Embedded Insurance: What are the benefits?

Embedded Insurance: What are the benefits?

InsTech London recently published an informative report on the topic of embedded insurance. “Insurance: to Embed, or not to Embed” takes a detailed look at what embedded insurance really means and how it works.

Adding Value

Embedded insurance, refers to the “embedding” of insurance products into the value chains and distribution capabilities of other industries. It is usually an add-on to a main insurance product being offered but can also be a native feature by third parties. The report, which is free to download, includes the profiles of more than 50 companies from across the globe who are making the most of embedded insurance.  

One of those companies is Blink Parametric – an InsurTech acquired by CPP Group in 2017.

What are the benefits of embedded insurance?

Embedded insurance products allow customers to protect themselves against uninsured losses with little to no involvement, giving them peace of mind at what can be a stressful time. It also means that insurers can be more reactive – being in the right place at the right time, and able to provide their customers with more products at the initial point of sale, or the ability to introduce relevant products later in that customer’s journey.

Blink Climate for example, offers a fully automated claims process. In a scenario such as a customer experiencing extreme weather with a hurricane threat, and they are insured for that event – software plugs into weather data and automatically registers hurricane force weather conditions within the specified date range. The customer then receives a fixed payment when hurricane conditions are recorded in their date range.

InsTech London

Where can I download the full InsTech London report?

The full report is available to download here. You can also watch the InsTech London panel discussion on the report from this page, where Robin Merttens (Co-Founder and Partner at InsTech London talks about what embedded insurance means in practice.

 

 

About Blink Parametric

Blink provides a platform via an API for insurers and other product providers to embed the Blink proposition into their own brand and infrastructure.

Blink currently offers a number of parametric insurance technology solutions, including: Blink Travel, a proactive, real-time insurance solution focusing on flight disruptions; Blink Climate, a metric-based insurance solution which adapts to climate-based risk factors; and Blink Energy, a parametric insurance technology solution designed to monitor the increase or decrease in energy usage in a pre-defined time period. 

In response to the challenges presented to businesses by the Covid-19 pandemic in 2020, Blink also launched Blink Interruption with the Lloyd’s Lab Innovation Accelerator Programme – a product that aims to provide immediate liquidity to small and medium sized businesses who suffer an insured business interruption event.

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