Everyone Benefits with Embedded Insurance

It’s one of the fastest-growing distribution channels, and it could be your path to growing insurance sales by connecting the right customers to the right product at the right moment – embedded insurance.

Put simply, embedded insurance is relevant coverage presented at the customer’s point of need, typically in a non-insurance context. And with fast-paced adoption across industries, now is the time to take a serious look at what embedded insurance is, how it can help both you and the customers you serve, and how Assurity can empower you with tools and processes to meet customers where they are and make more sales.

What is embedded insurance?

You’ve seen embedded insurance before, even if you haven’t realized it – think of the last time you purchased an expensive appliance or electronic device. Whether it was an in-store or online purchase, you probably heard the same question before you checked out: “Do you want to add a protection plan?”

Embedded insurance differs from traditional insurance mainly in where customers encounter it – it’s right there, ready for them at point of sale or point of need. It’s presented to the customer as a natural extension of their purchase or activity, instead of customers having to seek out coverage. And it goes well beyond protection plans for laptops and tablets. It’s a sales channel that’s growing at enormous speeds, and one you’ll see a lot more of in the coming years.

What are some examples of embedded insurance? Here’s what embedded insurance might look like in the life and supplemental health insurance space. It could be 30-year term life insurance offered alongside a 30-year mortgage. Or it could be accident coverage that’s automatically suggested when registering online for a youth sports league. Perhaps it’s a disability insurance plan recommended to gig workers when they begin their jobs. If there’s a space for insurance protection in your business, we can help you reach customers at the moment they need it most.

Why should you sell embedded insurance?

The biggest reason to sell embedded insurance is that it allows you to sell where your customers are and when they’re most receptive to insurance purchases. Lead generation is one of the most challenging parts of insurance sales, and embedded insurance completely bypasses the need to prospect for suitable customers – they’re already there. Even better, it allows you to offer coverage to previously underserved groups of customers and those who may not have realized they needed protection. Coverage offered at point of need is likely to find a relevant, interested audience, helping you to increase sales.

Embedding can also help solve many of the traditional insurance-selling pain points. Instead of requiring face-to-face meetings and lengthy applications, it offers a seamless digital experience from beginning to end. In a world where more customers than ever expect instant online service, it’s a simple, powerful way to get an edge on your sales.  

How to get started with embedded insurance sales

Assurity makes it easy to start selling online, regardless of your industry, insurance experience or technical expertise. We’ll meet to uncover your needs and identify the best places for you to incorporate insurance in your existing business – whether that’s a sales widget to add to your site, a white-labeled webpage, or access to our wide suite of API capabilities to build something new. After you’re up and running, we can help you review and optimize your process to get the most out of your new embedded insurance experience.

Assurity currently offers six products for embedded experiences:

• Term life insurance

• Accidental death insurance

• Critical illness insurance

• Income protection

• Disability insurance

• Accident insurance

Don’t know which is right for you? We’re there to help you decide what’s best for your business and guide you to success.

Let’s get started

We want to help fast-track your success – learn more about our products and offerings here, and schedule a meeting today to see how embedded insurance could be right for you.

About Assurity: As a mutual organization, Assurity was founded on the simple concept of people coming together to support each other in moments of need. We help people through difficult times by providing affordable insurance protection that’s easy to understand and buy. We all share in the future we create, and we believe in using our business as a force for good.

Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, NY. Product availability, features and rates may vary by state.