For Point-of-Sale Peace of Mind, Embedded Insurance Offers must be Hyper relevant
As the digital landscape evolves, consumers are searching for peace of mind and safety when doing their business online. Arijit Chakraborty, Managing Director APAC, recently discussed with PYMNTS.com the help of transaction and client-based data to deliver “hyper-relevant” embedded insurance offers to ultimately protect the consumer.
When looking at conventional insurance products sold by banks, Arijit highlights that those are mainly standalone offers that lack customization and to combat the generic offerings, creating ‘hyper-relevant’ products based on data will be the new trend for the distribution of insurance.
Convenience and trust are two pillars required for point-of-sale peace of mind. Arijit illustrates a partnership with ride-sharing firm Ola, offering a ride protection program to cover losing a wallet or smartphone or covering a flight if the ride is late to the airport. Ultimately, the end goal is to protect the customer with a specially curated protection plan. From the consumer’s perspective, trust and convenience are established.
Key Video Highlights:
00:14 What makes a “hyper-relevant” embedded insurance offer?
1:20 Where in the process of embedded offers tend to get the most activity, and why?
2:57 What is some advice you have for companies just getting into embedded insurance? What should they know going in that will make their efforts successful?
4:38 You’ve written that fintechs have a “dual advantage of advanced customer data and trust from those customers.” Expand on that as it relates to Embedded Insurance.