Embedded Insurance
Scale Faster with Embedded Insurance Solutions
Build your own, customizable Embedded Insurance Solution with the Openkoda platform and integrate it easily with any system. Access new distribution channels for insurance products to increase revenue and personalize customer experience.
Open-source Build new applications & replace legacy systems Deliver 60% faster Unlimited users Unlimited features Easily integrate & extend Reporting AI No vendor lock-in
The Right Solution For:
- Embedded Insurance Providers
- Enterprise insurance providers seeking new sales channel
- Start-ups seeking innovations
- SaaS Entrepreneurs
- Ecommerce Platforms
- Financial Institutions
- Payment Platforms
- Travel Companies
- Mobility Companies
- Real Estate Systems (Home insurance)
- Original Equipment Manufacturers (OEMs)
- Small and Medium-Sized Enterprises (SMEs)
Benefits of Embedded Insurance
New Revenue Streams and Growth
Increase insurance product sales and create new revenue streams by integrating insurance directly into the customer journey, resulting in higher conversion rates.
New Sales Channels
Open up alternative distribution channels and enable access to new markets and a broader customer base.
Improved Customer Acquisition and Retention
Attract more customers and build stronger relationships by offering customized insurance products that increase trust, security, and overall satisfaction.
Personalized and Transparent Customer Experience
Deliver a highly personalized and transparent insurance experience that provides real-time protection and ensures customers feel secure and valued.
Innovative and Future-Proof Insurance Solutions
Stand out from the competition by deploying cutting-edge, transformative embedded insurance solutions that position your company as an innovation leader.
Scalability and Seamless Integration
Easily scale your insurance offerings as your business grows with a smooth implementation process that integrates with your existing platforms.
Strategic Partnerships Opportunities
Collaborate with insurance providers, technology companies, and other stakeholders to enhance your offerings and expand your business network.
Customer Convenience
Offer cost-effective and easy-to-understand insurance options that customers can buy effortlessly, to improve their experience and loyalty.
Why Embedded Insurance Matters?
- Rapid Growth: By 2033, embedded insurance is expected to make up 15% of global GWP (~$1.1 trillion), up from 3-5% today. (Open and Embedded Insurance 2024 Insight Report)
- Cost Efficiency: In the UK, embedded insurance partnerships can reduce acquisition costs by 75%, from £200 to £50 per customer. (Ibid.)
- Boosting Sales: Offering embedded insurance can raise purchase intent by 25%. (Ibid.)
- Strategic Importance: 94% of insurance executives consider embedded insurance crucial for future strategy. (Adacta, Market Survey, 2024)
- Widespread Adoption: 63% of insurers are partnering with industries like e-commerce, health, and automotive. (Ibid.)
- Embedded Finance: The integration of financial services, including insurance, into non-financial platforms, presenting both challenges and opportunities for the industry.
How Does Embedded Insurance Work?
An embedded insurance product seamlessly integrates into the purchase process of non-insurance products or services, allowing customers to easily add coverage at checkout.
This is made possible through simple integration with existing platforms, ensuring a smooth and customizable experience.
Openkoda enables insurance companies to streamline these integrations, reducing costs and expanding access to new customer segments.
Types of Embedded Insurance
- Product Insurance: Coverage for items like electronics, added at the point of sale.
- Travel Insurance: Bundled with travel bookings for cancellations, lost luggage, etc.
- Warranty Extensions: Added protection for repairs or replacements of purchased items.
- Health Coverage: Integrated into wellness or fitness services.
- Automotive Insurance: Embedded auto coverage in vehicle purchases or leases.
- Home Insurance
Build Your Own Embedded Insurance with Openkoda
With Openkoda, you can quickly build a custom embedded insurance system. Reduce development time by 60% and get to market faster. Our platform provides all the essential functionality up front, so you don’t have to start from scratch.
You can easily extend and customize your embedded insurance without restrictions.
Openkoda provides a system that allows you to create different plugins for any type of digital platform (e.g., e-commerce, travel, mobility, finance).
Because Openkoda’s technology is open-source, there’s no vendor lock-in. You own the code, there is no proprietary language, and you have the freedom to choose your own hosting or take advantage of our managed cloud services.
