Meeri Savolainen, the CEO of Berlin-based insurtech INZMO, is making waves in the European insurance industry as one of the top 10 insurtech companies driving change. With growth across Europe being squeezed, there is a significant opportunity for the insurance value chain in embedded finance, which is projected to reach $770 billion by 2026 for European brands alone.
Embedded insurance is a partnership between insurtech and other businesses that allows insurance to be sold seamlessly on various platforms. This approach simplifies the process for partners, as the insurtech handles the technological aspects of integrating insurance products into their websites. This trend is not just about making money, but also enhancing customer engagement by offering protection and peace of mind when needed.
The embedded insurance ecosystem involves collaboration between traditional insurers, insurtechs, managing general agents, and non-insurance companies. This collaboration benefits all parties involved by expanding insurers’ reach, providing personalized insurance products, and creating new revenue streams. With the power of data underpinning the ecosystem, partners can offer dynamic pricing and personalized premiums based on customer behavior and real-time information.
By harnessing the power of data, the insurance industry can create more tailored offerings and accurate risk assessments. Enhanced data visibility allows for dynamic pricing, proactive risk intervention, and efficient claims settlement, ultimately benefiting insurers and customers alike. The success of the ecosystem relies on open communication, defined roles, and transparent data sharing among all stakeholders.
With a potential $770 billion value at stake for European brands, the future of insurance lies in collaboration and partnerships. The embedded insurance ecosystem presents a powerful opportunity to unlock this value and revolutionize the insurance industry. As the industry continues to evolve with advancements in technology and data, embracing a win-win approach among all stakeholders will be key to driving growth and innovation.
