When carriers provide their partners’ consumers with the security of immediate coverage through digitally embedded insurance, they position themselves to pursue a wide variety of new customer groups. EIS OneSuite™ makes the embedding process simple and seamless via its support for product digitalization, streamlined policy creation and issuance, and digital distribution.
Embedded insurance already has a proven proof of concept: Product warranties and insurance policies are decades old (and quite popular). So are travel insurance and extended warranty offers. Digitizing the embedding process so it instantly takes effect at the point of sale, with virtually no effort from the insurer, their partner, or the end customer, makes everything much more efficient and convenient.
Unfortunately, some insurers can’t yet embrace digitally embedded insurance because of outdated core systems. Legacy core platforms lack the architecture and integration capabilities to support the functions that drive embedded insurance. Carriers stuck with these systems can only offer embedded coverage over the phone (or post-sale, as a separate transaction). That’s just plain inefficient, decreases selling potential, and is ill-suited to an increasingly digital-first world.
EIS OneSuite and its core products allow insurers to seamlessly intertwine product sales and coverage purchases. PolicyCore® gives carriers the flexibility to tailor policies for retail partners and create automated workflows that ensure precise underwriting, risk assessment, and pricing. Then, through airtight API-based integration with partner systems, EIS OneSuite facilitates effortless digital point-of-sale policy distribution.
The core attributes of EIS OneSuite — cloud-native flexibility and scalability, open architecture, and seamless integration — provide the support for full product digitalization that’s critical for embedded coverage.
PolicyCore lets carriers create a diverse range of embedded insurance products (credit protection, travel coverage, protection plans for high-value retail purchases, and more), enabling partnership possibilities in many new addressable markets.
When end customers take brands up on the offer of embedded insurance at the point of sale, EIS-powered automation triggers policy underwriting, pricing (based on the situation’s unique circumstances), and digital issuance the instant consumers click “Complete Purchase.”
When a partner’s customer buys a product or service that comes paired with insurance, it’s a built-in opportunity: The carrier can start marketing other coverage products to the non-insurance brand’s audience, potentially expanding their business into customer demographics they might not have otherwise reached.
By enabling digitally embedded insurance and supporting reliable digital distribution for other products, EIS OneSuite helps lower distribution costs — a major benefit considering distribution accounts for about 50% of total spending across the insurance sector.
Digitalized, customer-centric products will only become more important as tech-savvy generations become the majority demographic. Seamlessly embedded insurance — and other forward-thinking products that EIS OneSuite can support — will help carriers and their partners stay ahead of the curve.
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