In this digital era of insurance, nearly every insurance process is rapidly becoming digital and frictionless, including buying. The benefit of adapting to this dynamic is that we move from needing to “sell” people on purchasing insurance, to introducing insurance that is ready to be “bought” seamlessly at the point of need, creating a scalable, sustainable business model. This is where embedded insurance thrives. It’s an extremely effective way to overcome the decades-long burden that has plagued the industry: insurance is sold, not bought. Insurers have the opportunity to leverage third-party digital channels as a way to scale their distribution and lead to organic growth.
Goals and Objectives
Implement a flexible, interoperable open insurance digital platform that might provide customers an easy frictionless gateway to a host of diverse digital services. Harnessing the network effect that operates across ecosystem participants and deliver greater value as the ecosystem gets bigger. Equip yourself with the right API management platform thanks to which organization will create new business models rooted in consuming external data for back-office optimization, sharing data to create new revenue streams and collaborating with third parties.
Biometric customer authentication
APIs to connect with multiple external data sources (weather, property, etc.)
Enterprise omni-experience data architecture
Use Case Summary
The future relevance of centuries-old insurance businesses now depends on their ability to leverage a digitally connected ecosystem of diverse stakeholders. Delivering value-centric products and service experiences requires a foundation capable of handling digital diversity. Despite the many challenges of change, insurers must act now or face the inevitable fate of not being relevant in the digital economy landscape. By creating a cross-industry shared digital platform, enabled by API-based secure data-sharing practices, insurers can expand their customer base by selling insurance policies as an add-on to other functional propositions (e.g., the sale of auto insurance coverage by car dealers, the sales of specialty insurance coverages by luxury goods dealers such as jewelry, etc.).