Embedded insurance - insurance as a byproduct
Embedded insurance is all the talk at them moment. Projected to take over a substantial amount of the market in the coming years , technology plays an important role in this process. However, the concept is barely new, for years we have been buying holiday services, flights or accommodations, and getting travel and cancellation insurance as part of that process. We get extended guarantees on white goods, and our phones are covered for loss and damage. Insurers do the same embedding coverages from other insurers their own insurance products, for example the legal assistance, included in car insurance, can be from a different insurer than your main insurer. Typically they would call that a 'rider'. But essentially, its the same. Lease companies have been bundling the car, loan, maintenance services and insurance, all into one package, giving a one-stop-shop experience. Insurance - Not an embedded desire People don't like dealing with insurance, it's a burden, the products