As an insurance executive, you’re always looking for new ways to reach customers and increase revenue. One promising avenue is embedded insurance, which involves integrating insurance products into other businesses' offerings. This can be a win-win for both parties, as the business gains a new revenue stream and the insurance company gains access to a new customer base.

But how do you get started with embedded insurance? Here’s a step-by-step guide:

Step 1: Identify Potential Partners

The first step is to identify businesses that could benefit from offering embedded insurance. This could include retailers, travel agencies, auto dealerships, and more. Look for businesses that have a large customer base and a need for insurance products.

Step 2: Develop Your Products

Once you’ve identified potential partners, you’ll need to develop insurance products that meet their needs. This could include policies for travel insurance, extended warranties, or liability coverage. Work with your partners to understand their customers' needs and develop products that meet those needs.

Step 3: Integrate Your Products

The next step is to integrate your insurance products into your partners' offerings. This could involve developing APIs or other integrations that allow customers to purchase insurance seamlessly. Work with your partners' IT teams to ensure a smooth integration.

Step 4: Market Your Products

Once your products are integrated, it’s time to start marketing them. Work with your partners to promote the insurance products to their customers. This could include email campaigns, social media posts, or in-store promotions.

Step 5: Monitor and Adjust

Finally, it’s important to monitor the performance of your embedded insurance products and make adjustments as needed. Use data analytics to track sales and customer feedback, and make changes to your products or marketing strategies as needed.

By following these steps, you can successfully implement embedded insurance in your business and reach new customers. And if you’re looking for a partner to help you develop and implement embedded insurance products, consider working with Riskwolf. With our unique real-time data and dynamic risk modeling, we can help you build and operate parametric insurance at scale. Learn more at Riskwolf.

Source: «Embedded» ist mehr als ein Schlagwort unter Versicherungsinnovatoren