As embedded insurance continues to grow, many companies are using insurance as a service (IaaS) to get to market quickly and efficiently. Embedded coverage can drive substantial revenues and customer engagement for businesses, but starting out can be expensive and time-consuming.

With IaaS, businesses get everything they need to enter the market fast and inexpensively — technology and capacity they may not get on their own. Instead of taking years and millions of dollars to build an insurance program from scratch, companies can connect with an IaaS partner through an API and start selling new or additional coverage through their website immediately.

Another point is that not all products can be embedded. There are ways of designing ultra-simple products with straightforward journeys beyond the scope of embedded insurance.

In other words, insurance as a service is a superset: it includes embedded insurance among other things.

In this post we’ll explain what we mean by “insurance as a service”, talk about its benefits, and show how it differs from other types of insurance partnerships.

So, what’s Embedded Insurance?

Embedded insurance simply means integrating coverage into the purchase process of any product or service seamlessly. This enables customers buy protection without thinking about it as they go along buying whatever else they want – making it convenient for them while driving up sales too! It represents huge revenue opportunities combined with engaging customers more deeply in many enterprises but starting could take lots money time also.

Lets understand

Insurance as a service provides everything you need to provide insurances,

Technology: To deliver end-to-end embedding experience plus manage programme including claims management compliance etcetera through life cycle .

Insurance Capacity: Provides required financial backing for underwriting / selling policies .

Operational Infrastructure: Provides systems and processes required for supporting insurance program such as customer service or claims management.

Regulatory Approvals: Ensures that all insurance products are in line with applicable laws & regulations.

White-labeled Products: Allows branding / marketing of your own-name-insurance-products which builds trust among customers who may become loyal to the brand too.

Insurance as a service (IaaS), also known as insurance infrastructure-as-a-service (IIaaS), provides more than just insurance products themselves – it offers an all-in-one solution necessary to support any given insurance program.

However, selling policies is a small part of providing coverage. Without broader infrastructure like claims processing, regulatory upkeep, technology platforms and reinsurance backing; entering into the market can be impossible for any business looking forward to venturing in this industry.

How does Insurance as a service work?

1. Choose the product: Select the insurance products you would like to offer. There are many options that can be customized which means you can create packages that best suit your target audience.
   
   

2. Integrate digital experience: Use an API-driven platform so that clients can easily access these packages through their website or app without necessarily leaving your site/app thus giving them more convenience while purchasing other things they need from there too!
   
   

3. White-label under your brand: Let people know about them being provided by partner but appear under their name instead of ours which will make us look good because this shows how much trust we have in each other’s abilities even though we may not work together directly — creating strong relationships among different organizations within same industry!
   
   

4. Serve customers better When working together with another company offering IaaS services; there are various areas where our roles could overlap hence freeing up time on both sides which can then be used for other important tasks like attracting new ones while retaining old clients at the same time.

The Insurance service provider

The insurance service provider concept aims to assist organizations in quickly and affordably launching or expanding their own insurance schemes. This is because clients in the modern world expect everything to be digital, seamless, and are only willing to buy from brands they have faith in. Traditional insurers do not meet these expectations sometimes hence creating a market gap for insurtechs and other companies offering necessary coverages. However, new entrants usually encounter difficulties including complex regulations, high capital requirements and specialized operational needs.

In India, licenses and compliance approvals are critical while forms creation rate setting underwriting guideline development necessitates the input of experienced actuaries as well as compliance professionals. It may be quite hard for insurance programs from new carriers to get adequate backing which should ideally be supported by sufficient capacity that may prove elusive at times. Tech systems required for online management of insurance are both intricate and costly during construction.

Insurance as a service helps overcome these barriers by providing infrastructure support so that new players can reach the market faster compared to taking traditional DIY path.

Key benefits

Fast Go-To-Market

Building an insurance program from scratch takes more than two years sometimes; however this process can be significantly shortened if one opts for an Insurance-as-a-Service model since they would only need weeks instead of months before launching their product given that all difficult parts have already been handled by somebody else.

Built-in Capacity

Financial capacity is one area where most people fail when starting any business leave alone this particular industry hence becoming major stumbling block along the way. Insurance providers offering such services already have relationships with carriers so there won’t come need for engaging them again plus they also secured some products’ capacities thereby cutting off lengthy complex BDIs.

Mature Technology

To deliver insurance transactions experience meeting modern standards requires policy management software which is considered complex due its functionalities involved. As part of being Insurance-as-a-Service provider; full-stack platforms are what we deliver thereby enabling businesses to seamlessly offer digital experiences designed for end-to-end protection.

Cost-Effective

Starting an insurance program right from the beginning can be very expensive thus eating into all your savings but this should not worry you because there exists Insurance-as-a-Service package that allows one start or expand their programmes without necessarily requiring high upfront costs which will enable them make immediate sales and revenue generation with little commissions paid outwards.

Focus on Core Mission

Building and managing insurance programs tends to distract companies without expertise in such areas therefore they should always partner with service providers who handle these tasks while allowing them concentrate on their main businesses.

How we do It differently

We simplify the process of insuring businesses and customers. At our company, we know what risks your clients face hence protect those inherent with your platform as well its users. This being said; covers tailored around such risks will be created in consultation with you so as to ensure a smooth fitting insurance experience throughout. Our full-stack platform enables enterprises use our comprehensive protection solutions for users without having to go through complexities associated with building an insurance program from scratch.

Whether you are a non-insurance company, a platform company or an insurtech looking to expand, insurance as a service can help you achieve your goals more effectively than building from scratch.