With artificial intelligence, data science, and real-time communication practices already driving financial services, there has been a dramatic shift in insurance sales models. As economies and market dynamics change, buying and selling insurance is different. Many new technologies are now gaining a foothold in the insurance paradigm and revolutionizing secular practices.
Integrated insurance, the latest model of insurance, makes it easier than ever for people to purchase insurance when they need it. He made the insurance industry a billion dollar industry. This latter model of insurance benefits insurers as well as customers. Let us introduce you to on-board insurance and its benefits.
On-board insurance: what is it?
Built-in insurance incorporates protection or coverage into the purchase of the service or product. It allows the developer or third-party provider to integrate the insurance product into the customer’s purchase. With this, customers get a stronger value proposition and sellers appreciate brand preference and customer loyalty.
With it, you get car insurance when you take out a carpooling subscription, coverage in the event of theft or damage when purchasing an expensive product, and a travel insurance recommendation when purchasing a carpool. booking vacations and professional liability coverage when you invest in a platform to start your small business.
Scroll down to learn more about the benefits of built-in insurance.
The benefits of on-board insurance for insurers and customers
As already mentioned, integrated insurance benefits both ends of the spectrum. Here are its advantages.
Provide customers with an easy way to protect their purchases
Without a doubt, buying insurance is a complicated and time consuming process. A buyer thinks a hundred times before investing in an insurance policy. On the other hand, the built-in insurance makes it easy, fast and paperless.
Insurers have a better reach with their customers
Integrated insurance allows insurers to be in the right place at the right time. For example, when purchasing an expensive gadget, the insurer may recommend the appropriate insurance product to the buyer during the payment process or at any appropriate point in the customer’s purchase cycle. More often than not, customers don’t hesitate to secure their purchase in the easiest and most affordable way.
Insurers can undertake real-time risk assessment and access relevant data to understand their product requirements and reach a wider audience.
Better opportunities and growth
Integrated insurance offers better opportunities and growth for all. It provides its customers with tailor-made protection or coverage solutions.
As integrated models flourish in the B2B2C environment, insurers with the best understanding of manufacturers, customers, and the entire supply chain stand a better chance of reaping profits. In addition, their knowledge and understanding of all aspects of this environment allows them to be flexible, to work on different platforms and services and to grow.
Buyers benefit from personalized insurance
Insurance companies have a long history of offering insurance products to a wide variety of buyers. The policies served as commodities, where some buyers got the maximum benefit while others failed to get the least value.
The built-in insurance makes the coverage very personalized. With this, the policies and premiums are molded to meet the needs of the customer.
It’s fast and hassle-free
Most consumers shy away from insurance because of its lengthy and tedious process and paperwork. The biggest advantage of built-in insurance is that it’s quick, easy and hassle-free.
The bottom line
The integrated insurance model is advanced and flexible. It is indeed a boon for all those who are part of the B2B2C environment. While for clients it offers quick and easy ways to protect their assets, for insurers it is loaded with new opportunities and promises.
Interesting related article: “What is risk?” “