IN today’s digital era, customer service demands that businesses of all kinds are able to deliver exceptional experiences across all platforms.
Insurance companies are adapting by shifting from traditional policies to embedded insurance — a more integrated, customer-centric approach that enhances the digital customer experience (DX) by embedding protection directly into the customer journey. According to eGain, a positive DX is essential for ensuring customer satisfaction and loyalty.
A prime example is discovermarket’s partnership with Globe Telecom Inc., where embedded cyber insurance is seamlessly integrated into the customer’s digital experience when they are purchasing Globe’s platinum mobile plans. This approach simplifies the insurance process, providing Globe’s customers protection against the growing threats of cybersecurity breaches and identity theft.
Key differentiator
One of the primary benefits of embedded insurance is its affordability. Unlike traditional insurance products, which often come with hefty premiums, embedded insurance is designed to be cost-effective.
Since embedded insurance is bundled with the products or services of well-known brands, insurance companies save on overhead costs like marketing, which helps lower the price compared to traditional insurance.
Additionally, embedded insurance is tailored to specific products or situations, removing unnecessary features and ensuring customers only pay for the coverage they actually need.
This affordability not only makes embedded insurance accessible to a broader audience, such as low-income individuals and those just starting their careers, but also provides a sense of security, ensuring more people can obtain the protection they need without financial strain.
Convenience, accessibility
Convenience is a major advantage of embedded insurance. The rise of digital connectivity and platforms integrated into our daily lives offers a unique opportunity to address the protection gap. These platforms — trusted brands with a strong customer base — face increasing market pressure and lower profitability. By partnering with discovermarket, trusted brands can offer insurance products that are easily accessible to their customers. For instance, when a customer makes a purchase through an e-commerce brand, they can receive logistics protection through an embedded insurance policy as part of their transaction, adding value without interrupting the user experience.
Unlike the traditional process of acquiring insurance, which is often tedious and time-consuming, involving extensive paperwork and lengthy approval processes, embedded insurance simplifies this process by integrating coverage directly into the digital experience. With just a few clicks, customers can secure coverage, making the process quick, easy and hassle-free.
This approach not only simplifies obtaining insurance by seamlessly delivering it at the point of purchase but also ensures that coverage is available exactly when and where customers need it. Embedded insurance allows individuals to enjoy life with peace of mind, knowing their needs are effortlessly met without the hassle of traditional methods, and brands provide value-added services that strengthen customer loyalty.
Protection in real time
Embedded insurance offers personalized and timely coverage, making the audience feel understood by leveraging trusted brands and adapting products to meet customers’ specific needs, significantly increasing trust in insurance.
Unlike traditional insurance, which often feels detached from customers’ everyday lives and protection needs, embedded insurance integrates seamlessly into the digital experiences people already rely on. Traditional models typically offer one-size-fits-all policies that require lengthy assessments, but with embedded insurance, anonymous customer behavior data is used to pinpoint the right product at the right time. This allows brands to propose highly relevant, specific coverage precisely when customers need it, delivering a more intuitive and trusted experience.
Customer satisfaction, brand loyalty
For trusted brands, the benefits of offering embedded insurance go beyond just enhancing the customer experience. Providing this added value can significantly boost customer satisfaction and loyalty. By protecting customers and streamlining the insurance process, companies can foster deeper connections with their audience, leading to long-term loyalty and trust.
Discovermarket is committed to delivering excellent digital customer experiences to our partners’ end customers. By integrating embedded insurance into the digital journey, we not only enhance the value proposition for our partners but also ensure that their customers receive the best possible service experience in today’s increasingly digital world.
Marco Kamerling is the chief commercial and marketing officer at discovermarket, a white-labeled global insurtech company headquartered in Switzerland, with a strong presence across Southeast Asia that offers insurance microservice, product repository and technology stack.
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