In insurance, as in life, timing is key. Global consumer brands are increasingly entering the insurance space, and the right timing of when to enter the market is critical. It’s also important to consider the right type of program. Because if it doesn’t address a real customer need, it is doomed to fail.
That’s why it’s important to sometimes think outside the box. In part 1 of my series, I examined some pretty common examples of embedded insurance programs. Things like embedded auto and renters insurance programs, all of which Sure has been wildly successful in building from the ground up for our partners. Sure is also pretty darn good at successfully launching uncommon embedded insurance programs.
Here we explore three embedded insurance programs you probably haven’t thought of before, but should definitely know about.
From DTC to embedded insurance distribution for multi-national carrier
Lacking a digital presence despite having a popular renters insurance product, a U.S.-based insurance carrier launched a digital insurance experience for younger consumers who want to buy and manage their insurance online.
Since they were a traditional insurance carrier with limited digital expertise, they partnered with Sure to build their entire digital insurance platform from the ground up.
- User-friendly customer experience for quote and bind
- Rate order calculator (ROC) to calculate premiums in real-time
- Third-party integrations to automatically pull and validate customer data
- Customer portal to view and modify policies
Thrilled with the success of the initial project, the partnership evolved quickly. After renters insurance, the insurance carrier expanded its product lineup to include home and auto products. Then they took a more ambitious step, partnering with major consumer brands in the auto and mortgage industry for expanded digital distribution on Sure’s technology rails. This enabled the consumer-facing brands to offer insurance directly to their consumers within their digital experience while the carrier unlocked additional distribution capacity.
Card benefits and embedded insurance program for global credit card network
A global payments services company operates one of the most comprehensive embedded incidental insurance programs for cardholders – covering everything from identity theft to cell phone protection to travel cancellation. However, submitting their claims was a time-consuming and confusing process that led to low utilization rates and delayed reimbursements.
In 2021, they partnered with Sure to build and maintain a digital card benefits portal that would provide credit card members with a simple, secure, and fast way to access their embedded insurance benefits and submit claims. Instead of calling customer service when incidents occur, cardholders can file claims directly through the online portal. The streamlined process has proven effective with the platform processing over 3,000+ claims per month instantly.
Embedded AD&D insurance offered to truck drivers by manufacturer
A global truck manufacturer recognized that while drivers face unique risks on the road, traditional commercial trucking insurance fails to provide adequate financial security for serious personal injuries or fatalities resulting from unexpected accidents.
To address this gap, the truck manufacturer integrated an embedded AD&D insurance program directly into their financial services ecosystem. The program allows drivers to easily enroll into coverage during the vehicle financing or leasing process, eliminating the need for separate insurance applications.
What makes the set up effective is how it leverages existing driver and vehicle data to provide personalized coverage. This not only helps the manufacturer offer protection tailored to each driver's unique needs but also strengthens driver loyalty.
Deploy embedded insurance with Sure
In case you haven’t picked up on it yet, each of these examples showcases how Sure is the ideal partner to launch uncommon embedded insurance programs.
With Sure, partners can:
- Bring a moonshot idea for embedded insurance to reality.
- Hand-select a chosen carrier partner from Sure’s network or bring a new one to the table.
- Own all aspects of the customer relationship without introducing new players.
- Seamlessly add insurance offerings to your existing products and services.
- Strengthen the relationship with your customers for the long haul.