Pre-built templates and professional services accelerate your time to market, all with transparent pricing.
There is no need to expand your technical team – Openkoda has you covered and ensures seamless integration with existing systems and easy customization. Whether you’re embedding custom products into your customers’ or partners’ sites or developing new features, Openkoda provides a solid foundation and the flexibility to grow with your business.
Pre-Built Openkoda Features
- App Configurations: Manage email settings, roles, privileges, and HTML templates.
- Audit Screen: Track changes to data for accountability.
- System Logs: Review logs for activity insights and troubleshooting.
- System Health: Get a quick overview of system performance and status.
- Backups: Embedded database backup routines
- Import and export: Export components from current app and easily import them into another Openkoda Core instance
- Job Requests: Schedule jobs to be performed in time intervals Process jobs with event listeners
- App Configurations: Manage email settings, roles, privileges, and HTML templates.
- Audit Screen: Track changes to data for accountability.
- System Logs: Review logs for activity insights and troubleshooting.
- System Health: Get a quick overview of system performance and status.
- Backups: Embedded database backup routines
- Import and export: Export components from current app and easily import them into another Openkoda Core instance
- Job Requests: Schedule jobs to be performed in time intervals Process jobs with event listeners
- Invite users to the organization
- Set roles globally and within the organization context
- Access user profile settings
- Spoof user (available in admin mode)
- Roles and Privileges:
- Create global or organization-specific roles
- Assign privileges from a list to each role
- Job Requests: Schedule jobs to be performed in time intervals Process jobs with event listeners
- Notification: Synchronize your application with notifications channels: Email Slack Jira GitHub Trello Basecamp
- Email Sender: Customize email templates via CMS Schedule emails
- Event Listeners: Respond to application events (e.g., user creation, login, application start) with built-in Openkoda handlers (e.g., messaging, push notifications).
- Separate organization data
- Implement security rules for data access
- Customize your own dashboard
- Assign organizational roles, such as member or admin, to users.
- Multiple Multi-tenancy deployment:
- Single Database / Single Schema
- Single Database / Many Schemas
- Multiple Databases / Many Schemas
- Manage file overview
- Resize images
- Set files to public access
- CMS:
- Modify HTML templates
- Edit draft versions of resources
- Introduce new public resources
- Create database table, CRUD functionality, form, and overview with no need of re-compilation
- Reporting AI (to be available in June, now in development preview)
- Use natural language to query your Openkoda database and create reporting templates.
FAQ
Embedded insurance refers to the seamless integration of insurance products into the purchase or use of another product or service. Rather than requiring customers to shop for insurance policies independently, it is offered as part of the purchase process, increasing convenience and accessibility. This approach can be integrated into various platforms, such as e-commerce websites, travel booking platforms or fintech applications.
Embedded insurance can be seen in various industries where coverage is seamlessly integrated into the purchase process.
For instance, when you buy an airline ticket, travel insurance is often offered at checkout, making it easy to add coverage without visiting a separate provider.
Similarly, e-commerce platforms may offer product protection plans for electronics or appliances during the purchase.
Car rental partnerships with auto manufacturers to offer insurance at the point of vehicle sale, opening up new opportunities in the automotive market.
Services like Hertz or Avis embed insurance options directly into their booking systems, while rideshare platforms like Uber or Lyft automatically include insurance coverage for drivers and passengers during trips.
Additionally, companies like Apple and Samsung provide device protection or extended warranty insurance when customers purchase new gadgets.
Another example could be a partnership between an insurtech company and an insurance provider, such as Cover Genius, which offers tailored embedded insurance solutions through their XCover product.
The primary difference lies in the purchasing experience:
- Embedded Insurance is integrated directly into the customer’s journey when buying a product or service, making it easier and faster to purchase coverage.
- Non-Embedded Insurance requires the customer to purchase the policy separately, usually through a dedicated insurance provider or broker. The process tends to be more manual and time-consuming.
These differences highlight the streamlined, customer-centric nature of embedded insurance, which aims to reduce friction and improve accessibility for end-users.