Embedded Insurance – the push to be relevant is more than just coverage!

The prospect of buying #insurance never filled me any excitement. You?

I always looked at it as a dull, time-consuming process and often bought it at the last minute. Moreover, the element of insurance being present at the moment of truth when the need was felt most was absolutely missing.

But yeahh…yeahh .. it’s something nobody wants but everyone needs. 🙄

What is concerning is that the protection gap (the difference between the level of coverage that is economically beneficial and what’s actually bought) is getting wider and wider.

According to the Swiss Re Institute, from 2000 to 2020 the #protectiongap doubled, and not to forget the #covid crisis exposed and exacerbated this situation.

If the gap between what’s needed and what’s being bought is so vast, can embedding insurance in digital services fix what’s wrong with insurance today and tap the golden opportunity?

It was a delight to hear Pranshu Diwan Head – Insurance at Ola Financial Services in the #fintech #masterclass by TFM this weekend.

Fascinated to see how Ola is embedding Insurance to further rebrand it from a policy you use on your worst day to an ecosystem of positive activities you do every day – like travel 🙂

Here is this week’s #fincuts that helps you understand What, Why, and Who of #embeddedinsurance

Take a look and let me know if you know any startups that enable every company to offer insurance #disruptors?