Summary:
Asian insurers are well-positioned to benefit from embedded insurance opportunities. Embedded insurance involves integrating insurance with noninsurance products to create a seamless customer journey. Factors such as supportive regulations, digital-savvy consumers, and a coverage gap make Asia a favorable market for embedded insurance. By 2030, embedded insurance in Asia is expected to reach a $270 billion market in gross written premiums (GWP), with a significant portion coming from traditional channels. There are three embedded insurance business models: ecosystem orchestrators, insurance in a box, and B2B software-as-a-service (SaaS) enablers. These models allow insurers to partner with digital platforms and provide tailored insurance products. Key capabilities for incumbent insurers in this space include partnership development, digital journey design, digital-ready product development, robust data and technology, and innovative risk assessment methods. The article emphasizes the need for strategic decision-making and stakeholder engagement during implementation. Overall, Asia’s insurance industry is ripe for embedded insurance to thrive and enhance the customer experience while generating new revenue opportunities.

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