At the recent edition of FTT Embedded Finance & Super Apps, our community of innovators and industry leaders, including retailers, manufacturers, financial institutions, insurers, telcos, fintechs and tech providers, gathered to delve into the technologies, innovations and trends that are re-defining how financial services are crafted and distributed.
Lisa Moyle, VC Innovation’s Chief Strategy Officer and Co-Founder, took the opportunity to speak with Graeme Dean, VP Global Insurance Solutions at Cover Genius. Cover Genius is one of the insurtechs leading the way in embedded insurance. They work with some of the world’s leading digital companies, including Booking.com, Skyscanner, Amazon, eBay, helping them to protect customers across the globe.
“I guess our three components that we bring to these partnerships are: A global underwriting and regulatory framework, a full tech stack, and also the ability to control the full value chain, from customer servicing and claims, right and through to providing the financial capacity sitting behind as well” Graeme says this approach allows Cover Genius to work with any line of insurance, noting some examples of successful partnerships, like Ryanair, where insurance is embedded and offered to customers at point of booking, or Amazon, where Cover Genius sells insurance products through their online retail stores.
When talking about the number one driver for their customers and partners when embedding insurance into their propositions – it is a convenience: “Customers are able to purchase insurance at the right time and at the right price tag” He adds “It is also a product that is very relevant to them, so they don’t have to look outside for that product. Utilizing the experience and brands that they actually trust and purchase insurance from those brands is the main driver”.
“There is a protection gap because people struggle to find the right insurance product without going through cumbersome processes and question sets to find that coverage” He add that there is also a long-standing trust issue within the insurance industry: “Customers don’t actually trust insurance companies”
Graeme explains that Cover Genius believes that people want to buy from the brands that they love and trust, as part of an experience they are already using. “If embedded insurance can provide that solution, that means people will get the right cover, and at the same time, they are more likely to purchase that cover as well”.
To learn more about embedded insurance and Cover Genius, watch the video below: