Putting agents first in embedded insurance | Insurance Blog
While product design—including technology and architecture capabilities—is foundational for carriers to play in the embedded insurance space, strategically leveraging the agent will exponentially increase the likelihood of an embedded product’s success. We believe agents could play a major role in embedded insurance distribution, driving sales and capturing opportunities to cross-sell and upsell.
In our last post, we provided an overview of the evolution of embedded insurance as it expanded from “version 1.0”—purchasing life insurance at the airport before a flight—through “version 2.0” and “version 2.5” in which technology and online commerce pushed embedded insurance towards its current iteration, “version 3.0.” We define “version 3.0” as insurance that is sold as part of another commercial transaction. Buying auto insurance from an OEM or home insurance through a real estate brokerage are examples we would consider to be embedded insurance 3.0.
In this post, we’ll highlight why we believe agents are critical