Embedded insurance: The emerging future of insurance

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Frequently Asked Questions

  • What is embedded deductible?

    An embedded deductible is a deductible structure generally used in family health insurance plans, where each family member has a distinct deductible amount with the overall family deductible. This means that any healthcare expenses incurred by a family member are applied towards their individual deductible. Once that deductible is fulfilled, their health insurance coverage will kick in and start to cover their healthcare expenses.

  • What is embedded vs non-embedded in insurance?

    Embedded insurance refers to insurance products seamlessly integrated into a customer’s buying experience. Non-embedded insurance are insurance products sold separately from the primary purchase of any product.

    For example, being offered travel insurance when booking a flight is embedded insurance. Buying car insurance separately after purchasing a car is non-embedded.

  • How is embedded insurance different from the traditional approach?

    Embedded insurance sets itself apart in several ways. Here are some key differences:

    • Buying experience: Unlike traditional insurance, embedded insurance is integrated into a product or service. It is offered as an add-on at the point of sale. Traditional insurance is sold separately, which means customers have to seek out coverage.
    • Customization: Embedded insurance products can be customized to meet the customers’ needs based on their purchase.
    • Convenience: Embedded insurance reduces the need for separate insurance purchases, delivering a seamless and more convenient insurance process for consumers. It also becomes more accessible to customers who have otherwise not considered buying insurance.
    • Partnership: Insurance providers get the chance to partner with other business and industries, such as real estate, retailers, travel agencies, or car-sharing services. Traditional insurance is sold to consumers through insurance brokers or agents.

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