14 solution providers making embedded insurance propositions possible

August 17, 2021

We define an ecosystem as “a network of digitally interconnected entities… through one or two-way data sharing… to access value they could not have accessed outside of the ecosystem.” Embedded insurance propositions are some of the most exciting opportunities for building ecosystems in insurance, as well as the most complex.

Embedded insurance goes hand in hand with the concept of ecosystems because it opens up the possibility of thinking holistically about customers’ risk requirements. With this in mind, the following collection draws from our insurance technology database, Magellan™,  to highlight 14 solution providers making embedded insurance propositions possible. The below solutions help insurers to interact with customers in new ways across financial services, whether in bancassurance; previously uninsurable credit or commodity risks; or new distribution channels through tech ‘gatekeepers’.

Trov is a B2B technology platform that enables businesses to distribute digital insurance products through either a white-labelled or embedded proposition.

Hokodo’s insurance and financing solutions can be integrated with any platform allowing businesses to embed insurance products into their existing customer journey.

Cover Genius allows digital merchants to distribute insurance at the point of sale.

ELEMENT is a ‘full-stack’ InsurTech distributing through partners.

Qover allows brands to integrate insurance into their propositions.

Bsurance has developed a customisable digital cloud-based platform that connects insurance companies and their products with business partners and their B2C platforms. The result: embedded insurance products available directly at the point of sale.

OptioPay allows insurers to access Open Banking data to create rewarding propositions for customers.

InvestSure’s technology and analytics platform enables a parametric insurance product that protects investors in listed equities against sudden and severe losses caused by allegations of management fraud and dishonesty.

Zego integrates with gig economy apps (e.g. Uber, Deliveroo) to provide usage-based insurance. Zego’s cover automatically starts and stops when the driver logs in and out of the gig economy app, leading to a better customer experience and lower potential for fraud.

Wrisk allows non-insurance brands to offer flexible and embedded insurance products.

Kasko is an “Insurtech-as-a-Service” policy administration system. It helps insurers and MGAs design, distribute, and run digital insurance products on any digital channel. KASKO enables insurers to decrease implementation time to 3-4 weeks at a lower cost for €30k per annum.

GUARDHOG provides usage-based insurance (UBI) for the sharing economy. Furthermore, GUARDHOG’s sister company, SUPERHOG, enables an ecosystem of hosts, operators, and guests to make their online activity safer by providing toolkits such as biometric recognition, ID verification, screening technology, and embedded protection. Watch out for SUPERHOG in next month’s Bitesize InsurTech. Subscribe here to ensure you don’t miss it.

Player’s Health is a risk services company and insurance broker which provides amateur athletics and sports organisations with a suite of digital products and services to help sports organisations manage their risks.

INSHUR is a digital MGA providing insurance for professional drivers. INSHUR has partnered with Uber to offer insurance protection to drivers via their mobile app, allowing drivers to obtain a quote and purchase a policy in minutes.

The Oxbow Partners View

As we noted earlier this year in our InsurTech Impact 25, embedded insurance ecosystems have not only ‘survived’ the first few years of hype, but are showing genuine potential. The following list identifies a number of companies’ whose solutions are making cutting edge embedded insurance propositions possible for innovative providers.

It is interesting to note the presence of digital MGAs on the list who see the opportunity to carve out niches by partnering with merchants and brands to offer embedded insurances where incumbents are not currently able to penetrate. On the other hand, these companies receive only a tiny fraction of all InsurTech investment. InsurTech unicorns like Hippo and Lemonade still prefer to sell direct. At least two of the insurance distributors on the list (Wrisk and Trov) also offer insurance core systems technology.

Whoever takes the lead, embedded propositions are an opportunity to watch for all market participants. We have heard from numerous interviews with both insurers and solution providers that they expect the insurance market to ‘open up’. This has already happened in other industries, and it may be just a matter of time for insurance.

Browse the Embedded Insurance and Ecosystems Collection on Magellan™

If you enjoyed this Collection and would like a curated shortlist of vendors tailored to your exact business goals, please contact our Magellan™ team here.

Disclaimer: the above list is impartial and was selected by the Magellan™ team based on interesting, relevant propositions. It is not exhaustive, nor should it be considered an endorsement of the listed solutions by Oxbow Partners.