It’s time to invest in a seamless customer journey. Insurance customers are no longer just comparing insurers and agencies to each other, but to other industries. Customers are looking for a streamlined insurance buying experience that meets them where they are.
Embedded Insurance allows customers to feel protected against uninsured losses through a low involvement journey. These products are integrated into the initial purchase. This increased sense of connection helps to ease customers into making a secure purchase. The resulting peace of mind is extremely profitable for tech and insurance companies.
With the current model, Majesco’s research found that insurance, compared to the other products, is rated low in terms of being “easy” to research, buy and service. Embedded insurance aims to bring resolve to this process. In acknowledging this difficulty and the disconnect between insures and consumers about their experience, embedded insurance is able to meet customers where they are.
Insurance companies once viewed the initial purchase of the insurance as the end of their job. That assumption can leave consumers feeling forgotten. Embedding insurance into the purchase helps consumers feel recognized and connects insurance to the purchase journey.
Because insures can capitalize on the initial momentum of the product purchase, the consumer is more aware of the connection between the product and the insurance. There is a lot of profit to be made in that commodity connection. According to research from PWC, 86% of customers are willing to pay more money for a great customer experience. The customer journey will benefit from the construction of deeper connections between the commodity and insurance purchases.
Embedded insurance uncomplicates tasks and provides the customer with a seamless experience. This new insurance technology prioritizes the customer and capitalizes on the experience of insurance.