Embedded insurance – 6 things you need to know and how to make it real

Embedded Insurance is offering more affordable, relevant and personalised insurance to people when and where they need it most, according to Simon Torrance, author of New Growth Playbook.

By abstracting insurance functionality into technology, embedded insurance enables any third-party provider/developer to integrate innovative insurance products into its customers’ purchase journeys seamlessly, rapidly and at a low cost. The end benefit is a stronger value proposition for the customers, thereby building brand preference and ultimately, customer loyalty.

US$3 trillion in total in 2020¹. US$700 billion in GWP for P&C by 2030.

Besides the market size, the need for insurance is greater than ever as the protection gap has widened. From 2000 to 2020, the gap has doubled largely due to digitisation, urbanisation, climate change and a lack of effective innovation².

According to a study by Swiss Re, the global protection gap reached US$1.2 trillion in 2019³. Natural catastrophe, mortality and health care are the top three factors contributing to the widening gap. The biggest gaps are in emerging Asia and Latin America.

In 2020, Chubb released a global platform called Chubb Studio^SM that simplifies and streamlines the distribution of the company's insurance products through its partners' digital channels around the world. The platform enables Chubb's partners in e-commerce, banking, fintech, airline, telecommunications, retail and other industries to add digital insurance inside their ecosystem in an easy, frictionless manner.

Chubb Studio provides partner companies with digital access to Chubb's extensive range of consumer insurance products, including personal accident, supplemental health and life, residential and contents, mobile phone and travel as well as small business insurance, customer services and claims capabilities.

The capabilities of Chubb Studio were built on the company’s ability to successfully forge distribution partnerships with leading brands globally.  Prior to the launch of Chubb Studio, the company had more than 150 distribution partnerships globally.  Five partnerships announced in the last three years alone have given the company access to more than 100 million customers in Asia and Latin America. 

If you are keen to learn how Chubb can collaborate with you, please connect with Gabriel Lazaro, Senior Vice President Head of Digital, Chubb Overseas General, on LinkedIn or email Gabriel.Lazaro@chubb.com.