distribution partners
Single invoice for the purchase of a product and insurance cover
Accuracy in reconciliation of low value, high volume transactions
Deliver pre-underwritten product and multiple plan options