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. Carriers 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 carriers 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 carriers 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 carriers need to stay ahead of competition, achieve operational efficiency and grow market share.
Benefits
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.
Accelerate speed-to-market
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
Digital Distribution
Convenient Payments
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 optimized for vehicle and travel Insurance, and can be quickly extended for other lines of business
Dynamic product selection and personalized coverage recommendation
Cloud ecosystem utilizing AI and ML based modeling to mitigate underwriting risk and optimize pricing
Benefits
Implement and deploy new embedded products in weeks, not years
Offer personalized 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 automobile dealers, airlines, wearables, electrical goods, banks, logistics companies, and others
Benefits
Improve customer and partner satisfaction by integrating journeys within the original equipment manufacturer (OEM)/automobile 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
Benefits
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
Deliver pre-underwritten coverages, rules, rates and offer multiple plan options to choose from to meet the unique needs of the embedded insurance business
Pricing results delivered within seconds based on dynamic coverage selection
Benefits
Single invoice for the purchase of a product and insurance coverage
On the spot coverage confirmation delivered on a communication channel of choice eg. email, SMS, WhatsApp, and others
Automate the insurance claims lifecycle for vehicle, travel, wearables etc
Utilize AI and ML led analytics to offer personalized coverages and optimize pricing based on individual risk profile
Develop persona-based reports and dashboards that answer common operational and management questions, and provide analytical insights to distribution partners, underwriters, and claims handlers
Benefits
Identify cross-sell and up-sell opportunities
Track premium growth and claims trends in embedded market segments to inform business strategy