Embedded insurance is changing how consumers buy and manage insurance products. Rather than buying coverage separately from traditional insurance carriers, embedded insurance empowers consumers to easily purchase coverage and protection online from the brands they trust. Importantly, they can do so within the existing customer journey.
This approach is gaining momentum across all industries and many more brands are expected to enter the insurance market. In fact, industry analysts project the embedded insurance market to reach $722 billion in gross written premium by 2030 driven in large part by brands.
This growth isn't surprising when you consider that 63% of Digital Natives want more options to purchase insurance online directly from brands they trust. However, many companies struggle with creating a seamless experience that offers the right insurance without disrupting the online customer experience. Successful embedded insurance programs balance seamless integration with thoughtful customer experiences and support.
Here we explore five examples of embedded insurance that, while common, are incredibly complex to configure.
Embedded home insurance for the leading online lending platform
A leading fintech company became the first online ending platform to offer embedded homeowners insurance to their customers.
The online lending platform helps customers purchase homes, refinance their mortgage, or get a home equity loan – and all three require proof of home insurance. That meant customers had to leave their website to purchase home insurance and then return to provide proof of coverage. This interruption was confusing, time-consuming, and made an already complex process more confusing and time-consuming.
Understanding the frustration of customers, the company partnered with Sure to fully incorporate an embedded home insurance program into their platform. Now customers can secure their home financing and insurance without leaving the platform.
What's really clever is how their program evolved based on real customer feedback. They started with a fully digital, do-it-yourself option, but soon realized some customers still wanted a human touch. So they added Sure's Quote Assist™, which lets customers interface with insurance experts when they want advice, while still keeping the convenience of the digital insurance experience.
Embedded auto insurance for the world’s most recognizable automotive manufacturer
A global automotive manufacturer took a customer-centered approach to their flagship embedded auto insurance program. Launched in 2022, they offered consumers a quick and flexible experience purchasing coverage through their mobile app, call center agents, participating car dealerships, and dedicated website.
Rather than building their own insurance company and technology from scratch, the OEM partnered with Sure to create an integrated embedded solution that leverages customer data collected during the car purchase process. And to further enhance the customer experience, they connected their auto insurance product with other programs like roadside assistance, parts, and certified collision centers to get customers back on the road quicker.
By partnering with an established digital insurance platform, the automotive brand created a win-win scenario: Customers get personalized rates and convenient access to insurance, while the auto manufacturer strengthens its relationship with drivers beyond the initial purchase.
Embedded renters insurance for property management software company
A property management software company serving 750,000 independent landlords sought an embedded renters insurance program so they could offer tenants renters insurance without leaving the platform.
With the company’s mission to simplify rental management, they wanted to help reduce customer friction and increase lease agreement sign ups by allowing tenants to purchase the required coverage before completing the lease agreement.
Aware that over 90% of their renters used the platform on mobile devices, they implemented a mobile-friendly API solution that balanced automation and human support. Landlords could send notifications automatically to renters when insurance was required while the tenants could purchase renters coverage via the platform.
Embedded commercial insurance offered alongside accounting software
A leading business software platform became a pioneer in offering comprehensive commercial insurance directly within their platform. Small and medium-sized business owners using the platform for accounting, bookkeeping, payroll, and payments previously had to manage their commercial insurance needs through separate providers and platforms.
This fragmented approach created inefficiencies for business owners who increasingly expect seamless digital experiences to manage all aspects of their operations in one place. Recognizing this gap, the company worked to fully integrate commercial insurance capabilities within their platform experience.
In partnership with Sure, the business software company embedded insurance APIs to create a seamless experience where businesses can purchase and manage commercial insurance policies directly within the same platform they use to run their operations. As a result, the company eliminated the need to work with separate insurance providers and created a true one-stop digital destination for business management. The program demonstrates how embedded insurance can transform traditional workflows by consolidating essential business services into a unified platform experience.
Financial technology company offers embedded insurance in its cardholder ecosystem
To enhance its exclusive membership program, a financial technology company launched an embedded insurance program to provide members with protection benefits like purchase protection or travel insurance. Typically, these card benefit programs run through third-party vendor partnerships, requiring customers to sign up and manage their benefits on a completely separate website.
This fintech company decided to take a different approach – partnering with Sure to embed card and insurance benefits directly into their membership ecosystem. Additionally, the program uses existing member financial data like spending patterns to recommend personalized coverage options.
This embedded finance insurance approach proved successful for a simple reason: Cardholders receive valuable protections, while the company builds stronger brand loyalty with its customers.
Better embedded insurance with Sure
In these examples, there is a common thread that emerges, which is that many of these examples showcase how Sure is the ideal partner to launch embedded insurance programs.
With Sure, partners can:
- Launch digital insurance programs in less than 60 days.
- Choose from a network of connected insurance carriers and insurance products.
- Maintain brand experience by seamlessly integrating products into existing purchase flows.
- Own the customer data and access it at any time.
- Leverage robust analytics and reporting tools to give you visibility into program performance.
