Ecosystems

Insurers seem stuck in traditional channels rather than expanding channel choice and reach, meeting customers where and when they want.

Embedded insurance is the way forward for many online businesses to offer confidence to consumers in these uncertain times.

With embedded distribution, the insurer recognizes that insurance is just one task in the customer’s "job" and makes the buying process easy.

An InsTech London report forecasts that the embedded insurance market could be $722 billion in gross written premium globally by 2030.

Embedded insurance has been around for a long while in the form of affinity groups, but it still creates opportunities that smart agents will exploit.

Budweiser's plan to offer "barbeque insurance" raises intriguing possibilities for "embedded insurance" and for the use of APIs to build ecosystems.

More are turning to "open insurance" solutions, under which insurers leverage open APIs to share data and services with third parties.

Insurance is becoming the French fries in a meal deal--offered as part of another transaction at a moment of need. The change is profound.